Indonesia allows more foreign ownership in toll roads

Positive measures: Construction workers are seen on a section of an elevated highway under construction in Jakarta. Indonesia wants to lure more foreign capital to offset weaker export performance and provide more jobs to drive annual economic growth from a six-year low. — Reuters

JAKARTA: Indonesian President Joko Widodo will allow greater foreign ownership in industries from toll roads to cinemas as he seeks to attract investment and create jobs after cutbacks by Ford Motor Co and Toshiba Corp.

The government would let non-Indonesians hold 100% stakes in businesses and enterprises in industries including cold storage, pharmaceutical raw material manufacturing and restaurants, Coordinating Minister for Economic Affairs Darmin Nasution said in Jakarta yesterday.