The Negative Investment List as Your Business Reference

The Negative Investment List as your business reference is compiled by BKPM, the Indonesia Investment Coordinating Board.

The Negative Investment List is compiled by BKPM, the Indonesian Investment Coordinating Board. It specifies which sectors are open to foreign investment in Indonesia as well as the percentage of foreign ownership permitted. This list is regularly revised and the most recent version is Presidential Decree No.36/2010.

Negative Investment List

List of Business Fields Closed to Investment





1 Agriculture Marijuana Cultivation 01289
2 Forestry 1. Capturing of Fish Species as Stated in Appendix I Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES)

2. The use (removal) of coral/atoll from nature for construction material/lime/calcium and souvenir/jewelry, also live or dead coral (recent dead coral) from nature.

3 Industry 1. Alcohol Beverage Industry (Liquor, Wine, and Malt Containing Beverages)

2. Mercury processed Chlorine Alkali Maker Industry

3. Chemical Material Industry that can damage the environment, such as:- Halon and others- Penta Chlorophenol, Dichloro Diphenyl Tricholoro Elhane (DDT), Dieldrin, Chlordane, Carbon Tetra Chloride, Methyl Chloroform, Methyl Bromite, Chloro Fluoro Carbon  (CFC)

4. Chemical Material Industry Schedule 1 Chemical Weapon Convention (Sarin, Soman, Tabun Mustard, Levisite, Ricine, Saxitoxin, VX, etc)



4 Transportation 1. Providing and Implementation of Land Terminals

2. Implementation and Operation of Weight Stations

3. Implementation of Motor Vehicle Type Tests

4. Implementation of Motor Vehicle Periodic Tests

5. Telecommunication/Supporting Facility of Shipping Navigation

6. Vessel Traffic Information System (VTIS)7. Air Traffic Guiding Service

5 Communication and Informatics Management and Implementation of Radio Frequency and Satellite Orbit Spectrum Monitoring Stations 61300
6 Culture and Tourism 1. Public Museums

2. Historical and Ancient Heritage (temple, castle, epigraphy, remains, ancient buildings, etc)

3. Residential/Traditional Environment

4. Monuments

5. Gambling/Casinos



  1. Business fields closed to Investment can be used for non-commercial purposes such as: research and development, and may obtain approval from institutions which are responsible for developing business fields.
  2. In the event that the Indonesian Standard Classification of Business Fields (KBLI) includes more than one business field, then provisions as referred to in Appendix I are only applicable to the business fields stated in the business fields column.

More information about the List of Business Fields Opened with Conditions to Investment.

Feel free to contact us and get a free quotation on pursuing company set up in Indonesia.

Check the latest regulation on Indonesia 2018 Negative Investment List.

Contact Our Consultant

Post Verificator

Verified by:​

Pandu Biasramadhan

Pandu is the Consulting Manager at Cekindo. He has extensive experience in working with government agencies. Notably, he has provided market-entry solutions for enterprises in Indonesia and managed regional partnership channels in Southeast Asia. At Cekindo, Pandu aspires to lead the consulting team to provide top-quality market-entry services and maintain a portfolio of global clientele. His specialty is market-entry advisory and business process outsourcing.