BKPM's Negative List Review Eyes Jamu Industry

Pharmaceutical companies from India have agreed to invest $135 million in medicinal raw materials production in Indonesia. (JG Photo/Jurnasyanto Sukarno)

By : Tabita Diela | on 8:51 PM November 20, 2015
Category : Business, Economy

Jakarta. Indonesia's traditional medicine products, known locally as jamu, may see wider variety next year as the country's Investment Coordinating Board, or BKPM, might open the sector to foreign ownership.

"Opening the sector for foreign investors can bring new processing technologies for traditional medicines into the country to get better quality products. It will also open larger opportunities to export the products," Franky Sibarani, BKPM chief, said in a statement.

The BKPM is currently revising the so-called negative investment list, which outlines sectors in the country's industry off-limits to foreign investors, to reflect developments in the local industry.

The current list limits traditional medicine processing and industry to be owned only by Indonesian businesses.

Franky said BKPM will contact related ministries and agencies to explore the possibility, including the Agriculture Ministry, Health Ministry, Industry Ministry and the National Drug and Food Monitoring Agency (BPOM).

The BKPM wants to complete the new list by April. It has so far received 454 suggestion from ministries, agencies and the private sector.

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