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Will 2022 be a banner year for foreign direct and portfolio investment in Indonesia?

Indonesia’s landmark 2020 Omnibus Job Creation Law, designed to attract massive foreign investment and create millions of formal sector jobs, has been declared conditionally unconstitutional. The government has been given 2 years to correct the identified procedural problems with the law. Meanwhile, the same court has held that Indonesia’s largest mineral and coal producers cannot be given a guaranteed right to extend their contracts of work in the form of special mining business licenses.

We’ve asked several experts to weigh in on these developments. Why was the law declared unconstitutional?  Were companies taking advantage of the law and can they continue their plans with the uncertainty of the Court’s decision? Can the government make the necessary changes mandated by the court? How disruptive are these decisions, especially in the mining sector?  What sectors are currently the best for foreign investors?  Can Indonesia attract manufacturing exiting China ?

Sumit Dutta is the Founder and Chief Executive Officer of ASEAN Business Partners. Prior to this, Sumit spent 26 years working for HSBC, one of the biggest banks in the world, in countries including Indonesia, Vietnam, USA, Hongkong and India.  Most recently, Sumit was the Country Manager and Chief Executive Officer for HSBC in Indonesia.

David Halpert is the founder, portfolio manager, and chief investment officer of Prince Street Capital, a specialist emerging and frontier market asset management firm based in New York and Singapore

David has appeared on Bloomberg, CNBC and CNN, and presented at the Council on Foreign Relations in New York. His writings on economics and policy have appeared in publications including the Miami Herald, San Jose Mercury, Philadelphia Inquirer, Far Eastern Economic Review, and several others across the developing world.  David earned a BA (magna cum laude) in Asian Studies from the University of California, Berkeley and an MBA from Harvard Business School. He is fluent in English and Indonesian, and conversant in several European and Asian languages.  Prince Street has been investing in Indonesia for over 20 years.

Bill Sullivan is currently is Senior Foreign Counsel with Christian Teo & Partners (in association with Stephenson Harwood) and Senior Adviser to Stephenson Harwood and formerly was with Coudert Brothers . Bill has spoken and written widely on Indonesia’s 2009 Mining Law and its implications for foreign investment. Bill is the author of the 2013 book “Mining Law & Regulatory Practice in Indonesia – A Primary Reference Source”, the only internationally published (Wiley, New York) and distributed, comprehensive review, to date, of the 2009 Mining Law and its implementing regulations.

George Jue is President, Best Lighting Products. Best Lighting Products, Inc. manufactures emergency/exit and Ambient General lighting products. It also offers emergency ballasts and many lighting products; and accessories, such as bubble guards, sensors, wire guards, remote lamp heads, and retrofit kits. The company serves OEM customers and OEM lighting suppliers around the world. It sells its products through retail locations and lighting manufacturers in the United States and recently relocated manufacturing from China to Indonesia