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grarian and Spatial Planning Minister Ferry Mursyidan has urged foreign residents living in Special Economic Zones (KEK) to buy permanent residences or properties in the area.

Resident foreign investors can bring economic prosperity to the areas in which they live, according to the minister.

'€œWe have held meetings with the coordinating economic minister. It is not impossible to give permanent residences to business people who can invest here,'€ Ferry said, as quoted by Kompas.com.

He added that KEKs could attract foreign investors. If they bring capital with them, the government will make it easier for them to obtain residence permits and help to prepare permanent homes and properties that can be given only to these investors. Ferry added that this regulation would be fair for foreigners who decided to stay longer in these zones.

KEKs fall under '€œlex specialis'€ laws, which means that they have different rules to regular zones, where foreigners are not allowed to buy property. As such, tourists will not be part of the government'€™s plan to attract foreign investment.

The new regulation will come into effect in November or the end of the year at the latest. Lawmakers are currently discussing which type of investors will be allowed to buy permanent residences.

'€œI'€™ve made these points to the Office of the Coordinating Economic Minister. A number of companies and Indonesian real-estate players have come to meet with the President. The organizing goal is already there,'€ Ferry said.