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Jakarta Post

BKPM halts license for foreign investment in cemetery park

BKPM chief Franky Sibarani

The Jakarta Post
Jakarta
Fri, November 27, 2015

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BKPM halts license for foreign investment in cemetery park BKPM chief Franky Sibarani. (Tempo/Wisnu Agung Prasetyo) (Tempo/Wisnu Agung Prasetyo)

BKPM chief Franky Sibarani. (Tempo/Wisnu Agung Prasetyo)

The Investment Coordinating Board (BKPM) has received a US$20 million investment proposal from a foreign investor to run a cemetery park development and burial service. The BKPM has not yet issued the license due to uncertainties related to the monitoring process.

BKPM chief Franky Sibarani has said that the foreign investor would create a joint-cooperation plan with a local partner and had prepared 75 hectares of land.

However, the BKPM would have to discuss the matter with other departments and ministries before issuing the license because the cemetery park development comprised two businesses under different authorities.

'€œThere are some ministries that are supposed to act as the authority but that has yet to be decided. Investors need certainty in the sector they are interested in and it is BKPM'€™s mission to provide that,'€ Franky said in a press statement as quoted by Tempo.co in Jakarta.

The investment in the cemetery park development was listed in the Indonesian Standard Industrial Classification (KLBI) and categorized as a funeral service, Franky explained.

Furthermore, Franky said the development had two main activities, namely burial activities (the service sector), and cemetery development (the property sector). Currently, there was no specific department that specialized in monitoring the business.

The government is currently revising Presidential Decree 39/2014 on the negative investment list and the conditional positive investment list. (ags)(+)

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