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View all search resultsKoster revealed last year that more than 400 car rental and tour businesses in Badung regency, one of Bali’s main tourism hubs, were owned by foreign nationals. Many of these businesses, he said, did not even maintain a physical office on the island.
The case centers on PT Perusahaan Air Indonesia Amerika (PAIA), a foreign investment joint venture backed by investors from the United States, Singapore and Saudi Arabia, which alleged it had been unfairly treated by state-owned firm ITDC.
The rupiah's persistent depreciation is a structural consequence of over-reliance on volatile capital inflows to finance a chronic current account deficit, persistent saving–investment imbalances, lasting fiscal deficit and a narrow, commodity-dependent export base.
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