Peraturan Presiden Nomor 10 Tahun 2021 tentang Bidang Usaha Penanaman Modal

Pres. Reg. 10/2021 — known as the Positive Investment List or BUPM (Bidang Usaha Penanaman Modal) — is the master document governing whether and how foreign capital can enter each Indonesian business activity. It replaced the long-standing Negative Investment List (DNI) under Pres. Reg. 44/2016 with a positive-list framework: every business activity is open to foreign investment unless explicitly listed in one of the carve-outs. The regulation establishes six investment-status categories: (1) closed activities (16 sectors prohibited to all investment, including casinos, narcotics, certain mining), (2) reserved-for-cooperatives-and-SMEs activities, (3) partnership-required activities (open with mandatory cooperative/UMKM partner), (4) conditional-with-cap activities (open with foreign-ownership ceiling, e.g., 49% or 67%), (5) priority sectors eligible for fiscal incentives (245+ activities including renewable energy, downstream metals, semiconductors, EV batteries), and (6) all other activities, fully open. The KBLI code is the index — every entry in the regulation cites specific 5-digit KBLI codes. Amended by Pres. Reg. 49/2021 to refine implementation. Layered with BKPM Reg. 5/2025 (capital floors) for actual PMA setup.