Presidential Regulation No. 10 of 2021 on Investment Business Fields (BUPM / Positive Investment List)
Peraturan Presiden Nomor 10 Tahun 2021 tentang Bidang Usaha Penanaman Modal
What this regulation does
Plain-English summary of the regulation's substance and how it affects PT PMA operations.
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.
Key provisions
The articles and operational points most commonly referenced in practice.
- 01
Closed list (16 activities)
Activities prohibited to all investment regardless of nationality — gambling, narcotics, certain protected-species harvesting, manufacturing of chemical weapons, commercial deep-sea mining, etc.
- 02
SME-reserved & partnership-required
Activities reserved for cooperatives and Indonesian micro/small/medium enterprises, or open to foreign investment only via mandatory partnership with such entities.
- 03
Conditional with foreign cap
Sectors permitted to PMA only up to a specified foreign-ownership ceiling — common caps: 49% (e.g., land transport) or 67% (e.g., construction services in some categories).
- 04
Priority sectors
245+ activities flagged as priority, eligible for Tax Holiday (PMK 130/2020) or Tax Allowance (PP 78/2019) and other incentives.
- 05
Default open
Any activity not listed under a carve-out is fully open to 100% foreign ownership, subject to capital requirements under BKPM Reg. 5/2025.
KBLIs affected
Indonesian business classifications explicitly referenced or governed by this regulation.
5 KBLIs referenced by Pres. Reg. 10/2021
Click a code to see the full KBLI profile — risk, foreign-ownership, licensing, and setup cost.
- 01711governs this activity
Closed list — protected-species harvesting (primate hunting)
- 47111foreign-ownership cap
Modern retail with foreign-ownership conditions
- 49431foreign-ownership cap
Conditional 49% cap on land freight transport
- 86103foreign-ownership cap
Conditional with foreign cap (typically 67%); Kemenkes partnership required
- 92000governs this activity
Closed list — gambling and casinos
Official text
For compliance and dispute work, cite the original Indonesian text directly.
Peraturan Presiden Nomor 10 Tahun 2021 tentang Bidang Usaha Penanaman Modal
tentang Bidang Usaha Penanaman Modal
Need help complying with Pres. Reg. 10/2021?
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