Indonesian Pharmaceutical Industry Invites Full Foreign Investment

Jakarta (Antara Bali) - The Indonesian pharmaceutical industry is inviting full foreign investment for the domestic production of raw materials for medicines after the new revised Negative Investment List was announced lately.

"President Joko Widodo said that Indonesia is still importing 90 percent of its raw materials for medicines. The president expects to lower imports by producing them locally," Indonesian Minister of Industry Saleh Husin stated here, Monday.

Therefore, the government has fully opened up investment to build plants to produce raw materials for medicines, with 100 percent ownership in the country, Saleh added.

The minister claimed that if raw materials are produced locally, then it could help to reduce the costs as compared to importing goods and might eventually also lower the price of medicines.

Besides this, the incoming investment can also create job opportunities while boosting economic activities.

"We will be coordinating with the Health Ministry for the availability of experts as long as we can cut down on imports," Saleh noted.

The revised Negative Investment List on the pharmacy sector is a testament to the government's support to developing the country's medicine raw material industry.

Earlier, foreign ownership of the medicine raw material industry was limited to up to 80 percent, and it would be owned fully once the Negative Investment List was passed. (WDY)