Indonesian president reassures firms after court rules against investment lawReuters, JAKARTAIndonesian President Joko Widodo yesterday said that his government would ensure legal certainty for investors, offering continuity guarantees amid jitters and confusion over last week’s court ruling against a controversial job creation law. The Indonesian Constitutional Court, ruling on Thursday a case brought by labor unions, said there were procedural flaws in the formation of the legislation passed last year, which the government had touted as potential a game-changer in luring foreign investment to Southeast Asia’s biggest economy. The “omnibus” law saw the revision of more than 70 existing laws, in an effort to reduce red tape and streamline new business permitting. The president said that the court had ruled that the law would remain in effect pending the changes, which his Cabinet would address as quickly as possible. Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto yesterday said operations of the Indonesia Investment Authority, its sovereign wealth fund, would remain unchanged, despite the ruling.

Source: Taipei Times November 30, 2021 00:54 UTC