Amidst a flurry of funding from overseas, local players urge a review of startup ownership rules in Indonesia

Representatives from major local business lobby groups, congressmen and academics have expressed concerns about foreign investment in Indonesia’s startups, citing the risk of capital flight from the country and locals being disadvantaged by foreign IT talent.
Fearing that foreign-owned startups which repatriate their earnings overseas would cause a loss of national income, Bhima Yudhistira from Indonesia’s Institute for Development of Economics and Finance has advocated a 40% foreign ownership cap on startups, and calls for the restriction of mergers or acquisitions that would...

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