The Investment Coordinating Board has just issued Decision No. 58/SK/2004 on the Revocation of State Minister for Investment/Head of the Investment Coordinating Board Decision Number 37/SK/1999 on the Delegation of Authority to Provide Agreement and Facilities Including Implementation Licenses for Capital Investment to Governors (the “Decision”). The Decision was drafted in implementation of Presidential Decree number 28 Year 2004 on the modification of Presidential Decree Number 33 Year 1981 concerning Investment Coordinating Board.

The Decision stated that State Minister for Investment/Head of the Investment Coordinating Board Decision Number 37/SK/1999 on the Delegation of Authority to Provide Agreement and Facilities Including Implementation Licenses for Capital Investment to Provincial Governors is revoked and no longer in force.

All agreements and facilities issued under BKPM 37/1999 will remain valid and enforceable until their licenses are expired. All new investment applications, expansion and modifications applications altogether with its implementation licenses in the framework of Foreign Capital Investment (PMA) and Domestic Capital Investment (PMDN) that has not been approved by Governor, Regent or Mayor at the time this Decision became enforceable will be processed and completed no later than 30 days after the enactment of the Decision. (edited/mma)