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Indonesian investments could suffer from new jobs law

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A court ruling in Indonesia against a new job creation law could cloud its investment outlook, experts said on Friday, which could be a blow to President Joko Widodo’s desire to boost investment and to reduce the economy’s dependence on consumption. The Constitutional Court on Thursday ordered the government to make changes to the law within two years, citing procedural flaws in the way it was treated. The government said it would comply.

Indonesia had touted the law in an attempt to attract foreign investors, citing related structural changes in the Indonesian economy that saw measures introduced to ease labor rules, reduce bureaucracy and speed up licensing. “It cannot be ruled out that certain investment decisions or corporate actions may be delayed while legal experts analyze the implications of this court ruling,” Helmi Arman, economist at Citibank, said in a client note.

The end-of-2023 deadline for amendments was just before the 2024 general election, he noted, a period during which lawmakers could be distracted. The government says regulations derived from the new law will remain in force.

Although the ruling cited procedural flaws and dismissed union complaints over certain articles of the law, there is still a possibility that the substance will change, said Ahmad Redi, a law expert at the University of Tarumanagara. Redi said the government and parliament may even have to restart the whole process.

“The court in the ruling ordered to improve public participation in the amendment process, so if the public demands certain changes in the material, the substance could change,” Redi said. Jokowi, as the president is called, wants investment to be the main pillar of Indonesia’s resource-rich economy, especially in the downstream industry.

Household consumption accounts for more than half of Indonesia’s economic activity.

(With contributions from agencies.)

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