As of March 2021, foreign investment in e-commerce and supermarkets is no longer restricted; FDI in minimarket retailing with (up to 400sqm retail space) remains, however, reserved for indonesian-owned SMEs [foreign-invested companies do not qualify as SMEs because of minimum capital requirements]. Previously, foreign investment was prohibited in direct e-commerce activities and some non-specialised retail activties, including supermarket of less than 1,200 m2 retail store space, and minimarkets with retail space extent of less than 400 m2, including convenience stores and community stores.
"APPENDIX III - REGULATION OF THE PRESIDENT OF THE REPUBLIC OF INDONESIA NUMBER 49 OF 2021 CONCERNING AMENDMENT TO PRESIDENTIAL REGULATION NUMBER 10 OF 2021 CONCERNING THE INVESTMENT BUSINESS SECTOR
LIST OF BUSINESS FIELDS WITH CERTAIN REQUIREMENTS
- Supermarket with retail space extent of less than 1,200 m2  [see 2019 restrictions below]: Open (without condition)[no longer listed]
- Minimarkets with retail spaceextent of less than 400 m2, including convenience stores and community stores  [see 2019 restrictions below]: reserved for SMEs [no change][...]" (Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation])
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"CHAPTER I - GENERAL PROVISIONS
Article 1
In this Agency Regulation what is meant by: [...]
12. Domestic Investment, hereinafter abbreviated as PMDN, is an investment activity to conduct business in the territory of the Republic of Indonesia carried out by Domestic Investors using domestic capital.
13. Foreign Investment, hereinafter abbreviated as PMA, is an investment activity to carry out business in the territory of the Republic of Indonesia carried out by Foreign Investors, both those who use foreign capital completely and those who jointly with Domestic Investors. [...]
41. Micro and Small Enterprises, hereinafter referred to as UMK, are micro and small enterprises as referred to in the Law on Micro, Small and Medium Enterprises.
[...]
Part Two - Business Licensing Applicant
Article 9
(1) Business Actors who can apply for a Business Permit consist of: a. natural person; b. business entity; c. representative office; and D. foreign business entity. [...]
(8) Investments made by business entities as referred to in paragraph (1) letter b are categorized into PMDN and PMA.
(9) The PMA as referred to in paragraph (8) must be in the form of a limited liability company under Indonesian law and domiciled in the territory of the Unitary State of the Republic of Indonesia, unless otherwise stipulated by law.
[...]
Part Four Provisions on Investment Value and Capital
Part 1 - UMK-M [SME]
Article 11
(1) Provisions on the value of investment and capital for complying with the criteria for business capital as stipulated in the government regulation concerning facilitation, protection and empowerment of cooperatives and micro, small and medium enterprises.
(2) The criteria for business capital as referred to in paragraph (1) are regulated as follows:
a. micro businesses have business capital up to a maximum of IDR 1,000,000,000.00 (one billion rupiah) excluding land and buildings for business premises;
b. small business has business capital of more than IDR 1,000,000,000.00 (one billion rupiah) up to a maximum of IDR 5,000,000,000.00 (five billion rupiah) excluding land and buildings for business premises; And
c. medium enterprises having business capital of more than IDR 5,000,000,000.00 (five billion rupiahs) up to a maximum of IDR 10,000,000,000.00 (ten billion rupiahs) excluding land and buildings for business premises.
Part 2 - Big Business
Article 12
(1) Business entities as referred to in Article 9 paragraph (1) letter b classified as PMA [foreign-invested companies] are categorized as large businesses and are required to comply with minimum investment value provisions, unless otherwise stipulated by laws and regulations.
(2) Provisions for the minimum investment value for PMA as referred to in paragraph (1), namely the total investment is greater than IDR 10,000,000,000.00 (ten billion rupiah), excluding land and buildings per business sector KBLI 5 (five) digits per project location. [...]
(6) In addition to the provisions on the minimum investment value as referred to in paragraph (2), for PMA, minimum capital requirements are regulated.
(7) The minimum capital requirements for PMA as referred to in paragraph (6) are issued/paid up capital of at least IDR 10,000,000,000.00 (ten billion rupiah), unless otherwise stipulated by laws and regulations.[...]" (REGULATION OF THE INVESTMENT COORDINATING BOARD OF THE REPUBLIC OF INDONESIA NUMBER 4 OF 2021 CONCERNING GUIDELINES AND PROCEDURES FOR RISK-BASED BUSINESS LICENSING AND INVESTMENT FACILITIES [google translation])
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Previously
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"APPENDIX III - REGULATION OF THE PRESIDENT OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITION TO INVESTMENT - 
LIST OF BUSINESS FIELDS THAT ARE OPEN UNDER SPECIFIC CONDITIONS [...]
[Distribution - retail]
- Retail sale through mail order and internet: Reserved for SMEs
- Supermarket with retail space extent of less than 1,200 m2, Minimarkets with retail spaceextent of less than 400 m2, including convenience stores and community stores: Domestic capital 100% [...]"(PRESIDENTIAL REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITIONS TO INVESTMENT)
Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation]
REGULATION OF THE INVESTMENT COORDINATING BOARD OF THE REPUBLIC OF INDONESIA NUMBER 4 OF 2021 CONCERNING GUIDELINES AND PROCEDURES FOR RISK-BASED BUSINESS LICENSING AND INVESTMENT FACILITIES [google translation]
PRESIDENTIAL REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 44 YEAR 2016 CONCERNING LISTS OF BUSINESS FIELDS THAT ARE CLOSED TO AND BUSINESS FIELDS THAT ARE OPEN WITH CONDITIONS TO INVESTMENT
[<a href="https://peraturan.bpk.go.id/Home/Details/168534/perpres-no-49-tahun-2021">PR49</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/161806/perpres-no-10-tahun-2021">PR10</a>],[<a href="https://jdih-storage.bkpm.go.id/jdih/userfiles/documents/2021/10/2021PerBKPM004.pdf">Reg</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/40374/perpres-no-44-tahun-2016">PR44</a>]