As of March 2021, foreign investment in all passenger and cargo air transportation activities remains limited to 49% of equity interest. The "2020 [negative] investment list" adopts a somewhat different language/terminology, and indicates only some of the related industrial (KBLI) codes, but no material regulatory change has been implemented in relation to foreign investment restrictions in air transporation services [See restrictions indicated in the OSS Ministry of Investment/BKPM]. Regulatory changes enshrined in the new negative list refer only to airport services and other auxiliary services to air transportation.
"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
- Domestic Scheduled Commercial Air Transport for Passengers or Passengers and Cargo (KBLI 51101): a. Foreign capital ownership: Maximum 49%; b. The national capital must outnumber the whole foreign capital (single majority).
- Domestic Non-Scheduled Commercial Air Transport for Passengers or Passengers and Cargo (KBLI 51102): a. Foreign capital ownership: Maximum 49%; b. The national capital must outnumber the whole foreign capital (single majority).
- Other air transporttation activities (KBLI 51109): a. Foreign capital ownership: Maximum 49%; b. The national capital must outnumber the whole foreign capital (single majority).
- International non-scheduled commercial air transportation [see 2019 restrictions below]: Open (without condition)[no longer listed] [...]" (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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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 [...]
J. Transportation Sector
- Domestic scheduled commercial air transportation, International scheduled commercial air transportation, Nonscheduled commercial air transportation, Noncommercial air transportation: a. Foreign capital ownership: Max.49%; b. National capital must outnumber the whole foreign capital (single majority)."(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]
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://peraturan.bpk.go.id/Home/Details/40374/perpres-no-44-tahun-2016">PR44</a>],[<a href="https://oss.go.id/informasi/kbli-detail/0229d259-9d38-48b4-8a15-7b9d8a7819b5">Other</a>]