Foreign investment in a few forestry activities remains reserved to indonesian-owned SMEs [foreign-invested companies do not qualify as SMEs because of minimum capital requirements]. The list of forestry activities that are reserved to indonesian-owned SMEs under the most recent investment (PR49/2021) is slightyl longer than previously the case. Under the previous list PR 44/2016, FDI in many of such activites were allowed subjec to the establishment of partnerships with indonesian-owned SMEs. Under the OECD FDIRRI, such a partnership requirement is assumed equivalent to a 'local content requirement' because it does not necessary require an equity partnership/joint-venture obligation. 
"APPENDIX II - 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 ALLOCATED OR PARTNERSHIPS WITH COOPERATIVES AND MICRO, SMALL, AND MEDIUM ENTERPRISES
- Collection of Forest Products: oleo pine, bamboo; Shellac, Gaharu, Palm Sugar, Frankincense, Masohi Bark, Lawang Bark, Cinnamon, Other Gums, Wallet's Bird's Nest in Nature and Beekeeping Miscellaneous; Rattan; Eucalyptus Leaves; Resin; Honey; Silkworm cocoon business (natural silk farming): reserved for SMEs. [...]"(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: up to 2020
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"APPENDIX II - 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 WITH CONDITIONS: RESERVED FOR OR IN PARTNERSHIP WITH MICRO, SMALL, AND MEDIUM-SCALE ENTERPRISES AND COOPERATIVES
[Forestry Sector]
-Other Forest Plantation Businesses (Sugar Palm, Pecan, Tamarind Seed, Charcoal Raw Material, Cinnamon), Primary forest product processing industry: Oleo pine resin, Primary forest product processing industry : Bamboo, Production of swallow nest in nature , Sawmill industry (production capacity of up to 2000M3/year, Rattan processing primary industry.:Reserved Sector for SMEs.
-Forest business : rattan, oleo pine resin, bamboo, shoreajavanica,  agarwood Shellac, alternative food crops (sago), latex, and honeybee businesses, Silkworm cocoon business (natural silk farming): Partnership [with local SMEs] [...]" (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)
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"CHAPTER I - GENERAL PROVISIONS
Article 1. Referred to herein as: [...]
13. Partnership shall be cooperation in business linkage, both directly and indirectly, based on mutual need, trust, consolidation, and benefit principles engaging actors of Micro, Small, and Medium Enterprises as well as Large Enterprises.
[...]
CHAPTER V - BUSINESS CLIMATE ENGENDERING
Article 7. (1) The Government and Regional Governments shall engender Business Climate by stipulating laws and regulations as well as policies that include the following aspects: [...] d. partnership; 
[...]
Article 11. Partnership aspect as intended in Article 7 paragraph (1) sub-paragraph d shall be aimed at: a. materializing partnership among Micro, Small, and Medium Enterprises; b. materializing partnership among Micro, Small, Medium, and Large Enterprises; c. stimulating mutual benefit relationship in the implementation of business transactions among Micro, Small, and Medium Enterprises; d. stimulating mutual benefit relationship in the implementation of business transactions among Micro, Small, Medium, and Large Enterprises; e. developing cooperation to improve bargaining position of Micro, Small, and Medium Enterprises; f. stimulating the formation of market structure that guarantees the growth of fair business competition and protect consumers; and g. preventing the occurrence of market control and business concentration by individual persons or certain groups that harms Micro, Small, and Medium Enterprises. 
[...]
CHAPTER VIII - PARTNERSHIP
Article 25. [...] (2) Partnership among Micro, Small, and Medium Enterprises and Partnership between Micro, Small, and Medium Enterprises and Large Enterprises shall include skill transfer process in the field of production and processing, marketing, capitals, human resources, and technology. 
[...]
Article 26. Partnership shall be conducted under the following systems: a. core-plasma; b. subcontract; c. franchise; d. general trade; e. distribution and agency; and f. other forms of partnership, such as: profit sharing, operational cooperation, joint venture, and outsourcing. [...]" (Government Regulation Number 17 Year 2013 concerning Implementation of Law Number 20 Year 2008 concerning Micro, Small, and Medium-scale Enterprises)
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>]