As of March 2021, foreign investment in low value construction works is no longer restricted, but foreign investment in construction activities using simple and medium technology remains reserved for indonesian-owned SMEs regardless of value [foreign-invested companies do not qualify as SMEs because of minimum capital requirements]. Besides, Law No. 2 of 2017 on Construction Services as amended by the Omnibus Law (the Construction Services Law) continues to require foreign investors to establish an Indonesian construction service company through a joint venture with a locally-owned construction service company. The Construction Services Law does not, however, prescribe the minimum shareholding which must be held by locally owned construction service companies. Despite the New Investment List seemingly removing several construction services business activities from foreign ownership restrictions, pursuant to the Construction Services Law, foreign-owned Indonesian construction services companies are still only permitted to provide services for high-risk, high technology, and/or high-value construction works. Further, the New Investment List prescribes that the construction of buildings and industrial buildings must be undertaken in partnership with local cooperatives, micro, small and medium enterprises (CMSMEs). The New Investment List does not provide any guidance to foreign investors on how the requirement for such partnership with CMSMEs may be satisfied. For the purposes of the OECD FDIRRI, it is assumed that previous interpretation, whereby the required partnership arrangement may be satisfied in the form of a contractual profit sharing, operational cooperation (kerja sama operasional), outsourcing, distribution or subcontracting arrangement, remains applicable.
Previously, investment in low value works using simple technology and/or of value of up to IDR 50 billion was reserved to indonesian-owned SMEs. 
"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
- Building Construction Using Simple and Madva Technology: (Residence Building; Shopping Building Includes Department Store, Shop, Shop House (shop), and Warung; Health Building Includes Puskesmas, Medical Center and the Health Services Building;Education Building Includes Educational Facilities, Course Sites, Laboratories and Educational Support Buildings Other; Lodging Building Includes Hostel and Inn; Building for Entertainment and Sports Includes Cinema, Culture / Arts Building, Tourism and Recreation Building and Sports Building; Other Buildings Include Places of Worship, Hall Buildings; Meeting, Warehouse, Generator Building, Pump House, Depa, Electrical Substation Building, and Signal Substation Building; Prefabricated Building Construction Work Services Include Installation of Factory-Produced Materials such as Precast Concrete, Steel, Plastics, Rubber, and Other Factory Products with Fabrication, Erection, and / or Assembly Methods for Buildings.
- Construction of Civil Road Buildings Includes Maintenance, Highway Buildings Using Simple and Intermediate Technology
- Installation of Prefabricated Buildings for Construction of Irrigation and Drainage Networks: Construction of Irrigation Networks Using Simple and Intermediate Technology
- Construction of Processing, Distribution and Storage of Drainage Buildings Using Simple and Intermediate Technology
- Installation of Prefabricated Buildings for Construction of Drinking Water Processing, Distribution and Storage Buildings
- Construction of Wastewater Treatment, Distribution and Storage Buildings and / or Small and Medium Risks
- Construction of Civil Buildings, Telecommunications for Transportation Infrastructure: Construction of Telecommunication Assistance to Navigation and River Signs Using Simple and Intermediate Technology; Air Navigation Telecommunication Construction Using Simple and Intermediate Technology; Construction of Railway Signals and Telecommunications Using Simple and Intermediate Technology;
- Construction Central Telecommunication Using Simple and Intermediate Technology
- Making / Drilling Groundwater Well Using Simple and Intermediate Technology
- Construction of Electrical Civil Buildings Using Simple and Intermediate Technology: Other Civil Building Construction YTDL Using Simple and Intermediate Technology; Construction of Electrical Networks and Other Telecommunications Using Simple and Intermediate Technology
- Installation of Prefabricated Buildings for Construction of Irrigation, Communication and Waste Channel Networks Using Simple and Intermediate Technology
- Construction of Buildings Using Simple and Intermediate Technology: Water resources; Non-Fisheries Port; Fishing Port;
- Installation of Prefabricated Buildings for Construction of Other Civil Buildings Using Simple and Intermediate Technology
- Disassembly Using Simple and Intermediate Technology
- Land Preparation Using Simple and Intermediate Technology
- Installation Using Simple and Intermediate Technology: Telecommunication; Railway Signals and Telecommunications; Highway Signals and Signs; Electronics; Water channel (plumbing); Heating and Geothermal; Oil and gas; Air Conditioning and Ventilation; Mechanical; Other Construction YTDL Covers Installation and Maintenance of Mining and Manufacturing Facilities Installations such as Loading and Discharging Stations, Winding Shafts, Chemical Plants, Iron Foundaries, Blast Furnaces and Coke Ovens; Installation of treatment systems and equipment for seawater, brackish water, fresh water becomes mummified water in power plants
- Works Using Simple and Intermediate Technology: Installation of Glass and Aluminum; Floor, Wall, Sanitary ware and Ceiling; Painting
- Decoration Using Simple and Intermediate Technology: interior, exterior, Other Building Construction Completions
- Installation of Construction Using Simple and Intermediate Technology: Installation of Foundations and Piles; Installation of Scaffolding (Steiger); Roof Covering; Steel Framework; Rental of Construction Tools with Operators; Using Simple and Intermediate Technology
- Other Special Constructions YTDL Using Simple and Intermediate Technology Not Classified in Groups 43901 s.d. 43905
- Architectural Activities Using Simple and Intermediate Technology [architectural services related]
- YBDI Engineering and Technical Consultancy activities Using Simple and Intermediate Technology [engineering services related]
- Laboratory Testing Services Using Simple and Intermediate Technology [engineering services related]
- Installation Engineering Inspection Services Using Simple and Intermediate Technology [engineering services related]
>Condition: 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
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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
[Construction]
-Construction services (construction contractors) with simple and medium technology and/or small and medium risks and/or work value of up to IDR 50,000,000,000 // Business services /construction consultancy services with simple/medium technology and/or small/medium risks and/or value less than IDR 10,000,000,000 [architecture, engineering services related]: Reserved for 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>]