Free zone authority in Batam (Badan Pengusahaan Batam) of Indonesia has given opportunity for foreign investors to own lands on the island, a move aimed at luring foreign investment, an official said on Wednesday.
Lukita Dinarsyah Tuwo, head of Badan Pengusahaan Batam, said that the ownership rights were given for 30 years and it can be extended for 20 years or 30 years.
Lukita said the problem of overlapping land ownership has been well settled in the island situated near Singapore.
"These all aim to smooth flows of investment into the country," he was quoted by Kontan.co.id.
Indonesia obtained credit rating upgrade to investment grade with stable outlook from S&P Global rating in May after the country got similar level of upgrade from Fitch's and moody rating agencies.
The Indonesian government has undertaken a massive improvement in regulation, procedures and incentives in a bid to improve investment climate in the country.