Cirebon. Former Trade Minister Enggartiasto Lukita endorsed President Joko "Jokowi" Widodo's golden visa initiative, emphasizing the need for selective implementation to attract high-quality foreign investors.

Enggar, as he is commonly known, is optimistic that the golden visa service will attract foreign investors.

"It should be implemented. It’s great if we compete globally for investment," Enggar said after attending the inauguration of the Cirebon City Management Board (DKP) of the Indonesian Employers Association (Apindo) in Cirebon on Friday.

Enggar emphasized that the government should facilitate foreign nationals who wish to invest in Indonesia, but also need to select those eligible for the golden visa service.

"For those who want to work well or invest, give them these facilities, but be selective," said the chairman of B-Universe.

Indonesia’s golden visa scheme allows individual investors to stay for five years as long as they invest at least $2.5 million and set up a company. Their length of stay will double if their investment reaches $5 million. Individuals who do not wish to establish a company in the country can also have a golden visa by investing at least $350,000 for a five-year stay, with their residency possibly extended to 10 years if they invest $700,000 or more. Corporate investors must set up a company in Indonesia and invest at least $25 million to get a five-year residency, while those whose investment tops $50 million can stay for 10 years.

Golden visas are already in effect in some EU countries, although there have been some changes. Portugal has amended its golden visa scheme, ruling out real estate investment as a means to qualify. Spain announced earlier this year that it planned to make similar changes. In Southeast Asia, close neighbors Malaysia and Singapore already have golden visa schemes in place.

Indonesian National Football Team coach Shin Tae-Yong and OpenAI co-founder Sam Altman are among the foreign nationals who have received a golden visa from the Indonesian government.

Encouragement for Investment

At the inauguration of Apindo Cirebon, Enggar urged members to stay united and maintain a positive business environment, reassuring entrepreneurs about investing in Indonesia during the current governmental transition.

"I assure you that the transition of power in 2024 is the best we have ever had in this republic, very smooth," he said.

Enggar mentioned that the president and vice president-elect, Prabowo Subianto and Gibran Rakabuming Raka, have already appointed a transition team to understand government mechanisms.

"We hear how the president-elect and his team are preparing for various things, so they can continue the existing programs. So there is no need to worry," he added.

With the transition team in place, the new government can continue good programs, including facilitating permits for business actors.

"Especially what was mentioned by the acting mayor about licensing issues, and it's ready. That’s the main issue for the business world, how the licensing process is," he said.