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Some good news could be on the horizon for the business community. The Investment Coordinating Board is now working on a proposal to revise a presidential ruling on foreign investment in five key sectors, which could give a substantial boost to the economy.

The sectors — education, creative industries, telecommunications, courier services (logistics) and health care — have huge potential for growth and, more important, creating new jobs. Furthermore, these sectors are crucial to the country’s efforts to upgrade and modernize the economy and attract more foreign investment.

Foreign business representatives have already welcomed the latest initiative by Gita Wirjawan, chairman of the investment board, also known as the BKPM, who is keeping to his promise of boosting foreign investment. According to Gita, the BKPM is currently finalizing the proposal and hopes to have it completed within two months.

Foreign participation in these five sectors will help to increase overall product and service standards, which will ultimately benefit all Indonesians. Within education, health care and the creative industries, know-how, expertise and soft skills are crucial, and foreign participation can help to elevate our standards. As a result, service quality will rise, which in turn will attract more talented Indonesians.

Improving education standards will create long-term benefits for the economy and the nation. Better-educated and better-qualified Indonesians are critical if we are to raise our nation to developed status. Foreign participation can help the country achieve this goal if investors are allowed to bring in better-qualified teachers, as well as to introduce new teaching methods.

In logistics, many companies have complained about an acute shortage of services and skilled workers. World-class logistics are crucial in today’s global economic environment, where complex supply-chain operations require complex logistics solutions.

It is clear that greater investment is needed in the five selected sectors. Foreign investors, with the right incentives, can contribute significantly to these important sectors, and it is thus encouraging to know that the BKPM is working to revise the existing regulations.

Not only are we moving in the right direction, but the changes will inject new dynamism into the economy. The positive response from the foreign business community is indicative of the level of investor interest in these sectors. Indonesia’s vast domestic sector has tremendous opportunity for growth, but it will require enlightened government policies to spur development.

The BKPM’s move is therefore both timely and crucial in boosting growth in these five sectors, and also in taking the economy to the next level of sophistication.