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Italy's Economic Diplomacy - 20 July: latest news from the world

Date:

07/20/2016


Italy's Economic Diplomacy - 20 July: latest news from the world

Canada: Trudeau in Vancouver for urban transport expansion agreement

During a visit in Vancouver by Canadian Prime Minister, Justin Trudeau, an announcement was made to inform that federal funds have been allocated to expand the urban transport network (metro, light trains, bus lines). Mr Trudeau and the Prime Minister of British Columbia, Christy Clark, signed an agreement for an investment plan worth 900 million Canadian dollars in the Province’s transportation sector, within the framework of a comprehensive federal investment package called “Investing in Canada”, allocating 120 billion dollars in 10 years. Phase I of the plan provides for 10 billion Canadian dollars to be allocated to expand the metropolitan transportation network, to high environmental impact infrastructure projects and for the development of social infrastructures. The transport infrastructure financial plan is funded with 460 million Canadian dollars from the federal Government (Public Transit Infrastructure Fund) and 308 million Canadian dollars from the provincial Government; the remaining funds will be provided by other agencies, both public and private.

Indonesia: new law passed to promote investments

Indonesia passed a new “Negative Investment List” within the economic development and modernization process launched by President Joko Widodo. The provision replaces the preceding list passed in 2014 and introduces new foreign investment opportunities. The provision focuses special attention on developing the infrastructure network through domestic and foreign investments. The provision differentiates between sectors closed to foreign investments, sectors dedicated to micro, small and medium-sized enterprises and cooperatives or partnerships therewith, and sectors open to foreign investments although under certain conditions. The remaining sectors are open to foreign investments without particular restrictions. The provision does not apply to Special Economic Zones. The areas now 100% open to foreign capital are: pharmaceuticals, e-commerce, cinema, tourism, distribution, motorway management, waste management, catering and cold and food logistics. The geothermal energy sector increased the share of allowed foreign investment capital from 49% to 67% and the sectors of transports, infrastructures and support services are now open to foreign shareholdings of up to 67%.

 


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