INVESTMENT LEGAL RECONSTRUCTION IN DEVELOPING LOCAL WISDOM-BASED TOURISM INDUSTRY FROM INDONESIA
INVESTMENT LEGAL RECONSTRUCTION IN DEVELOPING LOCAL WISDOM-BASED TOURISM INDUSTRY FROM INDONESIA

Summary/Abstract: The philosophical issue in this study was the liberation in international trading and in the investment in the tourism sector which eradicates the barriers of foreign countries to invest in Indonesia. The juridical issue in this paper is that there are many overlapping or inconsistent norms among one law to other laws as well as the principle of state sovereignty. The investment development in the tourism sector also raises sociological issues such as the emergence of various challenges and negative impacts as the consequence of tourism investment, i.e., economic, effect, ecological, and socio-cultural effects. This is a normative study that utilizes the laws approach, conceptual approach, and legal comparison approach. The legal materials used in this study were the primary legal material, secondary legal material, and tertiary legal material. The legal materials were collected by using a documentation study with the snowball technique. The technical analysis of the legal material used descriptive, comparative, evaluative, and argumentative techniques. The finding of this study showed that to formulate the investment regulation in the tourism sector which is based on local wisdom in the future it should use the 3R method (Reduce, Reuse, Recycle) in the management of tourism investment, further the establishment of regulation in regional level must use ROCCIPI method (Rule, Opportunity, Capacity, Communication, Interest, Process, and Ideology), in which the policy formulation is conducted by involving people participation.

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