Indonesia has announced economic reforms that would...

Indonesia has announced economic reforms that would abolish numerous import monopolies, liberalize the country's stock market and cut red tape on exports, tourism and foreign investment.

Economy Minister Ali Wardhana said the 48-point program, the sixth reform package in two years, was aimed at liberalizing the nation's trade and industry.

Under the plan, foreigners would be allowed to buy shares on the moribund Indonesian stock exchange for the first time. A new over-the-counter parallel market also is being set up to help local firms raise money quickly by selling stocks and bonds.

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