THE INVESTMENT REGULATORY MODELIN THE LOCAL WISDOM-BASED TOURISM INDUSTRY (A COMPARATIVE STUDY: SINGAPORE, MALAYSIA, AND THAILAND)

Abstract

this study aimed at formulating aninvestment regulatory modelin investment to conduct a local wisdom-based tourism industry in Indonesia. It was initiated by the effect of globalization which affected the tourism investment implementation and could threaten the local values in Indonesia. It is a normative legal study which used a legal approach, conceptual approach and legal comparative approach. The legal material collection used documentation study by using snow ball technique. The findings showed that the legal regulation model of investment in the local wisdom-based tourism industry was in form of a sustainable tourism investment with the 3 R method (reduce, reuse, and recycle) to cope with the effect of the tourism investment in various sectors including laws, economy, social and culture as well as protecting tourism commodity originated from local wisdom values.