As the role of Foreign Direct Investment (FDI) in development becomes increasingly significant, the concern of many policy makers is not only to attract FDI but also to ensure that the society and future generations gain broad benefits from the FDI. Hence, the United Nations Conference for Trade and Development (UNCTAD) developed the Investment Policy Framework for Sustainable Development (IPFSD) as guidance for countries to achieve sustainable development from FDI. Using the IPFSD, this paper examines the investment policies of Indonesia under centralized and various decentralization periods and describes the relationships among government levels in implementing the policies which guide FDI. From the examination, we found that the investme...