A Article 33 of the 1945 constitution of the republic of indonesia affirms the principles of economic democracy and equitable economic sovereignty, serving as the legal foundation for national development, including investment regulation. investment, both domestic and foreign, plays a crucial role in economic growth, job creation, and human resource development. the legal framework for investment in indonesia has evolved from law no. 1 of 1967 to law no. 25 of 2007 and law no. 6 of 2023, supported by presidential regulation no. 49 of 2021 concerning the negative investment list, which classifies business sectors as either closed or open with specific requirements.the cement industry, as a strategic sector supplying infrastructure materials, is open to foreign investment subject to certain conditions. however, the liberalization of foreign investment through presidential regulation no. 49 of 2021 has led to overcapacity, dominance of foreign companies, predatory pricing practices, and legal uncertainty for the domestic cement industry, including pt semen indonesia as a state-owned enterprise. this situation contradicts the principles of balanced progress, economic independence, and protection of national interests as stipulated in the investment law and the 1945 constitution.this research employs a normative legal method with a descriptive approach, qualitative analysis, and primary reliance on secondary data from statutory regulations, supported by primary interview data. the findings indicate the need to strengthen regulations that ensure legal certainty, protect domestic industries, and manage foreign investment in a balanced manner in order to achieve sustainable infrastructure and economic development, in line with the principles of economic democracy and national sovereignty.