Jakarta. As of September, Indonesia had attracted a total of 1,261.4 trillion Indian rupiah (nearly $81 billion) in investment this year from both foreign and domestic investors, the government announced on Tuesday.
Outgoing Indonesian leader Joko “Jokowi” Widodo wants to record total investments of 1,650 trillion rupiah in 2024 or the last year of his term. The latest investment data showed that Indonesia has already achieved almost 76.5 percent of Jokowi’s targets. In other words, it will be up to President-elect Prabowo Subianto, who will take the oath of office next weekend, and his future cabinet to do the rest.
“The investments we recorded in the period January-September 2024 increased by almost 20%. year to year (y/y). So I think we are on track to reach the target of 1,650 trillion rupiah by the end of the year,” Investment Minister Rosan Roeslani told the press in Jakarta.
Foreign direct investment (FDI) accounted for approximately 51.9% in the nine-month period. total investments. Singapore retained its status as Indonesia’s largest foreign investor. The close neighbor invested about $14.4 billion in the January-September period. This is followed by Hong Kong ($6.1 billion), China ($5.8 billion) and the United States ($2.8 billion). Malaysia has invested around $2.7 billion in Indonesia, making Kuala Lumpur the fifth largest source of FDI.
“We are witnessing FDI growth of 16.95% year-on-year,” Rosan said.
According to Rosan, provinces other than Java are becoming more and more popular among investors. About 50.34 percent of all investments the country has recorded so far in 2024 have gone outside Java.
Central Sulawesi – home to the nickel-based Indonesia Morowali Industrial Park (IMIP) – has become the most sought-after destination outside Java for foreign investors. FDI flowing into Central Sulawesi was around $6.4 billion – just behind populous West Java ($7.5 billion).
Domestic investors seem to prefer Riau and East Kalimantan when it comes to investing outside Java. Local investors invested about 52.7 trillion rupiah in Riau between January and September. East Kalimantan, home to Indonesia’s new capital Nusantara, attracted nearly Rp38.8 trillion during the same period.
Rosan is one of the ministerial candidates whom Prabowo summoned for personal interviews on Monday. However, Prabowo will probably announce the full composition of his cabinet after Sunday’s inauguration.
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