In the April-June quarter, foreign direct investment (FDI) in Indonesia increased by 14.2% compared to the previous year, according to the investment ministry. However, this growth is the slowest in one and a half years.
The second quarter saw FDI worth 186.3 trillion rupiah, equivalent to $12.59 billion. This excludes investments in the banking and oil and gas sectors.
The ban on exports of nickel ore in 2020 has attracted foreign investment in Indonesia’s manufacturing sector, particularly in stainless steel and battery materials.
Despite the recent growth, authorities have warned that FDI might slow down as investors adopt a wait-and-see approach leading up to the general elections in February 2024.
This quarter’s FDI growth is the slowest since the fourth quarter of 2021, with a 20.2% annual increase in the previous quarter.
The base metals industry received over $2.5 billion in investment, making it the largest recipient of FDI in the second quarter. It was followed by the transportation, warehouse and telecommunications sector, as well as the chemical and pharmaceutical sectors.
The top sources of FDI were Singapore, China, Hong Kong, Japan, and Malaysia. ( $1 = 15,020.0000 rupiah)
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