May 01, 2023 | 19:34 (GMT+7)
Indonesia's Q1 FDI hikes over 20%
Indonesia recorded a 20.2% increase annually in foreign direct investment (FDI) in the first quarter (Q1) of this year, with the base metal industry the biggest recipient amid efforts to boost investment in processed minerals.
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Indonesia's Q1 FDI hikes over 20%. (Photo: Bloomberg) |
According to data from the Indonesia’s Ministry of Investment, the first quarter FDI, which excludes investment in the banking and oil and gas sectors, was worth 177 trillion IDR (11.96 billion USD), up 43.3% compared to the last quarter of 2022.
Investment Minister Bahlil Lahadalia said that FDI in the manufacturing sector, especially the metal industry, in Q1 ranked first, which showed the government policy to give added value on natural resources has had a positive impact.
Indonesia is due to ban the export of raw minerals like copper and bauxite from June as part of efforts to attract investment into its metals processing industry and boost the value of its exports.
Singapore, China’s Hong Kong, and China provided the largest share of the FDI in the first quarter with investment of 4.3 billion USD, 1.5 billion USD and 1.2 billion USD, respectively, according to the ministry’s data.
At a news conference, Bahlil said challenges to achieve the investment target included a global economic slowdown and ensuring political stability ahead of an election next year, when Indonesia will choose a new president and legislators.
He also said Indonesia will continue to focus on drawing investment in the next three quarters into processing industries, including natural resources, part of its goal to be among the world's top five countries in terms of gross domestic product.
Source: VNA