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2021 investments exceed target as new policies take shape
Investments reached Rp 901.2 trillion, exceeding Jokowi's target by 0.1 percent.
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Investment Minister Bahlil Lahadalia witnesses an virtual signing ceremony of a memorandum of understanding for an electrical vehicle battery factory on July 28, 2021. (Courtesy of Investment Ministry)
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ull-year investment in Indonesia exceeded the 2021 target of Rp 900 trillion (US$62.71 billion) as new policies were implemented, despite the challenges of the Delta-fueled second wave of COVID-19.
Investment Minister Bahlil Lahadalia said on Thursday that investments reached Rp 901.2 trillion, a tad higher than the full-year target set by President Joko "Jokowi" Widodo, and up 9 percent from the preceding year.
Of the total investments, 50.4 percent came from foreign direct investment (FDI) and the remaining 49.6 percent from domestic direct investment.
“This was not easy. We had to have an extraordinary strategy,” Bahlil told reporters during a virtual press briefing.
The minister said that investments managed to exceed targets as a result of the implementation of the Job Creation Law, marked by a significant 10 percent annual increase in FDI, compared with the 8 percent annual increase seen in domestic investment.
The massive infrastructure drive during President Jokowi's first term also contributed to the 2021 achievement.
Furthermore, the Investment Ministry managed to reduce the number of stalled projects to just 25 percent of all projects in the pipeline, worth Rp 708 trillion. The figure stood at 33 percent as of November last year. In 2022, the ministry aims to get all of them going.
