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FDI growth highest in decades, but outlook ‘bleak’
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Investment Minister Bahlil Lahadalia speaks during a virtual press conference on April 27. (Investment Ministry Youtube Channel/Fadhil Haidar Sulaeman)
F
oreign direct investment (FDI) jumped 63.6 percent annually to Rp 168.9 trillion (US$10.81 billion) in this year’s third quarter, hitting a multi-decade high, but a global economic slowdown casts a dark shadow over next year’s outlook, the government has cautioned.
Singapore accounted for the lion’s share of incoming FDI with $3.8 billion, or 32.5 percent of the total, followed by China (mainland), Japan, Hong Kong and Malaysia.
Meanwhile, domestic direct investment grew at a slower annual rate of 22.5 percent to Rp 138.9 trillion, bringing overall third-quarter direct investment to Rp 307.8 trillion.
The metals and metal goods industry (excluding machinery and equipment) attracted 14.3 percent of the investment, followed by transportation, warehousing and telecommunications at 10.6 percent; housing, industrial estate and office buildings at 9.4 percent; and mining at 9.2 percent.
Investment Minister Bahlil Lahadalia said on Monday that the latest figures had made the government positive about achieving its Rp 1.2 quadrillion full-year investment target, as 74.36 percent of it had been realized in the first through third quarters.
“God willing, we can achieve the 2022 target. How? We have data containing [details] on investment [projects] that have progressed to 60 or 70 percent [of completion], which we will pursue until the end of this year,” Bahlil told reporters during a briefing.
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