The industry recorded the highest investment realization figure in the secondary sector compared to other industries in the past five years, until as recent as the first quarter of 2020, totaling Rp 293.2 trillion, BKPM data show. The figure is higher than the base metals industry and the chemical and pharmaceutical industry.

Domestic investment dominates the industry, with Rp 7.3 trillion (US$494.6 million) from January to March this year, compared to $298 million in foreign direct investment (FDI) in the same period.

“Compared to the two other sectors, only the food industry records higher domestic investment than foreign investment. We are sure that this industry will be quite stable from the shocks of the world economy,” the agency’s deputy director for investment climate development Farah Indriani said in a statement on Tuesday.

However, domestic direct investment (DDI) in the food industry for the first quarter this year still shows an 18 percent decline from the same period last year at Rp 8.9 trillion, while FDI also fell 20.6 percent as the global economy begun to be impacted by the COVID-19 pandemic.

BKPM data also show that since the first quarter of 2015 to date, investment in manufacturing has reached Rp 1.3 quadrillion.

"These figures show that the Indonesian domestic market is an investment magnet, especially the food and beverage industry,” Sarah said.

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