Indonesia attracts 22.4 billion USD investment in Q1

Indonesia's Investment Minister Bahlil Lahadalia.(Photo: ANTARA)

Jakarta (VNA) – Indonesia has amassed 328.9 trillion IDR (22.4 billion USD) in investment in the first quarter of this year, up 16.5% year-on-year, according to the country's Investment Minister Bahlil Lahadalia.

Despite the fact that 2023 is posing various challenges as it precedes the 2024 general election, investors’ confidence in Indonesia is very high, Bahlil said at a recent press conference.

Indonesia’s investment policy will remain consistent no matter who will succeed President Joko Widodo, he added.

Foreign direct investment (FDI) accounted for 53.8% of the total investment over the reviewed period, amounting to 177 trillion IDR. 

Basic metal, metal products, non-machinery, and its equipment industry took the lion’s share of investment coming to Indonesia. The industry attracted 46.7 trillion IDR in the first quarter of 2023.

According to the official, Indonesia has been actively seeking FDI through negotiating with potential investors from major trading partners, recently with the signing of agreements with German chemical company BASF and automobile manufacturer Volkswagen relating to electric battery production projects, adding that the groundbreaking for the 2.6 billion USD project in partnership with BASF will begin in the second half of this year.

Indonesia targets to attract investment worth 1.400 trillion IDR this year./.