Chief of the Investment Coordinating Board Thomas Lembong (Photo: Reuters)
Jakarta (VNA) – Domestic and foreign direct investment in Indonesia is expected to grow more slowly in 2016, an official has said.

Chief of the Investment Coordinating Board Thomas Lembong said total direct investment from local and overseas investors is likely to grow 12-14 percent in 2016, excluding investment in banking, oil and gas sectors, lower than the previous year’s growth of 17.8 percent.

Foreign direct investment (FDI) flow into Indonesia reached 29.3 billion USD in 2015 while locals invested 13.6 billion USD, mainly into transportation, telecommunications, electricity and mining.

"We have to admit there is a regional trend where Vietnam has worked hard in the past 8 to 9 years to be an investment magnet and it is reaping the results now. Indonesia must catch up," Lembong said.

Indonesian President Joko Widodo said the country will continue to drop regulations that hinder investment as well as monitor and improve the efficiency of licensing investment in 10 provinces that are the most attractive to FDI.-VNA