Jakarta. Indonesia has attracted Rp 1,261.4 trillion (nearly $81 billion) in combined investments from both foreign and domestic investors so far this year as of September, the government announced Tuesday.

Indonesia’s outgoing leader Joko “Jokowi” Widodo wants to record Rp 1,650 trillion in overall investments for 2024 or his last year in office. The latest investment figures showed that Indonesia had already achieved almost 76.5 percent of what Jokowi had targeted. In other words, it will be up to President-Elect Prabowo Subianto -- who will take his oath of office this weekend -- and his upcoming cabinet to finish the rest.

“The investments that we recorded in January-September 2024 soared by almost 20 percent year-on-year [yoy]. So I think we are on track to reach the Rp 1,650 trillion target by the end of the year,” Investment Minister Rosan Roeslani told the press in Jakarta.

Foreign direct investments (FDI) made up about 51.9 percent of the total investments in the said nine-month period. Singapore retained its status as Indonesia’s largest foreign investor. The close neighbor invested approximately $14.4 billion in January-September. Followed by Hong Kong ($6.1 billion), China ($5.8) billion), and the US ($2.8 billion). Malaysia put around $2.7 billion into Indonesia, making Kuala Lumpur its fifth-largest source of FDI. 

“We are witnessing a 16.95 percent yoy increase in FDI,” Rosan said. 

According to Rosan, non-Java provinces are gaining popularity among investors. About 50.34 percent of the total investments that the country posted so far in 2024 went to outside Java.

Central Sulawesi -- home to the nickel-based industrial estate Indonesia Morowali Industrial Park (IMIP) -- became the most sought-after non-Java destination for foreign investors. The FDI that flowed to Central Sulawesi amounted to around $6.4 billion -- just behind the populous West Java ($7.5 billion). 

Domestic investors seem to favor Riau and East Kalimantan when it comes to investing outside Java. Local investors put around Rp 52.7 trillion in Riau throughout January-September. East Kalimantan, which hosts Indonesia’s new capital Nusantara, attracted nearly Rp 38.8 trillion over the same period.

Rosan is one of the ministerial candidates that Prabowo had summoned for in-person interviews on Monday. However, Prabowo will likely announce the full line-up of his cabinet after his inauguration on Sunday.