Jakarta. Indonesia has recorded foreign direct investments (FDI) worth Rp 204.4 trillion, approximately $12.5 billion, in the first quarter of 2024, the government announced on Monday.

According to Investment Minister Bahlil Lahadalia, FDI makes up around 50.9 percent of the total investments that Indonesia had amassed over the period. Domestic investors invested approximately Rp 197.1 trillion in Indonesia. This brought the combined domestic and foreign investments accumulated in the first quarter to a total of Rp 401.5 trillion.

The Q1-2024 FDI grew 15.5 percent on a year-over-year basis. It also saw a 10.9 percent quarter-on-quarter growth, data showed.

“[The growing FDI] shows how the global community trusts Indonesia under President Joko ‘Jokowi’ Widodo’s leadership. Imagine amidst the economic uncertainties facing the world, we still maintain our FDI,” Bahlil told reporters in Jakarta.

The ministry reported that 55 percent or about Rp 112.5 trillion of the Q1-2024 FDI went to the manufacturing industry throughout the quarter. Foreign investors invested about Rp 64.7 trillion in infrastructure and services, accounting for 31.7 percent of the total FDI. The primary sector, which encompassed mining and plantation, among others, attracted Rp 27.2 trillion in FDI throughout the first three months of 2024.

Singapore became Indonesia’s largest foreign investor in the first quarter, with investments totaling $4.2 billion, followed by Hong Kong ($1.89 billion) and China ($1.87 billion). The US comes as Indonesia’s fourth-biggest FDI source, with American investments totaling $1.1 billion. In fifth place is Japan ($1 billion).

“Speaking of Singaporean investment, some of it is Indonesian businessmen's money. To be honest, if Indonesian businesspeople do not treat Singapore as a ‘hub’ for their investment, I think our domestic investment volume would exceed our FDI," Bahlil said.

West Java has become the most popular province for foreign investors. The province amassed $2.7 billion in FDI, seconded by Central Sulawesi ($1.7 billion).

President Jokowi wants Indonesia to attract Rp 1,650 trillion in combined investments throughout 2024. The latest figures show that Indonesia has already achieved 24.3 percent of Jokowi’s target.

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