Jakarta. Indonesia will need a total investment of at least Rp 7,130 trillion ($440.8 billion) to attain economic growth of up to 5.6 percent next year, a government official said on Thursday.

Vice Finance Minister Suahasil Nazara noted that the majority of investment, around Rp 6,000 trillion, is expected to originate from the private sector, while the government and state-owned enterprises will contribute the remainder.

"We require substantial investment to elevate the gross domestic product beyond Rp 24,000 trillion," Suahasil said. "Investments may be sourced from the state budget, private sector capital expenditures, and state-owned enterprises."

Indonesia is presently offering new investment opportunities in electric vehicles, renewable energies, pharmaceuticals, and semiconductors for foreign investors, Suahasil revealed.

The Finance Ministry is extending generous income tax deductions to companies engaged in significant research and development efforts and vocational programs, he added, without elaborating further.

"In addition, we are providing fiscal incentives to attract foreign direct investment in the high-tech industry and establish more industrial and special economic zones," Suahasil said.

The government anticipates the economy to expand by 5.2 percent this year, compared to 5.05 percent in 2023.

Indonesia attracted around $90.2 billion in investment throughout 2023, surpassing what the government had targeted for that year and increasing by 17.5 percent year-on-year.