Jakarta. Indonesia wants to keep foreign investors to be its top source of investments again this year.

In 2023, Indonesia secured Rp 1,418 trillion (approximately $90.3 billion) in combined foreign and domestic investments. About 52.4 percent -- or around Rp 744 trillion -- came from foreign direct investment (FDI). For 2024, the overall investment target has risen to Rp 1,650 trillion. Investment Minister Bahlil Lahadalia said on Monday that Indonesia wanted to source over half of the annual investment target from foreign investors again.

“We must keep FDI’s share at a minimum of 52 percent [of the combined investments] even if the global economy has not fully recovered. We are aware that the geopolitical situation is still unstable, especially with the Middle East tension. The Ukraine-Russia [war] has not shown signs of improving,” Bahlil told reporters in Jakarta.

“Many countries slipping into recession are set to become a roadblock [for us],” Bahlil said.

Last month, Indonesians voted to pick the successor to the incumbent President Joko “Jokowi” Widodo. Latest tallies show that Defense Minister Prabowo Subianto is the most likely to succeed Jokowi, although the General Election Commission (KPU) will announce the official vote-counting results by Wednesday.

Foreign investors typically put the brakes on their investment as they prefer to see how the new president will govern first. 

However, Bahlil claimed that foreign investors were pretty much still interested in investing.

“I think global [investors] still trust us. Several companies who were on wait-and-see mode have said they would execute their investment plans. Some are even planning to hold the groundbreaking ceremonies,” Bahlil said.

Singapore was Indonesia’s largest foreign investor in 2023, with investments amounting to $15.4 billion. In second place was China with $7.4 billion worth of FDI. Followed by Hong Kong ($6.5 billion), Japan ($4.6 billion), and Malaysia ($4.1 billion).