Jakarta. Singapore maintained its position as Indonesia’s largest source of foreign direct investment (FDI) in the first quarter of 2025, continuing a decade-long trend, according to the government.

FDI from Singapore reached $4.6 billion between January and March, topping the list of investing countries, Investment Minister Rosan Roeslani said following a meeting with President Prabowo Subianto at the State Palace on Wednesday.

Singapore’s investment in Indonesia for the three-month period already exceeded the US full-year investment in Indonesia throughout 2024.

“Singapore remains the leading contributor to Indonesia’s FDI, a position it has consistently held for the past ten years,” Rosan said.

Hong Kong ranked second with $2.2 billion, followed by China at $1.8 billion. Malaysia and Japan rounded out the top five, each contributing approximately $1 billion in investments during the same period.

Total investment in the first quarter reached Rp 465.2 trillion ($27.6 billion), with foreign and domestic investments contributing nearly equally. FDI accounted for Rp 230.4 trillion, or 49.5 percent, while domestic investment made up Rp 234.8 trillion, or 50.5 percent.

Rosan also highlighted a shift in investment distribution across Indonesia. While Java remains the largest recipient, its share has dropped to 50.7 percent, indicating more balanced growth across other regions. Java is home to about 60 percent of the country’s population.

In 2024, Indonesia attracted Rp 1,714.2 trillion (approx. $105 billion) in total investment, a 20.8 percent increase year-on-year. These investments created employment for nearly 2.5 million people.

FDI made up 52.5 percent of total investment last year, with Singapore again leading the pack at $20.1 billion. It was followed by Hong Kong ($8.2 billion), China ($8.1 billion), Malaysia ($4.2 billion), and the United States ($3.7 billion).