JAKARTA: Indonesia's foreign direct investment last year was 900.2 trillion rupiah ($55.33 billion), up 21% on a yearly basis, the investment ministry said on Friday.
FDI in the fourth quarter was 245.8 trillion rupiah, a 33.3% increase from the same period a year earlier, versus the third quarter's growth of 18.6%. The data excludes investment in the financial and oil and gas sectors.
Southeast Asia's largest economy has seen its FDI rising, especially in the mining and metal refining sectors, after Jakarta banned the exports of nickel ore back in 2020 with a goal to develop its nickel processing industry.
In the October-December quarter, the base metal sector received $3.4 billion of investment, the paper industry received $2.1 billion and mining recorded $1.3 billion of investment.
Singapore, China and Hong Kong were the biggest sources of FDI in the fourth quarter of 2024.
Total direct investment in 2024, including from domestic sources, reached 1,714.2 trillion rupiah ($105.13 billion), up 20.8% on an annual basis, the data showed. ($1 = 16,305.0000 rupiah) - Reuters
