Indonesia's FDI plunges in Q1 due to Covid-19 pandemic

An official wearing a face mask sorting out the packs of food to be distributed to residents affected by the coronavirus outbreak in Bekasi on the outskirts of Jakarta, Indonesia, on Monday (April 20). - AP

JAKARTA: The value of the foreign direct investment (FDI) in Indonesia edged down significantly in the first quarter as the Covid-19 (coronavirus) pandemic has halted global investment.

The Indonesian Investment Coordinating Board (BKPM) on Monday (April 20) said that the country's FDI dropped by 9.2% on the yearly basis to 98.1 trillion rupiahs (US$6.33bil) in the first quarter.

"During the Covid-19, don't be too pessimistic. Let's pray for the termination of this pandemic," said the board's head Bahlil Lahadalia.

Indonesia reported the first Covid-19 case in March.

The virus kept spreading rapidly across the country, forcing Indonesian authorities to apply partial lockdowns in the country's capital of Jakarta and some other cities across the archipelagic nation, hemming in business activities.

The outbreak has killed 582 people and infected 6,575 others in Indonesia, the Health Ministry said on Sunday.

Southeast Asia's biggest economy is projected to expand 2.3 percent this year, tumbling down from a 5.02-percent growth last year, according to Finance Minister Sri Mulyani Indrawati. - Xinhua/Asian News Network