The Investment Coordinating Board (BKPM) is planning to revamp the way it records the flow of investment into the country so as to better reflect what is actually happening.
"The current system is inaccurate," BKPM chief, M Luthfi said Monday (6/11/06), according to The Jakarta Post. "The data about actual, realized investment, for example, refers to what happened 18 months, and sometimes even 36 months ago."
Luthfi said the government would adopt a system of investment statistics similar to that used in Singapore, in which the actual expenditure of investors is updated on a near real-time basis.
"So, as soon as the investors get their approvals, we will immediately record how much they spend on office space, on importing capital goods and equipment, on building materials to set up their factories, and so on," he said.
The figures for capital goods and equipment imports are particularly important, Luthfi said, as they sometimes account for 80% of an investment's value, and result in an actual trickle-down effect that benefits the real sector.
The new system is expected to be adopted this November, in tandem with the Central Bureau of Statistics (BPS) and Bank Indonesia (BI), both of which produce their own investment statistics.