BKPM reports rise in FDI approvals

BKPM reports rise in FDI approvals

JAKARTA: The Investment Coordinating Board (BKPM) has reported a
3.7 percent rise in foreign direct investment (FDI) approvals in
the first nine months of this year compared to the same period
last year.

The BKPM said in its monthly report that FDI approvals in the
January-September period of the year rose from US$5.94 billion
last year to $6.16 billion, with the most popular investment
destinations being the trading sector and the metal, machinery
and electronic industries.

Of the total amount, $845.7 million was earmarked for the
expansion of existing projects, the board said.

Domestic investment approvals, however, declined sharply by
14.7 percent during the same period to Rp 15.9 trillion from last
year's Rp 18.7 trillion.

The figures showed that the country is still struggling to
attract investment, both foreign and domestic. This is in marked
contrast to before the crisis when investment used to be the main
engine of economic growth. -- JP