FDI approvals in Q1 drops 41%

FDI approvals in Q1 drops 41%

In a related development, Theo also announced that, in the
first quarter of the year, foreign direct investment (FDI)
approvals had fallen by 41 percent as compared with the same
period last year.

FDI approvals stood at US$1.5 billion in the first three
months of this year, way below the $2.6 billion posted during the
January to March period in 2003.

Of the total, 184 were new projects worth $424.5 million and
53 were expanded projects worth $672.2 million, with the metal,
machinery and electronics sectors attracting the greatest
investment, valued at $538.9 million.

However, approvals for domestic investment experienced a rise
from Rp 3.6 trillion in the first quarter last year to Rp 5.7
trillion. -- JP