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