Foreign investment up in E. Java

SURABAYA: Foreign investment in East Java increased this year due to good economic and security conditions.

Data from the East Java investment board (BPM) showed on Wednesday that the province had recorded US$451.6 million in foreign investment during the January-October period, with at least 63 projects.

In the same period last year, East Java had booked only $103 million through 51 projects.

Foreign investors who established businesses in East Java included those from South Korea, China, Japan, Taiwan and several European countries, including Switzerland and France.

The export trading sector attracted the greatest number of investors, with 25 firms at $22.2 million.

The greatest investment was recorded in the non-metal industries, with $176.1 million.

East Java's domestic investment during the same period this year amounted to Rp 1.23 trillion through 15 projects, a sharp increase from 2002, when it booked only Rp 813 billion and 10 projects. -- Antara