Hong Kong Overtakes Singapore as Top Investor in Indonesia for First Time in a Decade
Investment Minister and Head of the Investment Coordinating Board (BKPM) Rosan Roeslani has revealed that Hong Kong has begun to displace Singapore as the country with the largest investment in Indonesia in the second quarter of 2026. This achievement marks a record for the first time in a decade. “In this second quarter, for the first time in 10 years, China’s investment has been more aggressive through Hong Kong, so the top spot for investment in the second quarter is occupied by Hong Kong,” Rosan said during a press conference at the Presidential Palace in Central Jakarta on Thursday (16/7/2026).
In more detail, it was explained that Hong Kong’s investment in Indonesia in Q2 2026 reached US$5 billion, followed by Singapore with US$4.2 billion, China with US$1.7 billion, Japan with US$0.9 billion, and Malaysia with US$0.7 billion. These five countries contributed 79.6 per cent of total foreign investment in Indonesia. “We have the complete list, followed by South Korea, the Netherlands, and other countries,” Rosan stated.
Although Hong Kong was the largest source of investment in Indonesia during Q2 2026, Rosan noted that the majority of the investment still originated from China. Most of the incoming investment from that country is engaged in downstreaming related to minerals. “As for Singapore, even though we record it as coming from Singapore, it is not necessarily from Singapore. We record it from Malaysia because it entered through Malaysia, but it is not necessarily from Malaysia. For example, we see that investment from Malaysia actually came from Korea. This also applies to Singapore; we see other countries investing through Singapore and it is recorded in Singapore, then Singapore invests in us,” Rosan explained.
Regardless, throughout the first half of 2026, Singapore remained the country with the largest investment in Indonesia, totalling US$8.8 billion. It was followed by Hong Kong with US$7.6 billion, China with US$3.9 billion, Japan with US$1.9 billion, and the United States with US$1.7 billion.