Indonesia FDI jumps 173 percent to 4.28 billion dollars

Indonesia FDI jumps 173 percent to 4.28 billion dollars

Indonesia's foreign direct investment (FDI) approvals in the three months to March rose 173 percent from a year earlier to US$4.28 billion, official data showed on Friday.

The National Investment Coordinating Board said it approved 285 new projects with an investment value of $2.69 billion compared with 225 projects worth $454 million the previous year.

It also approved 81 expansion projects worth $684.5 million against 67 projects worth $699 million.

The board said 37 domestic investment projects that have changed status to FDI projects were worth $900 million, compared with 20 projects worth $310 million previously.

The report said that during the quarter, domestic investment approvals increased to Rp 9.08 trillion ($956 million) from Rp7.82 trillon.

The board approved 46 new domestic investment projects worth 7.20 trillion compared with 32 projects worth 4.45 trillion previously.

The board said its report did not include investments in the oil and gas sector, banking, non-bank financial institutions, insurance and leasing, mining in terms of contracts of works, investments licensed by the technical agency, portfolio and household investment.

New President Susilo Bambang Yudhoyono has pledged to attract more foreign investment by revamping a corruption-blighted legal system and cutting red tape.