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.