Investments to hit record

JAKARTA (JP): Approvals of foreign investments during the first five months of this year reached US$17.36 billion, already 73.2 percent of last year's record high of $23.7 billion, according to the Investment Coordinating Board.

Data at the board showed yesterday the investments approved in the January-May period were committed for the establishment of 322 projects.

During the period the government also approved 370 domestic investment projects valued at Rp 26.15 trillion ($11.77 billion), almost 50 percent of last year's level of Rp 53.29 trillion.

Last year's foreign investment approvals, which were committed for 449 projects, were almost three times the 1993 figure of $8.14 billion.

"If this trend continues, a new foreign investment record will be achieved by the end of this year," Minister of Investment Sanyoto Sastrowardoyo said in a meeting with Germany's visiting business delegation, which is scheduled to leave Indonesia today.

The total accumulated foreign investments approved since 1967 up to May 15, 1995, were recorded at $109.4 billion for 3,417 projects.

In terms of countries of origin, Japan ranked the first with total investments of $19.6 billion for 774 projects, followed by Hong Kong with $14.4 billion for 382 projects, Britain with $12.2 billion for 199 projects, the United States with $10.9 billion for 224 projects and Taiwan with $7.7 billion for 377 projects. (rid)