Singapore Tops Indonesia's Largest Foreign Investors in Q1 2025, Not China
Jakarta — The Ministry of Investment and Downstreaming/Investment Coordinating Board (BKPM) has recorded the five countries with the largest investments during the first quarter of 2025. Rather than China, the country occupying the top position as Indonesia's biggest investor is Singapore.
Minister of Investment and Downstreaming/Head of BKPM Rosan Perkasa Roeslani said Singapore remains in first place, with total investment of US$4.6 billion or approximately Rp77.2 trillion (at an exchange rate of Rp16,800). Singapore has held this position for roughly 10 years.
"Singapore has indeed been number one for the past 10 to 11 years. We separate Singapore, Hong Kong and China," said Rosan at the Q1 2025 Investment Realisation Achievement Press Conference at the Ministry of Investment office in Jakarta on Tuesday (29/4/2025).
In second place was Hong Kong with investment of US$2.2 billion, followed by China in third with US$1.8 billion. Fourth was Malaysia with US$1 billion, and fifth was Japan, also with US$1 billion.
"Malaysia's entry is partly due to joint ventures between Indonesian and Malaysian companies, which then expanded into Indonesia. This is what has pushed Malaysia to fourth place," he explained.
Besides Malaysia, Rosan also highlighted Japan's activity. Japan has now risen to fifth position, having previously been sixth in 2024 behind the United States.
"Japan remains very active with ongoing investment, especially having just announced nearly US$900 million in renewable energy investment when their prime minister visited Indonesia. I have received the report and the investment realisation is expected to proceed soon," he said.
Throughout Q1 2025, the Ministry of Investment and Downstreaming/BKPM recorded total investment realisation of Rp465.2 trillion. Of this amount, Foreign Direct Investment (PMA) accounted for Rp230.4 trillion or 49.5 per cent, whilst Domestic Direct Investment (PMDN) was more dominant at 50.5 per cent, valued at Rp234.8 trillion.
Rosan said this does not indicate that foreign investment has declined, but rather that domestic investment increased far more sharply at the start of 2025 compared to foreign investment.
The top 10 foreign investors in Indonesia during Q1 2025 were as follows:
1. Singapore — US$4.6 billion
2. Hong Kong — US$2.2 billion
3. China — US$1.8 billion
4. Malaysia — US$1 billion
5. Japan — US$1 billion
6. United States — US$802.16 million
7. South Korea — US$683.29 million
8. Netherlands — US$403.87 million
9. British Virgin Islands — US$173.69 million
10. United Kingdom — US$149.66 million
Minister of Investment and Downstreaming/Head of BKPM Rosan Perkasa Roeslani said Singapore remains in first place, with total investment of US$4.6 billion or approximately Rp77.2 trillion (at an exchange rate of Rp16,800). Singapore has held this position for roughly 10 years.
"Singapore has indeed been number one for the past 10 to 11 years. We separate Singapore, Hong Kong and China," said Rosan at the Q1 2025 Investment Realisation Achievement Press Conference at the Ministry of Investment office in Jakarta on Tuesday (29/4/2025).
In second place was Hong Kong with investment of US$2.2 billion, followed by China in third with US$1.8 billion. Fourth was Malaysia with US$1 billion, and fifth was Japan, also with US$1 billion.
"Malaysia's entry is partly due to joint ventures between Indonesian and Malaysian companies, which then expanded into Indonesia. This is what has pushed Malaysia to fourth place," he explained.
Besides Malaysia, Rosan also highlighted Japan's activity. Japan has now risen to fifth position, having previously been sixth in 2024 behind the United States.
"Japan remains very active with ongoing investment, especially having just announced nearly US$900 million in renewable energy investment when their prime minister visited Indonesia. I have received the report and the investment realisation is expected to proceed soon," he said.
Throughout Q1 2025, the Ministry of Investment and Downstreaming/BKPM recorded total investment realisation of Rp465.2 trillion. Of this amount, Foreign Direct Investment (PMA) accounted for Rp230.4 trillion or 49.5 per cent, whilst Domestic Direct Investment (PMDN) was more dominant at 50.5 per cent, valued at Rp234.8 trillion.
Rosan said this does not indicate that foreign investment has declined, but rather that domestic investment increased far more sharply at the start of 2025 compared to foreign investment.
The top 10 foreign investors in Indonesia during Q1 2025 were as follows:
1. Singapore — US$4.6 billion
2. Hong Kong — US$2.2 billion
3. China — US$1.8 billion
4. Malaysia — US$1 billion
5. Japan — US$1 billion
6. United States — US$802.16 million
7. South Korea — US$683.29 million
8. Netherlands — US$403.87 million
9. British Virgin Islands — US$173.69 million
10. United Kingdom — US$149.66 million