UNCTAD Foreign Investment Figures for Indonesia Fall Far Short of Government Data
JAKARTA — The United Nations Conference on Trade and Development (UNCTAD) has revealed that foreign investment inflows into Indonesia reached Rp363.18 trillion in 2024, a figure far lower than the data released by the Ministry of Investment and Downstreaming/Investment Coordinating Board (BKPM).
The data was disclosed in UNCTAD's World Investment Report 2025, published on Thursday (19/6/2025). UNCTAD reported that foreign direct investment (FDI) in Indonesia amounted to US$24.21 billion in 2024, equivalent to approximately Rp363.18 trillion (based on the 2024 state budget exchange rate of Rp15,000 per US dollar).
According to UNCTAD's records, this figure represented an increase from the previous year's FDI realisation of US$21.49 billion, rising by 12.63%.
However, UNCTAD's FDI figures are considerably lower than BKPM's data. Earlier last year, BKPM reported foreign investment realisation of Rp900.2 trillion in 2024. This means BKPM's FDI data exceeded UNCTAD's by Rp537 trillion, or 147.8% higher.
In compiling its foreign direct investment statistics, UNCTAD processes official data from member states, cross-border mergers and acquisitions (M&A), greenfield projects, and international project finance (IPF) agreements.
"These data differ statistically from FDI data based on the balance of payments. For example, greenfield project announcements include estimated capital expenditure projected for the future, rather than actual financial flows in the reporting year," the UNCTAD report stated.
The Geneva-based organisation explained that the data was sourced from The Financial Times Ltd and fDi Markets for greenfield projects, and from LSEG Data & Analytics for M&A and IPF.
The data was disclosed in UNCTAD's World Investment Report 2025, published on Thursday (19/6/2025). UNCTAD reported that foreign direct investment (FDI) in Indonesia amounted to US$24.21 billion in 2024, equivalent to approximately Rp363.18 trillion (based on the 2024 state budget exchange rate of Rp15,000 per US dollar).
According to UNCTAD's records, this figure represented an increase from the previous year's FDI realisation of US$21.49 billion, rising by 12.63%.
However, UNCTAD's FDI figures are considerably lower than BKPM's data. Earlier last year, BKPM reported foreign investment realisation of Rp900.2 trillion in 2024. This means BKPM's FDI data exceeded UNCTAD's by Rp537 trillion, or 147.8% higher.
In compiling its foreign direct investment statistics, UNCTAD processes official data from member states, cross-border mergers and acquisitions (M&A), greenfield projects, and international project finance (IPF) agreements.
"These data differ statistically from FDI data based on the balance of payments. For example, greenfield project announcements include estimated capital expenditure projected for the future, rather than actual financial flows in the reporting year," the UNCTAD report stated.
The Geneva-based organisation explained that the data was sourced from The Financial Times Ltd and fDi Markets for greenfield projects, and from LSEG Data & Analytics for M&A and IPF.