UNCTAD Records Indonesia's 2024 FDI at US$24.21 Billion, Far Below Investment Ministry Figures
JAKARTA. The United Nations Conference on Trade and Development (UNCTAD) recorded that foreign direct investment (FDI) flowing into Indonesia in 2024 reached US$24.21 billion, equivalent to approximately Rp363.18 trillion (based on the 2024 state budget exchange rate assumption of Rp15,000 per US dollar).
However, this figure is significantly lower than the data presented by the Ministry of Investment and Downstreaming, formerly the Investment Coordinating Board (BKPM), which recorded FDI throughout 2024 at Rp900.2 trillion. This means there is a discrepancy of more than half, or Rp537.02 trillion.
Even when compared using the average rupiah exchange rate throughout 2024 of Rp15,840 per US dollar, UNCTAD's FDI figure for Indonesia last year only reached Rp383.48 trillion.
Citing UNCTAD's World Investment Report 2025, released on Thursday (19 June), the report noted that Indonesia's FDI realisation of US$24.21 billion in 2024 represented an increase compared to the previous year's figure of US$21 billion.
UNCTAD reports international investment trends based on FDI statistics — stocks and flows, inward and outward — provided by member countries, as well as data on three types of investment projects: cross-border mergers and acquisitions (M&A), greenfield projects, and international project finance (IPF) deals.
"Data on the three types of projects are treated separately and used as supplementary information to explain productive FDI trends," the report stated on Friday (20 June).
The report further explained that statistically, this data differs from balance-of-payments-based FDI data. For instance, greenfield project announcements include estimated capital expenditure projected for the future, rather than actual financial flows in the reporting year. Similarly, only a portion of IPF values translates into FDI.
Greenfield project data is sourced from fDi Markets, managed by The Financial Times Ltd, whilst M&A and IPF data comes from LSEG Data & Analytics.
UNCTAD also noted that in 2024, FDI flows to Southeast Asia increased by 10 per cent, with significant contributions from Indonesia, Malaysia, Singapore, Thailand and Vietnam, pushing ASEAN FDI inflows to a record US$225 billion.
However, the report also highlighted that the value of international project finance (IPF) in Indonesia fell by 66 per cent. Malaysia also declined by 87 per cent, and the Philippines by 61 per cent.
UNCTAD is a permanent body under the United Nations General Assembly, established in 1964. It focuses on trade, finance, investment and technology issues related to sustainable development, particularly for developing countries.
However, this figure is significantly lower than the data presented by the Ministry of Investment and Downstreaming, formerly the Investment Coordinating Board (BKPM), which recorded FDI throughout 2024 at Rp900.2 trillion. This means there is a discrepancy of more than half, or Rp537.02 trillion.
Even when compared using the average rupiah exchange rate throughout 2024 of Rp15,840 per US dollar, UNCTAD's FDI figure for Indonesia last year only reached Rp383.48 trillion.
Citing UNCTAD's World Investment Report 2025, released on Thursday (19 June), the report noted that Indonesia's FDI realisation of US$24.21 billion in 2024 represented an increase compared to the previous year's figure of US$21 billion.
UNCTAD reports international investment trends based on FDI statistics — stocks and flows, inward and outward — provided by member countries, as well as data on three types of investment projects: cross-border mergers and acquisitions (M&A), greenfield projects, and international project finance (IPF) deals.
"Data on the three types of projects are treated separately and used as supplementary information to explain productive FDI trends," the report stated on Friday (20 June).
The report further explained that statistically, this data differs from balance-of-payments-based FDI data. For instance, greenfield project announcements include estimated capital expenditure projected for the future, rather than actual financial flows in the reporting year. Similarly, only a portion of IPF values translates into FDI.
Greenfield project data is sourced from fDi Markets, managed by The Financial Times Ltd, whilst M&A and IPF data comes from LSEG Data & Analytics.
UNCTAD also noted that in 2024, FDI flows to Southeast Asia increased by 10 per cent, with significant contributions from Indonesia, Malaysia, Singapore, Thailand and Vietnam, pushing ASEAN FDI inflows to a record US$225 billion.
However, the report also highlighted that the value of international project finance (IPF) in Indonesia fell by 66 per cent. Malaysia also declined by 87 per cent, and the Philippines by 61 per cent.
UNCTAD is a permanent body under the United Nations General Assembly, established in 1964. It focuses on trade, finance, investment and technology issues related to sustainable development, particularly for developing countries.