UNCTAD Report Reveals Rp537 Trillion Discrepancy with Indonesian Government's Foreign Investment Figures
Jakarta – The latest report from the United Nations Conference on Trade and Development (UNCTAD) shows that foreign direct investment (FDI) realisation in Indonesia in 2024 reached only US$24.21 billion, or approximately Rp363.18 trillion (at the 2024 state budget exchange rate of Rp15,000 per US dollar). This figure is significantly lower than the data released by the Ministry of Investment and Downstreaming/Investment Coordinating Board (BKPM), which recorded FDI at Rp900.2 trillion for the same year.
This stark difference of Rp537 trillion has raised public questions regarding calculation methodology, transparency, and the validity of investment realisation data in Indonesia.
The UNCTAD data is contained in the World Investment Report 2025, released on Thursday (19 June 2025). Although lower than the Indonesian government's figures, UNCTAD recorded a 12.63 per cent increase compared to foreign investment in Indonesia in 2023, which stood at US$21.49 billion.
UNCTAD compiles investment statistics based on various global sources, including official government data from member states, cross-border mergers and acquisitions (M&A) activity, greenfield projects, and international project finance (IPF). The report draws on databases from The Financial Times Ltd, fDi Markets, and LSEG Data & Analytics.
UNCTAD explained that these figures cannot be directly equated statistically with FDI data recorded by governments based on balance of payments and project realisation. "For example, greenfield project announcements include estimates of future capital expenditure, not actual flows in the reporting year," UNCTAD wrote in its report.
Meanwhile, BKPM refers to on-the-ground project realisation data, which it claims reflects actual capital flows. However, to date there has been no official statement from BKPM or the Indonesian government responding to this significant discrepancy.
The striking difference between these two major institutions highlights the importance of harmonising methodology and investment data transparency, particularly as the government is actively promoting Indonesia as a global investment destination in the downstreaming and renewable energy sectors.
This stark difference of Rp537 trillion has raised public questions regarding calculation methodology, transparency, and the validity of investment realisation data in Indonesia.
The UNCTAD data is contained in the World Investment Report 2025, released on Thursday (19 June 2025). Although lower than the Indonesian government's figures, UNCTAD recorded a 12.63 per cent increase compared to foreign investment in Indonesia in 2023, which stood at US$21.49 billion.
UNCTAD compiles investment statistics based on various global sources, including official government data from member states, cross-border mergers and acquisitions (M&A) activity, greenfield projects, and international project finance (IPF). The report draws on databases from The Financial Times Ltd, fDi Markets, and LSEG Data & Analytics.
UNCTAD explained that these figures cannot be directly equated statistically with FDI data recorded by governments based on balance of payments and project realisation. "For example, greenfield project announcements include estimates of future capital expenditure, not actual flows in the reporting year," UNCTAD wrote in its report.
Meanwhile, BKPM refers to on-the-ground project realisation data, which it claims reflects actual capital flows. However, to date there has been no official statement from BKPM or the Indonesian government responding to this significant discrepancy.
The striking difference between these two major institutions highlights the importance of harmonising methodology and investment data transparency, particularly as the government is actively promoting Indonesia as a global investment destination in the downstreaming and renewable energy sectors.