Indonesia investments up 123%

Sep 7, 2007 - Actual domestic and foreign direct investments (FDI) in Indonesia during the first eight months of the year rose 123 per cent from a year earlier to US$11.70 billion, a government body said on Friday.

The National Investment Coordinating Board (BKPM) said in a statement that actual FDI in the January to August period rose 106.9 per cent from last year to US$8.13 billion, while domestic investment surged 171.9 per cent to US$3.57 billion.

Realised investment projects absorbed a workforce of 203,190 people, it said.

They said total investment proposals approved by the board in the first eight months rose 144.5 per cent to US$47.55 billion.

Approved FDI proposals rose 156.8 per cent to US$31.33 billion while approved domestic investment proposals grew 51 per cent to US$16.22 billion.

The paper and printing industries were the most popular sectors for FDIs, with approved proposals worth US$13.81 billion during the first eight months.

The chemical and pharmaceutical industry came in second with approved proposals worth US$6.9 billion.

Indonesia has been seeking to boost foreign investment as it tries to overcome a choked bureaucracy and rampant corruption.