Foreign direct investment (FDI) into Indonesia rose 14% in rupiah terms in the first three months of 2021 on the year, data from investment board BKPM showed on Monday.
FDI stood at 111.7 trillion rupiah ($7.72 billion) for the period from January to March, it added.
Including domestic investment, total direct investment in the first quarter amounted to 219.7 trillion rupiah, up 4.3% from the year-earlier period.
“This shows things have begun to stabilise,” the board’s chief, Bahlil Lahadalia, told an online news conference.
“This shows the trust the world has for Indonesia and foreign investors’ activities have begun to normalise and have begun to adapt with the development of the COVID-19 pandemic.”
South Korea was the third top source of FDI after automaker Hyundai Motor started building a factory to make electric vehicles, he added.
Singapore and China remained the first and second biggest sources, respectively.
Switzerland surged up the ranks to fifth place from the previous quarter’s position of 23, fuelled by growing investment in the food and beverages industry, Bahlil said, but did not identify the companies involved.
The base metal industry was the biggest beneficiary of FDI. ($1=14,475 rupiah)
(Reporting by Gayatri Suroyo and Tabita Diela; Editing by Christopher Cushing and Clarence Fernandez)