Singapore has emerged as the largest foreign investor in Indonesia for the first quarter of 2024, with significant investments totaling USD 4.2 billion, outpacing both Hong Kong and China in direct investments into the country.
The Indonesian Investment Coordinating Board (BKPM) has announced a robust start to 2024 with foreign direct investments (FDI) led by Singapore. This influx of capital is set to bolster various sectors within Indonesia’s economy, contributing to substantial job creation and regional development.
Singapore leads with investments worth USD 4.2 billion, followed by Hong Kong at USD 1.89 billion and China at USD 1.87 billion, indicating a shift in investment dynamics within the region.
Photo: RM.id (2024)
These investments span diverse sectors, enhancing not only local industries but also setting the stage for advanced technological and economic collaboration between Singapore and Indonesia.
The investments have had a significant impact on employment, with the total investments in Q1 2024 helping to create jobs for over 457,000 Indonesian workers.
With nearly equal investment distribution between Java and other regions, the FDI is fostering balanced regional development across Indonesia.
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The total investment of IDR 401.5 trillion (approximately SGD 33.73 billion) in the first quarter marks a growth of 32.4% from previous targets, showing strong economic momentum.
Singapore’s leading role in investing in Indonesia highlights the strength and potential of Southeast Asian economies. This strategic partnership not only benefits both nations economically but also strengthens ASEAN’s economic stability and growth prospects.
Singapore remains the top foreign investor in Indonesia as of the first quarter of 2024, with a significant investment lead over regional counterparts Hong Kong and China. This dominant investment position underscores Singapore’s strategic interest and confidence in Indonesia’s market potential and regional stability.
Source: Tribun News, CNBC Indonesia (2024)
