China is Indonesia's No 3 investor as its FDI more than doubles

Jakarta

CHINA'S investment in Indonesia has more than doubled since 2015 as President Joko Widodo's five meetings with President Xi Jinping in the past two years start to pay off.

Foreign direct investment from China stood at US$1.6 billion in January to September, up from about US$600 million for the whole of last year, according to figures from the Indonesia Investment Coordinating Board. Chinese investors pledged US$6.1 billion in investment in Indonesia in the nine-month period.

China is now the No 3 investor in Indonesia behind Singapore and Japan, overtaking the US this year, as the world's second-largest economy looks to shift more of its excess manufacturing capacity offshore. It reflects China's deepening ties with Indonesia after becoming the nation's biggest trading partner five years ago and is a win for Mr Jokowi as he pushes ahead with an ambitious programme to build roads, port…