[JAKARTA] Indonesia’s business appeal has held up despite the uncertain political climate. Foreign direct investors committed 204.4 trillion rupiah (S$17.1 billion) of approved projects in the first quarter of this year – up nearly 16 per cent from a year ago, latest data from the Ministry of Investment on Monday (Apr 29) disclosed.

South-east Asia’s largest economy enjoyed a 15.5 per cent growth in foreign direct investment (FDI) on an annual basis, driven by strong investment flows into manufacturing, infrastructure, and mineral downstreaming following the government’s ban on nickel exports.

Overall, Indonesia has received a total investment realisation of 401.5 trillion rupiah from both foreign and local sources, constituting about 24.3 per cent of the government’s annual target of 1.65 quadrillion rupiah. The total investment realisation grew 22 per cent compared with the same period last year.