Southeast Asia’s largest economy received 654.4 trillion rupiah worth of FDI last year, or equivalent to $45.6 billion in the investment ministry’s official calculation, which assumes an exchange rate of 14,350 to the dollar.
The data excludes investment in the banking and oil and gas sectors.
The resource-rich country has been trying to capitalise on its abundant nickel reserves to develop battery and electric vehicle industries at home.
Once a major exporter of nickel ore, it stopped outbound shipments of the raw material in 2020 to make sure investors have enough for domestic processing.
Foreign direct investment in base metals and mining reached $11 billion and $5.1 billion, respectively, last year, the biggest recipients of FDI. The biggest sources were Singapore, China and Hong Kong.
Minister Bahlil Lahadalia said the passage of the controversial Jobs Creation Law in 2020, which streamlined business permit procedures and revised labour…