JAKARTA - Domestic and foreign direct investment (FDI) in Indonesia has risen with 123 percent in the first eight months of the year compared to the same period last year and reached 11.70 billion U.S. dollars, according to a government body. The National Investment Coordinating Board (BKPM) said that actual FDI in the period from January to August rose 107 percent from last year to 8.13 billion U.S. dollars, while domestic investments grew with 172 percent to 3.57 billion U.S. dollars.
Realized investment projects absorbed a total workforce of 203,190 people. The total amount of investment proposals approved by the board rose 145 percent to 47.55 billion U.S. dollars. Approved FDI proposals rose 157 percent to 31.33 billion U.S. dollars while domestic investment proposals grew 51 percent to 16.22 billion U.S. dollars.
The paper and printing industries were the most desired sectors for FDI's where 13.81 billion U.S. dollars worth of investments were approved. A good second is the chemical and pharmaceutical industry with 6.9 billion U.S. dollars worth of investments approved. Indonesia is looking to boost foreign investment as it tries to overcome huge bureaucracy and rampant corruption.