JAKARTA (Reuters) – Foreign direct investment (FDI) in Indonesia soared 31.8% on a yearly basis in the first quarter in rupiah terms, the country’s investment minister said on Wednesday, boosted by a broader rise in investments in resource processing industries.
FDI climbed to 147.2 trillion rupiah ($10.22 billion) in the January-March quarter, Bahlil Lahadalia said, listing Singapore, Hong Kong and China as the biggest sources.
Including domestic sources, total investment during the period surged 28.5% from January-March 2021 to 282.4 trillion rupiah.
The ministry’s data excludes investment in banking and the oil and gas sectors.
The business community was typically more aggressive in its capital expenditure in the later part of the year, said Bahlil, who predicted a further rise in investment going forward.
“I’m sure the second quarter will be much better. We have a database and it has shown an increase,” he told a virtual news conference.
He said regulatory changes, including a law passed in 2020 that streamlines investment procedures, had been well received by investors.
Southeast Asia’s largest economy has been trying to attract investors into downstream industries to get more value out of its abundant natural resources.
Indonesia has stopped nickel ore exports since 2020 to encourage investors to build smelters in the country and has ambitions to develop an integrated electric vehicle industry.
Bahlil said he had no information about a meeting between top Indonesian officials and Tesla in Texas, after senior minister Luhut Pandjaitan posted photographs on social media of a meeting with the U.S. carmaker’s chief executive Elon Musk this week.
Indonesian officials have in the past few years said Tesla was exploring possible investments in an EV battery factory in the country. Tesla was not immediately available for comment.
Bahlil also highlighted Indonesia’s plans to ban exports of unprocessed bauxite and tin as a potential driver of investment.
($1 = 14,408.0000 rupiah)
(Reporting by Gayatri Suroyo and Stefanno Sulaiman; Editing by Ed Davies)
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
