JAKARTA, Oct 24 (Reuters) – Foreign direct investment (FDI) in Indonesia rose 63.6% on a yearly basis in the third quarter in rupiah terms, its investment minister said on Monday, boosted mainly by development of resources processing.
Bahlil Lahadalia said that the trend of investment in the processing industry was due to construction of smelters, part of Indonesia’s strategy to give more value to its minerals.
FDI value in Q3 reached 168.9 trillion rupiah ($10.83 billion), Bahlil said, with Singapore, China and Japan the biggest sources.
The data excludes investment in banking and the oil and gas sectors in Indonesia, Southeast Asia’s biggest economy.
“I expect that FDI in the next quarter will also grow above 50% as industries will try to finalise investment targets this year in the last quarter,” he told a news conference.
Bahlil said he believed the economic slowdown in one of its biggest partners, China, would not affect the flow of investment into Indonesia, due to Beijing’s political stability.
Investment from China to Indonesia in the Q3 period reached $1.6 billion, below Singapore at $3.8 billion, according to the ministry’s data.
Including domestic sources, total investment during the period surged 42.1% from July-September 2021 to 307.8 trillion rupiah, boosted by rise of investment in manufacturing, transportation and mining sector.
A regulation on incentives for investors in the $32 billion new capital city, called “Nusantara”, is expected to be completed this month, Bahlil said.
The regulation is expected to covers a wide range of incentives, such as a 30-year tax break.
Bahlil said several countries, such as China, South Korea and some European nations, have pledged to invest in Nusantara, although he could not provide details on the proposed amount.
($1 = 15,590.0000 rupiah)
Reporting by Stefanno Sulaiman and Ananda Teresia; Editing by Martin Petty
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.
