Bandung (ANTARA) - Head of the West Java Investment and One Stop Integrated Services Service (DPMPTSP) Nining Yuliastiani said the 2024 West Java Investment Summit (WJIS) was a confirmation of West Java's position in the green economic ecosystem which is predicted to become the economy of the future.

This, he said, on the sidelines of WJIS 2024, Thursday, could be seen from the increasing number of investments entering the electric vehicle sector, from Hyundai, BYD, to Vinfast.

BYD, he said, has confirmed that it will build a factory in the Subang Smartpolitan area on an area of ​​107 hectares with an estimated investment value of one billion US dollars.

Meanwhile, the Vinfast company which originates from Vietnam and operates in the electric vehicle sector has laid the first stone in the Subang area with an initial investment of US$ 200 million for market expansion to Indonesia.

"With the presence of EV manufacturers, West Java will become the EV Hub in Indonesia, with investment plans reaching IDR 11 trillion, there will be 8,700 jobs opened once operations start in 2025," said Nining.

Nining also ensured that West Java would be a home for investment in the data center sector, and industries that are moving towards green industry with their implementation will definitely be fully supported by the government.

The opportunity for West Java to continue to be the main investment target was also expressed by the Head of Bank Indonesia West Java Representative, Muhammad Nur, who revealed that the economy in West Java would grow, supported by several factors even though there were still global geopolitical challenges that had an impact on the national and regional levels of West Java.

According to him, the increase in optimism among business actors after one round of elections provides a positive signal for the investment climate in West Java.

Bank Indonesia also explained that in the second quarter of 2024, the West Java economy grew 4.95 percent, an increase compared to the first quarter of 4.93 percent.

Investment itself is still a sector that West Java can be proud of, because in the second quarter investment realization reached IDR 63.7 trillion and was the largest in Indonesia.

For this reason, his party assesses that West Java's economic growth in 2024 is expected to remain high and be in the range of 4.6 percent to 5.4 percent on an annual basis (year on year/yoy).

This optimism is based on domestic demand which remains strong in line with increasing social mobility and the potential impact of holding a democratic party on the aggregate economy.

"Apart from that, West Java investment also continues to grow, currently even being the highest nationally," he said.

Nining explained that from 2019 to the first semester of 2024, the flow of foreign and domestic capital continued to increase to West Java, especially in five sectors that have always been the favorites for investors, starting from the warehousing, transportation, telecommunications, motor vehicle industry, construction and others.

West Java Province is ranked first in investment realization in Semester 1 of 2024, with the investment realization value of Foreign Investors (PMA) and Domestic Investors (PMDN) amounting to IDR 128.3 trillion or an increase of 23.78 percent from 2023 in the same period .

(SOURCE)