According to data from the Investment Coordinating Board (BKPM), throughout 2023 Indonesia will receive foreign investment realization of around US$50.27

billion.

The largest portion of foreign investment (PMA) went to West Java, with a value of US$8.28 billion or 16.5% of the total FDI.

Apart from West Java, other provinces in the top 3 are Central Sulawesi and North Maluku with details of PMA values ​​as shown in the graph.

Meanwhile, according to Katadata Insight Center (KIC) and Grant Thornton, the top 3 provinces on this list have benefited from foreign investment related to

the electric vehicle industry.

In the Unraveling Indonesia's Prospects in 2024 report, KIC-Grant Thornton said there were several battery factories being developed in West Java.

"One of them is the PT HKML Battery Indonesia factory in Karawang, which is one of the largest electric vehicle battery producers in Southeast Asia," they said.

KIC-Grant Thornton also said that foreign investment in Central Sulawesi and North Maluku mainly goes into the nickel sector, a raw material for making batteries.

"Because nickel is a key strategic sector, North Maluku is likely to continue to benefit from development of this sector in the medium and long term," wrote

KIC-Grant Thornton in its report.

"Similar to North Maluku, Central Sulawesi has also benefited from large investments in nickel mining and related manufacturing activities," they said.

(SOURCE)