The General Election to not Disrupt the Investment Climate in Indonesia

SINGAPORE — Entering the political year in Indonesia in 2024, the Ministry of Investment/Investment Coordinating Board (BKPM) organized an Investment Forum, Friday (8/12), in Singapore, focusing on the theme "Indonesia's Investment Trends 2024 and Green Economic Opportunities." The forum featured the Minister of Investment/Head of BKPM Bahlil Lahadalia and the Indonesian Ambassador to Singapore, Suryo Pratomo, as key speakers.

In front of more than 200 forum participants, Minister Bahlil stated that the investment climate in Indonesia is continually growing, and the country remains open to collaborating with investors from Singapore to invest in Indonesia. He emphasized Indonesia's openness to investors from all countries, not offering special privileges to specific nations.

“Despite facing political events, I am confident that politics wouldn't hinder investments and the government will keep facilitating business permits through the Online Single Submission (OSS) Indonesia application," said Bahlil.

Indonesian Ambassador to Singapore Suryo Pratomo added that Indonesia, rich in natural resources, holds great potential. However, he stressed the importance of focusing on environmentally sustainable industries and ensuring well-being for future generations.

“The government is committed to reducing greenhouse gas emissions, promoting renewable energy sources, and preserving internationally recognized natural resources. We have embarked on ambitious steps to become one of the global leaders in the environmentally friendly economy," emphasized Suryo.

The panel discussion session featured Deputy for Investment Promotion of the Ministry of Investment/BKPM Nurul Ichwan, Deputy for Economic Affairs of the Ministry of National Development Planning/National Development Planning Agency (PPN/Bappenas) Amalia Adininggar Widyasanti, Economic Advisor to the Coordinating Minister for Economic Affairs Reza Yamora Siregar, Maritime and Investment Advisor to the Coordinating Minister Edo Mahendra, and Chief Economist of Bank Mandiri Andry Asmoro.

Singapore has been the largest Foreign Direct Investment (FDI) source for Indonesia in the last three years, with significant investments totalling USD 12.1 billion from January to September 2023.

Dominant sectors include basic metal industries (USD 11.3 billion), transportation and warehousing, and telecommunications (USD 7.9 billion), as well as real estate, industrial zones, and housing (USD 7.8 billion). The primary investment destinations are DKI Jakarta (USD 12.4 billion), Central Sulawesi (USD 6.5 billion), and West Java (USD 6 billion).