Indonesian investment at record levels

Jakarta (Antara News) - Investment in Indonesia during the first 10 months of the year rose 113 percent from a year ago to a record 114.70 trillion rupiah (12.5 billion dollars), an official said Tuesday.

The figure, for actual domestic and foreign direct investments, exceeded the previous record of 111.44 trillion rupiah set for the same period in 2005, chairman of the National Investment Coordinating Board Muhammad Lutfi said.

Actual FDI in the first 10 months more than doubled to 81.72 trillion rupiah equivalent against 40.32 trillion rupiah a year ago, he told AFP.

Meanwhile, actual domestic investment rose 144 percent to 32.98 trillion rupiah.

The approved FDI proposals in first 10 months increased 177 percent to 330.75 trillion rupiah equivalent, while approved domestic investment grew 22 percent to 175.56 trillion rupiah, Lutfi said.

Investment is one of the main current drivers of Indonesia's economic growth, along with consumption and exports.

The government is targeting 6.8 percent gross domestic product growth in 2008. Southeast Asia's largest economy grew 6.1 percent in the first half of 2007. (*)
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