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Investing in Indonesia: The 2023 Mid-Year Investment Report
Indonesia’s investment report highlights sectors ripe for foreign investment, including the development of local smelters for nickel reserves and becoming a global producer for electric vehicle batteries.
We discuss standout sectors in this H1 2023 Indonesia investment report, shedding light on key areas ripe for foreign capital infusion, trade expansion, and business development.
During the first half of 2023, Indonesia recorded 363 trillion rupiah (US$23 billion) in foreign investment and 315 trillion rupiah (US$20.4 billion) in domestic investments.
Indonesia recorded an estimated US$43 billion in foreign investment in 2022, an increase of 44 percent from 2021 and the highest in the country’s history. When combined with domestic investments, this totals to US$80 billion, an increase of 34 percent from 2021.
Notable sectors that attracted major foreign investment in first half 2023
Home to the largest nickel reserves of approximately 22 million tons, Indonesia’s government has been focused on leveraging these reserves to attract investments to develop local smelters. As such, the export value of processed nickel contributed significantly to government revenues in 2022, reaching US$30 billion; a huge increase from just US$1 billion in 2015.
Further, nickel is an important component for electric vehicle (EV) batteries, an industry in which Indonesia is aiming to become an EV manufacturing hub—the country is targeting to become one of the top three global producers for EV batteries by 2027.
This article was first published by AseanBriefing which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, India, and Russia. Readers may write to [email protected].
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