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According to investment ministry data released, Indonesia's foreign direct investment increased by 44.2% year on year in 2022, with the base metal and mining sectors receiving the largest inflows.
Based on the ministry's official calculation, Indonesia received 654.4 trillion rupiah in FDI last year, or $45.6 billion at an exchange rate of 14,350 to the dollar.
Investment in the banking and oil and gas sectors is not included in the data.
The resource-rich country has been attempting to capitalise on its abundant nickel reserves in order to develop domestic battery and electric vehicle industries.
It used to be a major exporter of nickel ore, but it stopped exporting the raw material in 2020 to ensure investors had enough for domestic processing.
Last year, FDI in base metals totaled $11 billion, making it the largest recipient of foreign investment. With $5.1 billion, the mining industry came in second.
Singapore, China, and Hong Kong were the top three sources.
Total investment, including domestic investment, reached 1,207.2 trillion rupiah ($81.02 billion), according to the ministry, roughly on par with the government's target.
FDI increased by 43.3 percent year on year in the fourth quarter of last year, totaling 175.2 trillion rupiah in rupiah terms, or $12.2 billion in official US dollar equivalent.