Indonesia received $43bn in foreign investment in 2022, a 44% increase from the previous year, with the metal mining industry being the top performer, according to data from the Indonesian Investment Coordinating Board. For 2023 the government is expecting a combined $92bn in foreign and domestic investment, with $108bn predicted for 2024. Singapore was the largest investor by country, followed by China, while the basic metal industry saw the most FDI. Indonesia wants to develop its downstream mining capabilities, particularly for nickel, to exploit its abundance of minerals, and is aiming to be a global electric vehicle manufacturing hub.
