Indonesian FDI rises by 13.5 pct last year

Indonesia's foreign direct investment (FDI) in 2014 increased by 13.5 percent to 307 trillion rupiah (some 24.564 billion U.S. dollars), Investment Coordinating Board (BKPM) announced here on Wednesday.

In the final quarter of last year, FDI rose by 10.5 percent to 78.7 trillion rupiah (about 6.297 billion U.S. dollars), Chairman of BKPM Franky Sibarani said.

Indonesian President Joko Widodo, who took office on Oct. 20 last year, had promised on his campaign to boost investment climate, such as by cutting red tape, simplifying process of investment licensing and undertaking other reform movements.

A few sectors of mining in the country's main Java Island attracted most of the foreign investment, said Franky at the headquarters of BKPM.

The total investment of FDI and domestic investment rose by 16. 2 percent to 463.1 trillion rupiah (some 36.894 billion U.S. dollars) last year, said Franky.

On Jan. 26 Indonesia launched a single-window service for investment license and President Widodo asked the authorities to speed up the service.

The president targeted to accelerate the economic growth to 5.6 to 5.8 percent next year and 7 percent within 3 years.

Indonesia's effort to lure foreign investors has grown after Fitch Ratings and Moody's Investors Service hiked the country's sovereign credit rating to investment grade in late 2011 and early 2012, respectively.

BKPM forecasts the country's investment to rise by 15 percent in 2015 from 2014's expectation of about 450 trillion rupiah (some 36.916 billion U.S. dollars). Endi