Data at the Capital Investment Coordinating Board (BKPM) showed that the agency approved 338 foreign investment projects in the first three months of this year up from 315 projects in the same period last year.

BKPM also granted expansion license to 98 foreign investment projects valued at US$370 million in the first quarter of this year.

Flows of foreign investment to the country has tended to decline over the past several year as a result of economic and political uncertainties that beset the country in the wake of the monetary crisis of 1997 and 1998.

However, the value of domestic investment projects approved by BKPM shrank 51.6 per cent year-on-year to Rp4.34 trillion (US$512 million) in the first quarter of this year.

Source :  Office of Coordinating Minister for Economic Affairs