Jakarta. Indonesia announced Monday that it already passed the halfway mark of its investment target as the archipelagic country collected Rp 829.9 trillion (almost $51 billion) from both domestic and foreign investors throughout the first half of 2024.

President Joko “Jokowi” Widodo has set an ambitious goal of attracting Rp 1,650 trillion in combined investments to keep Indonesia’s growth beyond 5 percent. 

“We have already achieved 50.3 percent of the [Rp 1,650 trillion] target,” Investment Minister Bahlil Lahadalia told the press in Jakarta on Monday.

The government data showed the investments largely came from foreign investors. Foreign direct investment (FDI) made up 50.8 percent of the investments that Indonesia recorded in the January-June period, reaching Rp 421.7 trillion. Domestic investors contributed Rp 408.2 trillion, making up around 49.2 percent of the total investment. 

Indonesia saw a 22.3 percent year-on-year (yoy) growth in the combined investments booked in the first half of 2024. FDI also grew 16.1 percent yoy in the January-June period, while domestic investments rose 29.4 percent yoy.

Singapore held its position as Indonesia’s top foreign investor in the first half, putting around $8.9 billion into the country, followed by China ($3.9 billion), Hong Kong ($3.8 billion), the US ($2 billion)., and Japan ($1.8 billion).

The announcement came just a few months before a new government steps in later this year. Bahlil remains upbeat that Indonesia can draw Rp 1,650 trillion in investment by the end of 2024.

President-Elect Prabowo Subianto will assume power in October, meaning the country will see a fresh ministerial cabinet -- and possibly a new investment minister. Bahlil said he had already lifted some burden off his successor’s shoulders.

“Whoever gets to be my successor [the next investment minister] only needs to find the remaining 49.7 percent,” Bahlil said.