Indonesia sees record foreign investment

Indonesia's foreign direct investment hit a record high in the third quarter, a signal the biggest economy in Southeast Asia remains strong despite global financial woes, a top investment official said on Monday. The third-quarter's FDI rose 22 percent to US$5.9 billion, or 56.6 trillion rupiah, compared to the same period last year, the Investment Coordinating Board said on its website. The top contributors come from the chemical and pharmaceutical industry, mining and telecoms. Total investment realisation since the beginning of 2012 is 229.9 trillion rupiah (US$23.9b), consisting of domestic investment of 65.7 trillion rupiah (US$6.8b) and foreign direct investment realisation of 164.2 trillion rupiah (US$17.1b). Indonesia's rich natural resources and a growing middle class, among a population of 240 million, help maintain growth in the sprawling archipelago which posted 6.5 percent last year. The head of the Investment Coordinating Board, Chatib Basri, said this figure boosted optimism that Indonesia could hit 300 trillion rupiah, or US$31.2 billion, this year, exceeding its end-year target of 283.5 trillion rupiah.