Jakarta, Dec 21 (ANTARA) - Last year's global financial crisis affected almost all the economic sectors of countries around the world, including Indonesia, although here the meltdown was not as disastrous as elsewhere.
As a result of the economic turmoil, Indonesia's foreign investment in the January-October 2009 period fell 28 percent, though there was a leap in domestic investment by 104 percent.
Therefore, the Capital Investment Coordinating Board (BKPM) is optimistic investment will pick up next year. But this of course must be coupled with hard work to promote the country's investment potentials.
"Indonesia is basically an attractive country to make investment for investors of any country. The investment climate has improved and one-stop services are being prepared for investors," BKPM Chief Gita Wirjawan said in London recently.
The Investment Coordinating Board (BKPM) had therefore targeted investment approvals in the country next year to grow 10-15 percent from this year.
In the first 10 months of 2009, domestic investment jumped 104 percent to Rp30 trillion while foreign investment fell 28 percent to US$10 billion from a year earlier.
Gita Wirjwan said the value of investment in November and December 2009 would not be much different from that of the same period last year. According to him, investors had a great interest in investing in the country as reflected in high number of investment proposals submitted to the BKPM.
The optimism of increased investment next year is also supported by Finance Minister Sri Mulyani who said the relatively better projected economic growth would help boost investment.
"Investment is closely related to economic prospects. Investors will judge our economic prospects before making their investment," the minister said. Mulyani Indrawati said that the economic growth projection of 5 - 5.5 percent in 2010 would boost investment in the country.
However, her projection of investment growth next year is relatively smaller than that made by the BKPM. The finance minister predicted next year's investment growth at between 5 and 8 percent. This was lower than the prediction made by the Investment Coordinating Board (BKPM) at 10 to 15 percent.
She said that if the government was able to maintain the country's socio-political stability next year, investors would see that the national economic conditions would be good and relatively sound.
"Even though inflation will not be as low as this year, investors would see that the economic growth projection of 5 - 5.5 percent in 2010 is relatively sound," the minister said. The economic growth next year could even reach 6 percent based on an optimistic prediction.
The economic growth projection of 5 - 6 percent created optimism that would boost investment. "In other aspects, the government would continue to take various steps to remove difficulties and investment barriers," she said.
Gita Wirawan said that actually the number of investment proposals was big. Yet, the investment realization rate was still low or only one-third of investment proposals, he said.
"The gap between investment realization and proposals is quite large, namely only 3 of 10 prospective investors realize their investment proposals. It is likely they wait for proper time to invest," he said. He noted that a number of problems related to land clearance, construction permit and other technical permits posed an obstacle to investment.
In an effort to boost next year's investment, the BKPM would announce the negative investment list (DNI) early in 2010. "It will be announced early next year and any change that would be made in it would be aimed at abolishing uncertainties in investment," he said.
The change in the negative investment list would be to remove uncertainties and to prevent all matters that could have multi-interpretation. In connection with the investment climate in Indonesia, the BKPM would do its best to achieve its foreign investment target of 15 percent in 2010.
"We will do our best to achieve the target though it would be not that easy," he said. About 50 percent of foreign investment in Indonesia at present came from Southeast Asian nations.
"But we will try to increase it by inviting more investment from advanced markets such as the Middle East, Europe, the United States and even Asia Pacific countries," the BKPM chief said.
Besides, BKPM also set itself a target of increasing domestic investment by 15 percent in 2010. However, all of the attempt to increase investment would need supporting infrastructure facilities.
After all, infrastructure facilities are main supporters of investment in the country. However, the development of infrastructure itself would need a lot of funds.
President Susilo Bambang Yudhoyono said in Bali recently that Indonesia needs foreign investment totaling Rp2,000 trillion with half of the amount expected to come from Japan.
"I hope half of the investment funds will come from Japan, and the rest from other countries," the head of state said at a press conference with Japanese Prime Minister Yukio Hatoyama in Bali recently.
Based on the estimate of the Indonesian Chamber of Commerce and Industry (Kadin), Indonesia will need a fund of Rp2,855 - Rp2,910 trillion to finance its infrastructure development in the 2010 - 2014 period.
Owing to the big investment needed to develop infrastructure, the government has to promote its infrastructure development to the private sector as it could only finance 30 percent of the total funds needed for the projects.
About 70 percent of the infrastructure projects are expected to be financed by private companies, among others through a private public placement (PPP) scheme.
(T.A014/A/HAJM/15:45/f001)
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