Jakarta (ANTARA) - Minister of Investment Bahlil Lahadalia said the 2024 General Elections would be a challenge in efforts to reach the investment target of Rp1,650 trillion (around US$105.9 billion).
"Every election worldwide will correlate to the economy," he said on Wednesday.
Lahadalia expressed hope the elections will conclude in a single round, as it would enable investors to get certainty sooner regarding who will be the next president after Joko Widodo (Jokowi). He said that if the elections are finished in a single round, Indonesia will have a longer time to optimize efforts to reach the investment target.
He added that investment plans can be intensified starting in March in the case of single-round elections. Based on data from his ministry, the realization of investment in 2023 reached Rp1,418.9 trillion (around US$91.1 billion), surpassing the target of Rp1,400 trillion set by Jokowi, with the total worker absorption reaching 1,823,543.
The period from January to December 2023 saw a 17.5 percent year-on-year increase in investment compared to the same period in 2022, when the figure was recorded at Rp1,207.2 trillion (around US$77.5 billion).
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The investment realized in 2023 comprised foreign investment of Rp744 trillion, or 52.4 percent of the total investment, and domestic investment of Rp674.9 trillion, or 47.6 percent of the total investment.
Foreign investment saw a 13.7 percent growth in 2023, while domestic investment grew 22.1 percent. Indonesia held the general elections on Wednesday (February 14, 2024), with around 204.8 million voters expected to participate.
Elections challenge $106 bln investment target: Minister
File - The Central Government Core Area (KIPP) development project is seen at the location of the new state capital of Nusantara in North Penajam Paser, East Kalimantan, on February 12 2024. (ANTARA FOTO/ Rivan Awal Lingga/YU)
