JAKARTA, May 19 (UPI) -- Indonesia's foreign direct investment approvals droped by 30.6 percent to $2.30 billion during the first four months of this year, official data show.
The National Investment Coordinating Board said that during the January-April period, approved domestic investment increased 115 percent -- the equivalent of $1.34 billion.
The board said it issued licenses for 120 FDI projects with realized investment value of $919.1 million during the period, compared with 155 projects worth $749.5 million during the first three months of 2003.
Japan was the top source of investment, followed by Britain, South Korea and Australia.
Metal, machinery and electronics sectors attracted the highest foreign investment, followed by hotel and restaurants, the textile industry and the construction sector.
Indonesian analysts and government officials expect a rebound in FDI approvals only after a new government takes office during the fourth quarter following July's first ever direct presidential elections in the nation. Another election would take place Sept. 20 if no presidential and vice presidential candidate wins more than 50 percent during July's voting.
