Singapore remains as the main foreign investor in Indonesia despite the economic impact generated by the spread of Covid-19 in the city-state.
According to the Indonesia Investment Coordinating Board, Singapore maintained its investments in the archipelago country during the first six months of the current year.
Singaporean investors injected $4.7 billion in more than 6,500 projects, representing 34% of foreign investment in Indonesia.
Likewise, Bahlil Lahadalia, Chairman of the Indonesia Investment Coordinating Board point out that China and Hong Kong were behind Singapore.
China ranked second with an investment of $2.4 billion in 1,311 projects, while Hong Kong follows with an investment of $1.8 billion in 1,200 projects.
According to experts on the subject, Singapore leads investments in Indonesia considering it a potential market, due to this it prioritizes its investments there.
According to data from the Indonesia Investment Coordinating Board, in the first half of 2020, foreign capital decreased eight percent compared to the same period in 2019, while domestic investment increased 13.2 percent.
Singapore entered a technical recession, confirming the collapse of its economic activity in the second quarter of the year, the most affected by the pandemic.
The data published by the Ministry of Trade and Industry shows a contraction of 41.2% in the indicated period.
The ministry attributed the decline in the economy to low external demand in the context of the global economic crisis caused by Covid-19.