JAKARTA, July 25 (Reuters) - Indonesia’s foreign direct investment rose 30.2 percent on an annual basis to 56.1 trillion rupiah ($5.92 billion) in the second quarter, the government said on Wednesday, showing the G20 member remains a magnet for investors in a troubled global economy.
The year-on-year increase in FDI was stable with the 30.3 percent reported for the first quarter of 2012, mostly supported by investment in mining and base chemicals.
Indonesia, bolstered by upgrades to investment grade status by two rating agencies, has drawn strong portfolio and foreign direct investment in recent years. Firms have been looking to tap abundant natural resources and booming middle class spending in Southeast Asia’s largest economy.
Last year, Indonesia’s total FDI was a record 175.3 trillion rupiah, up 18 percent from 2010, and government policymakers have been relying on continued investment and domestic consumption to keep the economy growing by more than 6 percent year at a time exports are flagging.
$1 = 9,475 rupiah Reporting by Adriana Nina Kusuma; Editing by Richard Borsuk