Japan was the top foreign investor in Indonesia last year with total direct investment of US$4.7 billion, nearly double the $2.5 billion of the previous year, a government official said Tuesday.

Mahendra Siregar, chairman of the Investment Coordinating Board, told a press conference that Japan’s investment in Indonesia represented 16.5% of the total foreign direct investment (FDI) last year.


Indonesia attracted a total of 270.4 trillion rupiah (about $28.17 billion, according to the exchange rate stipulated by the 2013 state budget) in FDI in 2013, up 22.4% from the previous year.

After Japan, Singapore accounted for 16.3% of the total FDI, the United States 8.5%, Britain 3.8% and South Korea 2.2%.

Economic analysts, however, said that security concerns related to legislative and presidential elections that will dominate the country’s political situation this year may contribute to a slower growth of investment this year.