Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia. (ANTARA)

The Investment Coordinating Board (BKPM) recorded an eight-percent rise in investment realization during the 2020-first quarter (Q1), reaching Rp210.7 trillion, from Rp195.1 trillion during the corresponding period of 2019, despite pressure amid the COVID-19 outbreak.

"Total investment in the first quarter of 2020 touched Rp210.7 trillion, spread across 25,192 investment projects," BKPM Head Bahlil Lahadalia stated during a virtual press conference in Jakarta on Monday.

The investment value is 23.8 percent of the targeted Rp886.1 trillion for the year.

Investment has shown a slight hike of 1.2 percent, from Rp208.3 trillion during the fourth quarter of 2019 (q-to-q).

In comparison with the data for the period from January to March 2019, foreign investment had plunged 9.2 percent, from Rp107.9 trillion to Rp98.3 trillion, while domestic investment had soared 29.3 percent, from Rp87.2 trillion to Rp112.7 trillion.

"Why does this decline occur? The impact of COVID-19 can be felt only in mid-March. Since then, foreign investment has shown a decline, but simultaneously domestic investment has increased. This is a positive sign that domestic business confidence has risen, both in terms of governance and services," he stated.

Based on the project location, the highest realization of both foreign and domestic investment during the first quarter of 2020 had been recorded in East Java, West Java, Jakarta, Central Java, and Riau.

Investment during the period was dominated by the transportation, warehousing, and telecommunication industries; basic metal industry, metal goods, non-machinery; electricity, gas and water; housing, industrial area, and offices; and food crops, plantation, and animal husbandry.

It has absorbed 303,085 workers during the period, in comparison with 235,401 workers for the investment during the same period of last year.

"Despite fears looming over the COVID-19 pandemic, we should not be overly pessimistic. Endeavor is crucial since the COVID-19 pandemic has impacted all segments of public life. The economy is the key. We pray for this coronavirus outbreak to soon be overcome," Lahadalia affirmed. (ANTARA)