Foreign direct investment (FDI) into Indonesia, excluding the financial and oil and gas sectors, grew 8.5% year-on-year to IDR 250.0 trillion in Q1 2026, following a 4.3% increase in Q4 2025 and marking the second consecutive quarter of growth. The increase came despite persistent global economic uncertainty amid the Middle East conflict. The base metals industry attracted the largest share of inflows for the year, at USD 3.7 billion, followed by other services (USD 2.1 billion) and the mining sector (USD 1.1 billion). Singapore (USD 4.6 billion), Hong Kong (USD 2.7 billion), and China (USD 2.2 billion) remained the top sources of investment. Last year, FDI edged up 0.1% to IDR 900.9 trillion, compared with a 21% surge in 2024. In recent years, FDI has strengthened, particularly in mining and metal refining, supported by Indonesia’s ban on nickel ore exports in 2020 and other mineral exports in 2023.