Foreign direct investment (FDI) into Indonesia, excluding the financial and oil and gas sectors, surged 27.4% year-on-year to IDR 257.7 trillion (USD 14.32 billion) in Q2 2026, following an 8.5% rise in Q1 and marking the strongest growth since Q4 2024. The increase came despite persistent global economic uncertainty amid the Middle East conflict. The base metals industry attracted the largest inflows, followed by other services and the mining sector. Singapore, Hong Kong, China, Japan, and Malaysia remained the top sources of investment. Last year, FDI edged up 0.1% to IDR 900.9 trillion, compared with a 21.0% 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 its ban on other mineral exports in 2023.