Hong Kong Displaces Singapore as Largest Investor in Q2 2026
JAKARTA - Hong Kong for the first time in a decade became the largest source of foreign investment in Indonesia in the second quarter of 2026. The value reached 5.5 billion US dollars, displacing Singapore which has dominated.
Minister of Mineral Resources and Investment and Head of BKPM Rosan Roeslani said investment from Hong Kong is still mostly from Chinese companies investing through the region.
"For the first time in the last 10 years, China has invested more aggressively through Hong Kong," Rosan said at the Presidential Office, Presidential Palace Complex, Jakarta, Thursday, July 16.
In the second quarter, Hong Kong was in first place with investments of 5.5 billion US dollars. Singapore followed with 4.2 billion US dollars, then China with 1.7 billion US dollars.
Japan was in the next position with 900 million US dollars and Malaysia 700 million US dollars.
Rosan explained that investment registration follows the country where the capital is registered before entering Indonesia. Therefore, the country of origin recorded does not necessarily indicate the actual owner of the capital.
"If this one from Hong Kong, actually most of them are from China as well," he said.
The same thing happened to investments that came through Singapore or Malaysia. Capital can come from other countries, but is recorded based on the company's or the country where the investment is registered.
"Investment through Hong Kong, said Rosan, has entered many mineral downstream projects.
Hong Kong's dominance in the second quarter is different from the record throughout the first half of 2026. Overall, Singapore is still the largest foreign investor with a value of 8.8 billion US dollars.
Hong Kong is in second place with 7.8 billion US dollars. China followed with 3.9 billion US dollars, Japan 1.9 billion US dollars, and the United States 1.7 billion US dollars.
Rosan said the long-term commitment of investors from China, Japan, South Korea, and other countries is still strong. They assess that investment in Indonesia still provides an acceptable level of profit.
"As long as the risk is measurable, they can include that risk in their investment calculations," he said.