Bahlil Claims to Finish Rp708 Trillion of Stalled Investments while Leading BKPM

Bahlil Lahadalia. (IST)

JAKARTA - Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia said he had handled stalled investments worth Rp708 trillion when he led the Investment Coordinating Board or BKPM.

Bahlil said that the condition of BKPM at that time was limited. The institution, according to Bahlil, functioned more as a front door for investment without sufficient authority.

Bahlil conveyed the story at the 50th anniversary event and the launch of 10 books at the Jakarta Theater, Friday, August 7.

"Previously, the Investment Ministry was only used as a front office, just a place to stamp. Like a tiger but has no teeth," said Bahlil.

He said the BKPM budget at that time was no more than Rp800 billion.

With this condition, Bahlil said that he and his team had resolved the problem of stalled investments worth Rp708 trillion.

"I completed the investment of Rp708 trillion of investment arrears with the existing team," he said.

Bahlil also said that the realization of Indonesian investment in 2020 was around Rp780 trillion.

When leaving the Investment Ministry, according to Bahlil, the realization of investment has reached Rp1,700 trillion.

In his remarks, Bahlil also revealed the story behind the change of BKPM into the Investment Ministry.

He said he was once tasked with negotiating with China, Japan, and South Korea for investment in the electric vehicle battery ecosystem as well as a number of projects worth 8.6 billion US dollars.

Bahlil admitted that at that time he met officials at the ministerial level from those countries, while his position was still the head of BKPM.

After returning from the trip, he admitted that he conveyed to President Joko Widodo that the institutional position of BKPM needed to be strengthened.

BKPM then changed into the Investment Ministry in 2021. Bahlil said that since that year, the structure that handles downstream processing has begun to be prepared in the ministry.