Indonesia revises up investment targets

The Indonesian Investment Coordinating Board (BKPM) rose investment target for this year to 290 trillion rupiah (some 31.36 billion U.S. dollar) from the initial target of 283.5 trillion rupiah (about 30.85 billion U.S. dollar) as it expects another leading rating agency to follow Fitch rating agency in raising Indonesia's sovereign debt status in the first half of this year, chairman of the board Gita Wirjawan said on Tuesday. According to Wirjawan, at least two leading rating agencies are needed to raise Indonesia's sovereign debt rating to BBB- or its investment grade status in order to speed up foreign investment in the country. The Fitch rating agency raised Indonesia's sovereign debt status from BB+ to BBB- on Dec. 15. "Hopefully, the move is going to be followed whether by Standard and Poor's or Moody investor at the beginning of this year, at the first half," Wirjawan said at the State Palace. "We target the investment is going to be at 290 trillion rupiah this year," he said. In 2011, the chairman said that the board forecast the country's foreign and domestic investment was going to reach about 250 trillion rupiah (some 27.569 billion U.S. dollars), higher than the initial target of 240 trillion rupiah (about 26.467 billion U.S. dollars). The government aimed to achieve a total investment of 400 trillion rupiah (about 44.111 billion U.S. dollars) to 500 trillion rupiah (about 55.137 billion U.S. dollars) by 2014, Wirjawan said.