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'Foreign direct investment in Indonesia jumped 30% to a record 51.5 trillion rupiah ($5.6 billion) in the first three months of the year, as foreign companies continued to expand despite discouraging policy decisions in recent months.

Separately, Indonesia's Investment Coordinating Board reported Monday that local companies invested 19.7 trillion rupiah in facilities and expansion, up 40% from a year earlier.

Foreign businesses have been attracted by the robust growth in recent years in Southeast Asia's largest economy, as well as by two international credit-rating firms' upgrades in recent months, which raised the country's debt to investment grade for the first time in 14 years.'

'James Riady, chief executive of Lippo Group, which has investments in retail, property and health care, said Monday that the company's industrial-estate business is booming amid a surge of foreign businesses looking to set up shop in Indonesia and target the increasingly affluent and free-spending middle class.

"They are all gearing up to produce more" in Indonesia for Indonesians, he said.

The investment board said the mining sector was the quarter's biggest FDI recipient, attracting $1.1 billion, followed by the transportation and telecommunications sector at $800 million and plantations at $500 million. Singapore was the leading source of FDI during the quarter, at $1.2 billion, followed by Japan at $600 million and South Korea at $500 million.'
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