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Indonesia's investment race shaken up by China as Japan fades

South Korea also gains, with EV batteries seen as next FDI magnet

A nickel smelter in Indonesia: The mineral-rich Southeast Asian nation is attracting Chinese investment.   © Reuters

JAKARTA -- China and South Korea have rapidly accelerated investment into Indonesia, official data shows, while Japan recedes as a source of capital for Southeast Asia's biggest economy.

Chinese foreign direct investment in Indonesia, including flows from Hong Kong, rose 11% to $8.4 billion last year, according to the Indonesian Investment Coordinating Board. FDI from South Korea jumped 64% to $1.8 billion.

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