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Indonesia Q3 foreign direct investment up 7.8 percent

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Asia   The total investment grew 13.4 percent

Indonesia's foreign direct investment (FDI) rose 7.8 percent to 99.7 trillion rupiah ($7.653 billion) at the third quarter from a year earlier.

Most of the foreign capitals parked at the sectors of metal industry, machinery and electronic, said Azhar Lubis, deputy for controlling and implementation at the board.

The total of FDI and domestic investment expanded 10.7 percent to 155.3 trillion rupiah ($11.921 billion) at the July-September period, the official told a press conference at the board office.

For the first nine months, the total investment grew 13.4 percent to 453.4 trillion rupiah ($34.805 billion), he added.

Indonesia targets 594.8 trillion rupiah investment ($45.659 billion) this year, according to the board.

The government has taken steps to lure foreign capitals, including the issuance of a raft of economic stimulus packages amid at better fiscal condition and the prospect of tax relaxation program which has spurred a huge inflow of asset repatriations into the country.

Rupiah has gained about 6 percent against U.S. dollars this year and was traded at 13,027 on Thursday, according to the central bank website.

The Southeast Asia's largest economy is expected to expand steadily this year and next year with moderate economic growth amid contractions in other nations.

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