RRI.CO.ID, Jakarta – Hong Kong has overtaken Singapore as Indonesia’s largest investor in the second quarter of 2026. Minister of Investment and Downstreaming, Rosan Roeslani, announced this in the Cabinet Meeting Room at the Presidential Palace Complex in Jakarta on Thursday, July 16, 2026.

For the first time in the past 10 years, there has been a shift in the ranking of the largest foreign investors. Rosan noted that China has been investing more aggressively through Hong Kong, displacing Singapore, and as a result, Hong Kong now ranks first with an investment value of USD5 billion.

“In this second quarter, for the first time in the past 10 years, China has invested more aggressively through Hong Kong, so the top spot for investment in the second quarter is now held by Hong Kong with 5 billion,” he said.

The next positions were held by Singapore (USD 4.2 billion), China (USD 1.7 billion), Japan (USD 0.9 billion), and Malaysia (USD 0.7 billion). South Korea and the Netherlands were also among the top investors.

Regarding Hong Kong’s status as the largest investor, Minister Rosan confirmed that the majority of this capital flow essentially originates from China and enters through Hong Kong. This pattern of capital flows through intermediary countries is common, similar to investments from South Korea or other countries that enter and are recorded under the names of Singapore or Malaysia.

He also explained, “We do indeed record investments based on the country of origin. If we look closely, we see that investments from Hong Kong actually mostly originate from China as well. The same applies to Singapore. We might see investments from other countries, but they flow through Singapore and are recorded there, and it is Singapore that invests in us.”

For additional information, regarding the origin of investors during the first half of the year, Singapore actually remained the largest investor with a value of USD 8.8 billion. It was followed by Hong Kong, China, Japan, and the United States.