Jakarta – Approved foreign investment in Indonesia rose sharply in the first ten months of this year to US$9.31 billion from $6.81 billion a year earlier, the National Investment Coordinating Board said in a report seen Tuesday.

However, the 37 percent rise was largely due to a change in investment status of many projects rather than new projects, the board said.

It said the government approved a change in status of 99 domestic investments into foreign direct investment (FDI) projects worth $3.77 billion during the period, compared to 98 projects worth $1.21 billion a year earlier.

New FDI approvals rose to $4.59 billion involving 726 projects, against $4.11 billion involving 898 projects a year earlier.

Approved domestic investments during the period dropped to Rp17.93 trillion ($2.1 billion) for 164 projects from Rp20.97 trillion for 172 projects in January-October last year.