Determinan Ekonomi dan Non Ekonomi FDI Sektoral, Studi Kasus ASEAN

Abstract

This study aims to analyze the factors that influence Foreign Direct Investment (FDI) overall and by sektor in ASEAN countries from 2002 to 2022. The data shows that Singapore consistently has the highest FDI percentage against GDP, confirming its position as the leading destination for foreign investment. However, other countries such as Indonesia, Malaysia, Vietnam, the Philippines, and Thailand show lower fluctuations in FDI, despite applying various policies to attract foreign investment, including tax incentives, simplifying permits, and developing special economic zones. This study uses the Auto Regressive Distributed Lag (ARDL) model to examine the effects of economic determinants (such as GDP, interest rates, exchange rates, trade openness, and value added) and non-economic determinants (such as institutional quality) on sektoral FDI in ASEAN, divided into primary, secondary, and tertiary sektors. This study finds some key factors that affect FDI inflows in different sectors. GDP and trade openness are the main drivers of FDI in ASEAN. Interest rates, value-added manufacture, and institutional quality also have significant effects, but their impact is different in each sector. This study provides valuable insights for policymakers in ASEAN to design more effective strategies to attract FDI. Moreover, the results can be used by investors to assess investment potential in the ASEAN region and by academics to deepen understanding of the factors influencing FDI in developing countries.

Keyword: Foreign Direct Investment, Primary, Secondary, Tertiary, GDP, interest rates, exchange rates, trade openness, value added, institutional quality