Over 300 Foreign Investor Intentions to Develop Indonesia's New Capital

Indonesia's President Joko Widodo, commonly referred to as Jokowi, has reported a significant surge in foreign interest for the development of the new capital city, Nusantara, located in East Kalimantan. Despite actual foreign investment yet to be realized, the number of expressions of interest is manifesting strongly with over 300 letters of intent (LoIs) signed by foreign investors.

High Foreign Interest in New Capital

Jokowi shared insights on the progress of the Southeast Asian nation's ambitious project to build Nusantara, Indonesia's future capital city. He stated that numerous exhibitions on an international stage have attracted keen interest from potential investors. "So far, more than 300 LoIs have been signed, and I believe the number will continue to grow," Jokowi expressed during a public appearance at Halim Perdanakusuma Airport in Jakarta.

Priority for Domestic Investors

While acknowledging the stack of LoIs as a positive indicator of potential investments, the Indonesian leader emphasized a preference for internal investment, suggesting that domestic investors would be given precedence. "To this point, no real steps to start have been taken, but with such a substantial pile of LoIs, it surely holds potential. However, our priority is to promote domestic investors first," Jokowi noted.

Commitment to IKN Development

President Jokowi also indicated firm ongoing commitment to the development of the IKN, evidenced by the groundbreaking of several projects in early November 2023. These projects carry significant weight, with investment values anticipated to reach a total of Rp 45 trillion by the end of 2023.

Investment, Infrastructure, Development