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View all search resultsIt’s up to business: Singapore says on RI’s new capital investment
Singapore says investing in Indonesia's Nusantara Capital City will be done on a commercial basis and it will depend on its business sector to make the investments.
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Singaporean Deputy Prime Minister Lawrence Wong speaks during a "fireside chat" with several Indonesian media outlets in Singapore on July 7, 2023. (Ministry of Communications and Information (MCI)/MCI)
T
he Singaporean government says it fully supports Indonesia’s plan to move the capital city to East Kalimantan, but actual investments will still depend on the country’s businesses and investors.
Singapore Deputy Prime Minister Lawrence Wong told Indonesian news outlets on July 7 that investing in Nusantara would be done on a commercial basis and the Singaporean government would facilitate any companies interested in participating in the project.
“We will continue to facilitate such business delegations and encourage them, but ultimately, the businesses themselves will be the ones that make the investments,” Wong said, during a so-called “fireside chat” in Singapore on July 7.
Read also: President again pitches Nusantara to Singapore
Moving the capital is expected to cost some Rp 466 trillion (US$32.6 billion). The project was designed to be funded primarily by public-private partnerships and private investments with the state coffers only supposed to cover 19 percent of the costs.
Indonesia has approached a number of partners in recent years to seek investment in the Nusantara capital city project.
Singapore and Indonesia signed a memorandum of understanding in March regarding cooperation to help Nusantara achieve its green and smart vision, which includes knowledge sharing.
