TheJakartaPost
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During a groundbreaking ceremony in Nusantara, East Kalimantan, President Joko "Jokowi" Widodo claimed that the new capital city project will receive "a big investment" from the United Arab Emirates in the coming months, while urging potential investors to buy land in the future city.
Following lackluster investment realization as businesses took a "wait and see" approach in the lead-up to the 2024 election, the government is planning to push foreign investors to make good on their IKN commitments once the election dispute is settled.
President Joko “Jokowi” Widodo has admitted that Indonesia’s new capital city megaproject has attracted no foreign investment so far, which experts say is because the project is commercially unattractive, irrespective of external macroeconomic conditions.
Promoting the country’s ambitious Nusantara capital city project at the Group of 20 Summit in India last week, President Joko “Jokowi” Widodo returned to Jakarta with four fresh investment commitments, albeit still with no concrete promises of actual funding.
Indonesia posted solid growth in realized investment for the first quarter of 2023 and has almost reached a quarter of the government’s full-year target, but some observers say the approaching election campaign could give investors pause.
The government has unveiled a draft presidential regulation, derived from the recently passed Job Creation Law, that offers leeway for foreign investment in tech-based start-ups in special economic zones (SEZs).
