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Jokowi confirms no foreign investors yet in IKN project

Tempo - November 18, 2023

Daniel A. Fajri, Jakarta – Indonesian President Joko Widodo or Jokowi confirmed that the government has not yet secured any investments from foreign investors for the new capital city of Nusantara or IKN project. However, he remains optimistic and believes that foreign investors would inject funds into the project following domestic investors.

"Let's just see, investors will surely come," the President said in a press statement after attending the Asia Pacific Economic Forum (APEC) CEO Summit, in San Francisco, United States, on Thursday, November 16, 2023.

In his speech, Jokowi highlighted the IKN development and introduced the new capital as a smart city with 80 percent green areas. He said Indonesia is building open green energy-based public transportation in various sectors of infrastructure, transportation, technology, education, energy, finance, tourism, health, and housing.

Recently, Time Magazine published an article saying that the IKN project is Jokowi's darker legacy. In its publication titled 'Indonesia's President Joko Widodo Once Symbolized Democratic Hope – His Plan for a New Capital Represents a Darker Legacy', the magazine pointed out the appointment of the IKN authority head which was without an election and the intense protests by civil society groups over the environment.

"This is the right time to invest in Indonesia, and I hope you can seize this opportunity more aggressively and quickly," Jokowi said, adding that foreign investment in the IKN is prioritized in the education, health, and technology sectors.

The Indonesian government has thus far offered various generous incentives to lure investors to the mega project. The government has also claimed that the IKN project has received dozens of letters of intent from domestic and foreign institutions.

Source: https://en.tempo.co/read/1798046/jokowi-confirms-no-foreign-investors-yet-in-ikn-projec