Riani Sanusi Putri, Jakarta – Indonesian Investment Minister Bahlil Lahadalia has been promoting investment opportunities in Indonesia's new capital known as IKN. According to the minister, IKN requires US$32 billion for infrastructure, properties, and renewable energy developments.

"This is a huge potential for investors to benefit from investment opportunities in [IKN]," he said in Shanghai, China, as quoted from a written statement on Thursday, Nov. 30.

Bahlil conveyed this statement during the Investment Opportunities in the New Capital and Downstream Industries event by Indonesia's Investment Marketing (MII) in China on Nov. 29, 2023.

According to the ministry's data, around 100 people from 46 Chinese companies participated in the event.

Minister Bahlil hoped that the agenda has opened up new doors for investors to invest in the Indonesian downstream industry and IKN development project.

Out of ASEAN state members, Indonesia ranked first in foreign direct investment. Meanwhile, investment from China has been growing for the past three years, mainly in the downstream sector.

On the same occasion, the Indonesian Ambassador to China and Mongolia Djauhari Oratmangun expressed his hope that the event would introduce China further of the potential and resources owned by Indonesia.

"Through this event, we may explore Indonesia's potential, especially concerning downstream industry and IKN investment," he said.

As information, China's investment realization in Indonesia has shown an upward trend from 2018 to 2022. From January to September 2023, China was ranked second with investment realization reaching US$5.6 billion.

The ministry believed that investment played a critical role in supporting the downstream agenda in Indonesia and strengthening the key sectors of the Indonesian economy.

Source: https://en.tempo.co/read/1803908/indonesia-promotes-downstream-ikn-investment-in-chin