Indonesia seeks to lure more investment into new capital Nusantara
Indonesian President Joko Widodo recently signed Decree No. 25/2024 establishing a task force to promote foreign investment attraction in the the Nusantara Capital City (IKN).
Jakarta (VNA) - In🌼donesian President Joko Widodo recently signed Decree No. 25/2024 establishing a task force to promote foreign investment attraction in the the Nusantara Capital City (IKN).
Investment Minister and head of the Investment Coordinating Board Bahlil Lahadalia has been appointed as the task force's chair, said the Indonesian Ministry of Foreign Affairs.
The task force is mandated with nine key responsibilities outlined in the decree, including enhancing policy coordination between the IKN Authority, relevant ministries/institutions, and partner regions; aligning land acquisition, development planning, and spatial planning, as well as land development and use for priority IKN investment activities; coordinating in environmental management and approving investment activities in the IKN; implementing domestic and international promotional campaigns to attract investment to the IKN; fostering synergy among stakeholders for developing financial centers in the IKN; facilitating business permit acquisition for investors in the IKN; streamlining business processes, land rights acquisition, and investment incentives; coordinating in the provision of supporting infrastructure for investment acceleration; and establishing a mechanism for supervising and controlling investment activities.
Investment Minister Bahlil Lahadalia said despite receiving hundreds of memorandums of understanding (MoUs) and letters of intent (LoIs) for the IKN, foreign investment has yet to materialise.
He said that the government has spent 72 trillion Rp (about 4.5 billion USD) from the State budget for the IKN project from 2022 to 2024, accounting for 20% of the total investment. The remaining will be sourced from public-private partnerships and private investments./.
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