Indonesia sets up agency to handle investment in new capital
The Indonesian Government will introduce a special agency whose main task is to deal with foreign and domestic investment in the new capital city in East Kalimantan province.
An aerial view of East Kotawaringin, East Kalimantan province, the area chosen to house the new capital of Indonesia (Photo: AFP/VNA)
Jakarta (VNA) – The Indonesian Government willintroduce a special agency whose main task is to deal with foreign and domesticinvestment in the new capital city in East Kalimantan province.
Speaking after a cabinet meeting on February 26,National Development Planning Minister Suharso Monoarfa said the new agencywill have powerful authority to license potential investors without the consentof the existing Investment Coordinating Board (BKPM).
He noted that investors from the Republic ofKorea, Japan, Spain, the US and Germany have expressed interests in taking partin the construction of the new capital city. However, no deal has been madebecause the government is still working on selecting projects that need foreigninvestment and determining the financing schemes.
Chief investment minister Luhut BinsarPandjaitan said the new agency will be led by an official of the ministeriallevel, and President Joko Widodo is currently selecting candidates.
Suharso said the government expects to carry outthe construction of basic infrastructures of the new capital later this yearafter the master plan is finalised.
If everything goes as planned, by the first halfof 2024, the new city will be able to function as the new capital,according to him.
The new capital city will be built in a new areathat traverses North Penajam Paser and Kutai Kartanegara districts in EastKalimantan.
The capital relocation project is expected to costthe government around 33 billion USD, 19 percent of which to be paid for by thestate budget and the rest by local and foreign investors./.
Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan has called on Singaporean investors to invest in a number of sectors in the country's new capital city in East Kalimantan Province.
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An aerial view of East Kotawaringin, East Kalimantan province, the area chosen to house the new capital of Indonesia (Photo: AFP/VNA) 
