With the official declaration of Defence Minister Prabowo Subianto becoming Indonesia’s next president, the interest of foreign investments has increased in the new proposed capital, Nusantara. Delegations from among other countries Malaysia and Finland have asked to visit Nusantara.
The current capital of Indonesia, Jakarta, is proposed to move to Nusantara, which is 2000 kilometres away and in the middle of a forest in East Kalimantan. The project was the dream of current Indonesian President Joko Widodo and President-elect Prabowo has promised to continue the development of Nusantara. President Widowo will step down in October 2024.
The relocation of the capital was announced in 2019 and will cost almost USD 30 billion. The project has been criticized by the future presidents election rivals for their environmental impact and scepticism over, whether it can attract foreign investments.
The Nusantara Capital Authority has received 369 letters of intent from interested investors, with most of the pledges being from Singapore. The construction of Nusantara is expected to be built in five stages and the first phase will be done by 2024.
Source: borneobulletin.com
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