That thing is not something that can be done in one–two years; it can take up to ten years, only then it would be completed
Jakarta (ANTARA) - At least Rp200 trillion (US$12.8 billion) in investment will be used in the first phase of the Nusantara capital development project (IKN), Investment Minister, Bahlil Lahadalia, has informed.

"We will be able to realize a minimum of Rp200 trillion for the construction of the state capital city project in the first phase," he said at a press conference on investment realization here on Monday.

Investment commitments for the project have been made by some countries, including the United Arab Emirates (UAE), China, South Korea, and Taiwan, he added.

"We are targeting that in 2023, they (UAE) will get involved in the Nusantara city (project); what is already confirmed is 20 billion US dollars. And they will get involved in Nusantara city, and some invest in other sectors," he informed.

The minister further said that some European countries have offered to invest in the project, and some offers have even been brought before President Joko Widodo.

There are many investors who want to get involved in the city's development project, he noted. Of the total investment for Nusantara city of more than Rp500 trillion (US$32 billion), only about 20 percent will come from the state budget. The rest will be sourced through investment.

Therefore, investment from private entities is needed for the development of Nusantara city, which will take more than one or two years.

"That thing is not something that can be done in one–two years; it can take up to ten years, only then it would be completed. For the first stage, based on the master plan, God willing, it will be according to the schedule. In 2024, what the government has announced, for us to have a ceremony on August 17 at Nusantara city, God willing, it will happen," he said.

He further said that his ministry is discussing the draft government regulation regarding business facilitation in Nusantara. The draft is targeted to be completed by the end of October this year.

"The government regulation is for incentives (for Nusantara city) at the Investment Ministry, so now it's being discussed. It should be finished this October. God willing, I will pursue that target," he added.

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Translator: Ade Irma J, Mecca Yumna
Editor: Sri Haryati
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