The minister revealed that SoftBank founder and CEO Masayoshi Son had met with President Joko Widodo. During a working meeting with Commission VI of the House of Representatives here on Wednesday, he also admitted that he had approached the billionaire several times.
"In our opinion, the issued proposal is profitable for him, not profitable for the country. And we don't want to be dictated (to)," he said.
He cited the example of an offer submitted by SoftBank, in which it sought to determine the internal rate of return.
"This is an example, yes, he wants to build, the IRR is determined by himself, later the government will just have to rent it to him. It is not fair, it is not agreeable, no? Thus, we are looking for a fair investment model. This means that the investors get to live, but the state shouldn't be burdened either. Win-win,” he elaborated.
Entrepreneurs or investors are not allowed to control the state, as they—businesses and the government—need each other, he added.
He assured that in spite of SoftBank's exit, the Nusantara city project will still attract the interest of many investors. To date, a number of global investors have committed to investing in the new capital city.
"The Nusantara city already has investors, from the UAE, China, several European countries, Taiwan, South Korea—they are there," he said.
SoftBank's departure from the project was widely reported in March 2022. Even though SoftBank left the project, it ensured that it remained committed to and supported the development of startups in Indonesia.
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Translator: Ade Irma J, Mecca Yumna
Editor: Azis Kurmala
Copyright © ANTARA 2022
