Jakarta (ANTARA) - President Joko Widodo (Jokowi) has directed the Nusantara Capital City Authority's Business Entity (BUO IKN) to collaborate with the Indonesia Investment Authority (INA) to attract foreign investors to the new capital.

"Mr. President has asked us to collaborate with INA, as they seem to be very trusted by foreign investors," BUO IKN president director Boyke Soebroto said after a meeting with Jokowi at the Presidential Palace in Jakarta on Monday.

He said that his side will map the areas in Nusantara where foreign investors can invest in or develop projects.

"The BUO will carry out this because our function as the master developer is to prepare infrastructure and facilities, including land," he added.

He said that his side will also follow up on the president's directive through technical discussions, including on business-to-business (B-to-B) schemes with INA and foreign investors.

According to Soebroto, the process of devising the map of Nusantara's central government core area (KIPP), which spans six thousand hectares, has now reached the detailing stage.

He explained that the map already details the regions in Nusantara's core area where foreign investors or companies can invest and develop projects.

He added that BUO was awaiting investment proposals from foreign investors.

"If they want to build a hospital, for instance, then we will find the area for the hospital," he said.

The OIKN has reportedly reviewed 350 letters of intent for Nusantara development.

The total investment for the first phase of Nusantara's development stands at approximately Rp47.5 trillion (US$3 billion), with private investment contributing around Rp35.9 trillion (US$2.2 billion) and state-owned enterprises (SOEs) contributing Rp8 trillion (US$511.6 million).

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Translator: Andi F, Kenzu
Editor: Anton Santoso
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