President Joko “Jokowi” Widodo has secured investments of US$300-450 million, approximately Rp7 trillion, from a consortium of Brunei Darussalam investors for the development of the Capital City of Nusantara (IKN).
The investment commitment from Brunei entrepreneurs was obtained during Jokowi’s visit to Brunei Darussalam. The investment commitment was conveyed by Princess Anak Putri Hajjah Amal Rakiah, the sister of Sultan Hassanal Bolkiah, who led a delegation of investors to meet President Jokowi at Assaara Guest House in Bandar Seri Begawan on Saturday, January 13, 2024.
Indonesian Ambassador to Brunei, Achmad Ubaedillah, said the written investment commitment for IKN was handed over by Princess Amal Rakiah to the Head of IKN Authority, Bambang Susantono, in the presence of President Jokowi. Regarding the investment commitment in IKN, Ryada Holding Investment Group, as the Investment Consortium, has signed a Letter of Intent (LoI) for two housing projects worth Rp4-7 trillion. After the meeting, the Investment Consortium handed over the letter of interest, done by Princess Amal Rakiah, to the Head of IKN Authority, Bambang Susantono.
On the occasion, President Jokowi presented the investment potential and the government’s plans for developing IKN.
“I want to talk about the Capital City of Nusantara. This is a strategic agenda for Indonesia and part of the Indonesia Emas 2045 mission, which has been approved by parliament, with a law passed by 93 percent of the votes,” said the President.
Jokowi mentioned that the core development of IKN has reached 70 percent, targeting completion by mid-2024. Additionally, numerous investments have already been initiated, marked by groundbreaking ceremonies for 13 projects, including three hospitals, five hotels, two malls, a football training center, and the Nusantara Superblock in an integrated area with a five-star hotel, entertainment venues, and a shopping center.
“I hope the interest in investment from Your Highness can be realized soon. Thank you,” the President concluded.
