Jokowi invites entrepreneurs, investors to contribute in Nusantara development

Jakarta, The Gulf Observer: President Joko Widodo (Jokowi) invited entrepreneurs, investors, and CEOs to contribute to the development of the new capital city (IKN) Nusantara.

“IKN is our investment for the future, investment for the sustainability of Indonesia. However, the government cannot develop it alone; it requires the role and contribution of us all, especially entrepreneurs, investors, and CEOs,” he stated in North Penajam Paser, East Kalimantan, on Thursday.

Jokowi made the statement at the Kompas 100 CEO Forum monitored online on Thursday.

The president noted that the total IKN development budget, which reaches US$33 billion, cannot be borne by the government alone.

To this end, the government is planning that 20 percent of the IKN development budget will be sourced from the state budget (APBN), while the remaining 80 percent will be from the government-private partnership scheme.

“I am happy that after the government started (the construction of IKN) two years ago, in the middle of this year, the private sector joined, carried out groundbreaking, and so on, and currently, we are still prioritizing (investment) from within the country first,” he stated.

According to Jokowi, contribution of the private sector will accelerate the construction process of IKN that is forecast to be fully completed in 15 years.

“I invite you all because the price of land is still low. Here, (at the IKN location), it (land price per meter) is still below Rp1 million (around US$63.08),” he remarked.

“However, maybe, next week, the price will go up. Next month, it will (probably) go up because the price continues to move,” he remarked.

The president urged entrepreneurs to not harbor concerns about investing in IKN, as it has been regulated by law and supported by 93 percent of factions of political parties in the House of Representatives (DPR).

“I also see that going forward, the green economy in our country becomes a big opportunity. The opportunity is crystal clear, (and) what is left is whether we want to begin as soon as possible or not,” he remarked.