Penajam Paser Utara (ANTARA) - Foreign or foreign investment has entered the Archipelago Capital (IKN), Indonesia's new capital city located in Sepaku District, North Penajam Paser Regency, East Kalimantan Province, at the laying of the first stone marking the start of new physical development (groundbreaking ) stage eight reached IDR 1.15 trillion.

"Foreign investment has entered IKN at the eight-day groundbreaking stage today," said President Joko Widodo in Sepaku, North Penajam Paser Regency, Wednesday.

"Foreign investment has entered IKN from Australia in the education sector, as well as Russia and China in the property sector," he added

The investment value from Australia is IDR 150 billion, Russia's investment value is IDR 500 billion and China's investment value is IDR 500 billion, said President Jokowi, when interviewed after the eighth phase of groundbreaking activities in Nusantara City, located in Sepaku District, North Penajam Paser Regency.

Many foreign investors signed an initial commitment document for cooperation (letter of intent/LoI) in the development of Indonesia's future capital city.

However, if it is not immediately approved, it must first go through a selection process to adapt the concept for the development of Indonesia's new capital city.

"Adapting to existing needs in IKN, so that a good ecosystem is built, so that Nusantara City becomes an attractive location," explained Jokowi.

Then there are also two local investments in groundbreaking marking the start of the new physical phase eight in Indonesia's new capital city, with an investment value of IDR 100 billion and IDR 25 billion respectively.

Investment confidence from within and outside the country illustrates that Nusantara City is a very attractive place for investment.

However, according to the President, the construction of government facilities is entirely handled by the government.

The groundbreaking of phase eight in Nusantara City is not the end before the head of state's term of office ends, it could be that within the next week, many investors will want to lay the first stone for new physical development, said President Jokowi.

(SOURCE)