Indonesia calls for Singapore’s investment in new capital


Indonesian President Joko Widodo brought home letters of intent from investors interested in the new capital of Nusantara after his trip to Singapore on March 16.

Aside from the letters of intent on Nusantara, nine memorandum of understandings (MoUs) for a business-to-business (B2B) cooperation in the healthcare and digital field, as well as seven government-to-government MoUs also related to healthcare, digital field, and green energy.

The President said that the country is planning to host a forum in May to woo investors to help build the new capital. According to Singaporean Prime Minister Lee Hsien Loong, Singaporean firms will be in attendance.

The government data showed Singapore invested 10.54 billion USD in Indonesia, accounting for 31.56 % of the total foreign direct investment in 2022, making Singapore now Indonesia’s largest foreign investor.

The government estimated that it would take 466 trillion IDR (30.3 billion USD) to build Nusantara, of which 80% of the funding will come from public-private partnerships and direct investments.

Overall, Indonesia have 20 letters of intent from the Singaporean private sector to invest in Nusantara./.

Source: Vietnam News Agency