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Home > News > Regional News

Nusantara: Indonesia’s new capital with opportunities and challenges

Source：Adsale Plastics Network Date ：2024-08-19 Editor ：RC
Copyright： This article was originally written/edited by Adsale Plastics Network (AdsaleCPRJ.com), republishing and excerpting are not allowed without permission. For any copyright infringement, we will pursue legal liability in accordance with the law.

In 2019, Indonesian President Joko “Jokowi” Widodo formally proposed to move the country’s capital from Jakarta to Kalimantan, and named the new capital Nusantara in 2022. It spans over 256,000 hectares in Penajam Paser Utara and Kutai Kartanegara, East Kalimantan, and is meticulously planned as a smart and sustainable city.


Reuters reported that Nusantara was estimated to require US$33 billion to be built from scratch. The Indonesian government aims to adopt a public-private partnership model for the new capital’s development, in which the government will contribute 20% of the funding while the remaining 80% from private investors.

 

According to the Jakarta Globe, President Jokowi claimed that 472 investors had submitted their letters of intent indicating their interest to participate in the Nusantara megaproject, of which 220 investors have passed the stringent screening from the authority.

 

Five investors have also already received Letters to Proceed (LTP) for projects encompassing housing for civil servants, based on INTI Media’s report. These include prominent names like PT. Summarecon Agung Tbk and Korean Land Development.

 

“We are still prioritizing domestic investors before we can accept foreign ones,” Jokowi said.


Indonesia_president at Nusantara_480.jpg

President Joko “Jokowi” Widodo and other government officials explore the MBH reservoir in Nusantara Capital. (Source: BPMI of Presidential Secretariat, Indonesia)

 

Wide opportunities in various sectors

 

INTI Media pointed out that there are estimates suggesting Nusantara could contribute to up to US$47 billion annually to the national GDP by 2045, which implies a huge market for businesses including construction, technology, infrastructure and various service sectors.

 

Investment opportunities also spur, encompassing a wide range of sectors, including smart city technologies, sustainable infrastructure, real estate, logistics and transportation and telecommunications.

 

At this initial stage of development, the Indonesian government will focus on building infrastructure in the “core government area” first at least until the end of 2024, stated Jokowi from Jakarta Globe’s news report.

 

Nusantara has also seen the launch of construction of private bank BCA’s office building. Groundbreaking ceremony of the 197-room Swiss-Belhotel Nusantara, which aims to finish construction in 15 months, was also held. The Nusantara International Convention Center and Hotel, also began its construction. Property firm Intiland also broke ground on three projects, including a golf resort and residence.

 

The infrastructure development for regions outside the government area will begin in January 2025. By then, Jokowi’s successor Prabowo Subianto should have already assumed office.

 

Challenges resulting hesitation from different parties

 

Reuters described Nusantara’s project as “more technologically and logistically ambitious than new administrative capitals in the region such as Myanmar's Naypyidaw, and Malaysia's Putrajaya”.

 

Although key government buildings, including the presidential office, state palace, and some ministerial buildings, will be ready in August 2024, zero foreign funding has been committed. Chris Wren, CEO of BritCham Indonesia, said that foreign investment has been held back due to the presidential election and associated risks.

 

Reuters also stated that thousands of civil servants are scheduled to be sent to the new capital starting this September, but some are reluctant to go. Of almost a dozen civil servants who spoke to Reuters, only two wanted to move, while others said they would consider quitting or seeking a transfer if asked.

 

The reason behind such refusal and hesitation is the lack of infrastructure, namely health and education facilities and others. Furthermore, public health concern is raised on the malaria in Nusantara. East Kalimantan, where the new capital is located, has Indonesia’s second-highest rate of malaria, the mosquito-borne disease.

 

It is too early to predict whether Nusantara will be a success or not. However, it is certain that more investment and government effort are required to push forward the new capital’s development towards a smart and sustainable city.


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Source：Adsale Plastics Network Date ：2024-08-19 Editor ：RC
Copyright： This article was originally written/edited by Adsale Plastics Network (AdsaleCPRJ.com), republishing and excerpting are not allowed without permission. For any copyright infringement, we will pursue legal liability in accordance with the law.

In 2019, Indonesian President Joko “Jokowi” Widodo formally proposed to move the country’s capital from Jakarta to Kalimantan, and named the new capital Nusantara in 2022. It spans over 256,000 hectares in Penajam Paser Utara and Kutai Kartanegara, East Kalimantan, and is meticulously planned as a smart and sustainable city.


Reuters reported that Nusantara was estimated to require US$33 billion to be built from scratch. The Indonesian government aims to adopt a public-private partnership model for the new capital’s development, in which the government will contribute 20% of the funding while the remaining 80% from private investors.

 

According to the Jakarta Globe, President Jokowi claimed that 472 investors had submitted their letters of intent indicating their interest to participate in the Nusantara megaproject, of which 220 investors have passed the stringent screening from the authority.

 

Five investors have also already received Letters to Proceed (LTP) for projects encompassing housing for civil servants, based on INTI Media’s report. These include prominent names like PT. Summarecon Agung Tbk and Korean Land Development.

 

“We are still prioritizing domestic investors before we can accept foreign ones,” Jokowi said.


Indonesia_president at Nusantara_480.jpg

President Joko “Jokowi” Widodo and other government officials explore the MBH reservoir in Nusantara Capital. (Source: BPMI of Presidential Secretariat, Indonesia)

 

Wide opportunities in various sectors

 

INTI Media pointed out that there are estimates suggesting Nusantara could contribute to up to US$47 billion annually to the national GDP by 2045, which implies a huge market for businesses including construction, technology, infrastructure and various service sectors.

 

Investment opportunities also spur, encompassing a wide range of sectors, including smart city technologies, sustainable infrastructure, real estate, logistics and transportation and telecommunications.

 

At this initial stage of development, the Indonesian government will focus on building infrastructure in the “core government area” first at least until the end of 2024, stated Jokowi from Jakarta Globe’s news report.

 

Nusantara has also seen the launch of construction of private bank BCA’s office building. Groundbreaking ceremony of the 197-room Swiss-Belhotel Nusantara, which aims to finish construction in 15 months, was also held. The Nusantara International Convention Center and Hotel, also began its construction. Property firm Intiland also broke ground on three projects, including a golf resort and residence.

 

The infrastructure development for regions outside the government area will begin in January 2025. By then, Jokowi’s successor Prabowo Subianto should have already assumed office.

 

Challenges resulting hesitation from different parties

 

Reuters described Nusantara’s project as “more technologically and logistically ambitious than new administrative capitals in the region such as Myanmar's Naypyidaw, and Malaysia's Putrajaya”.

 

Although key government buildings, including the presidential office, state palace, and some ministerial buildings, will be ready in August 2024, zero foreign funding has been committed. Chris Wren, CEO of BritCham Indonesia, said that foreign investment has been held back due to the presidential election and associated risks.

 

Reuters also stated that thousands of civil servants are scheduled to be sent to the new capital starting this September, but some are reluctant to go. Of almost a dozen civil servants who spoke to Reuters, only two wanted to move, while others said they would consider quitting or seeking a transfer if asked.

 

The reason behind such refusal and hesitation is the lack of infrastructure, namely health and education facilities and others. Furthermore, public health concern is raised on the malaria in Nusantara. East Kalimantan, where the new capital is located, has Indonesia’s second-highest rate of malaria, the mosquito-borne disease.

 

It is too early to predict whether Nusantara will be a success or not. However, it is certain that more investment and government effort are required to push forward the new capital’s development towards a smart and sustainable city.


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Nusantara: Indonesia’s new capital with opportunities and challenges

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