President Jokowi Invites All Parties to Develop Nusantara Capital

President Jokowi with participants of Kompas CEO Forum in Nusantara Capital, East Kalimantan province, Thursday (11/2). (Photo by: BPMI)

President Joko “Jokowi” Widodo said that the development of the Nusantara Capital (IKN) cannot be carried out by the Government alone, thus he invites all parties to participate in this development.

“The Government cannot do it alone. It needs the role of all of us. It needs the contribution of all of us, including entrepreneurs, investors, CEOs, and all the people who are present here,” said the President when speaking at the Kompas 100 CEO Forum, Thursday (11/02), in the Nusantara Capital area, North Penajam Paser regency, East Kalimantan province.

The President explained that the total budget needed for the capital’s development reaches US$33 billion and it is impossible for the Government to cover it all. Therefore, the President emphasized the importance of cooperation between the Government and the private sector.

“We have planned that 20 percent (of the budget) would be from the state budget, 80 percent would be from the private sector. I am happy that after the Government started the development two years ago, in the middle of this year the private sector has started to invest and some groundbreaking [ceremonies] have taken place,” he said.

The President added that currently many foreign investors are interested in investing in the Nusantara. However, he said that currently the Government is prioritizing domestic investors.

“For example, from Singapore, 130 investors came to see the new capital and many of them showed interest. We have received 320 letters of interest, but we will give it first to domestic investors,” he said.

On that occasion, he also cited on the management and governance system of Guyana, a country in South America, which has succeeded to become a country with the fastest economic growth. The improvement of Guyana’s economy, he continued, resulted from collaboration between the Government and the private sector.

“It was carried out by the private sector, not by the SOEs, but facilitated and regulated by the Government. We should do it here too. Sometimes the private sector wants to regulate. Those who laugh must have already regulated. The right way is, the Government facilitates and regulates it,” he underlined. (TGH/UN) (EST/MMB)