IKN Development Gains Traction with 250 Investors Showing Interest

the latest progress of the new capital construction in East Kalimantan

The ambitious project of constructing Ibu Kota Nusantara (IKN), the new capital of the archipelago, is steaming ahead with relentless determination from the government to entice potential investors. In a recent update, the IKN Authority has reported an encouraging response, with numerous investors from various nations expressing keen interest in participating in the groundbreaking development of IKN.

According to the Head of the IKN Authority, Bambang Susantono, as of August 2023, the number of investors submitting Letters of Intent (LoI) has reached an impressive 250.

“We have received over 250 LoIs from 17 countries, and possibly now it has reached 19 countries,” Bambang stated with satisfaction in Jakarta on Thursday (3/8/2023).

Bambang reiterated that the doors remain open for exploring investment opportunities from other countries, and the IKN Authority is actively following up on the investment commitments from prospective stakeholders in IKN.

“We are in active communication with those who have entered the non-disclosure agreement phase,” he revealed, highlighting the transparent and collaborative approach to the investment process.

The exchange of data between the interested nations and IKN is a crucial step in the partnership, paving the way for comprehensive feasibility studies to evaluate the viability of potential projects.

“Among the countries expressing interest, the prominent ones are Singapore, South Korea, the European Union, the United States, Japan, and China. The investment interests span various areas, including renewable energy, smart city technology, and real estate development,” Bambang elaborated, underlining the breadth and depth of potential investments in the new capital.

President Jokowi’s vision to hold the grand Independence Day ceremony on August 17, 2024, at IKN has served as a powerful impetus for progress. In response, Bambang reassured that the entire team is tirelessly striving to meet the ambitious target and accomplish the development of IKN within the stipulated timeframe.

“IKN has received tremendous support not only from Indonesian mayors and governors but also from international counterparts who have experience in building new capitals. That’s why we are also inviting art enthusiasts to contribute to making this city not only livable and comfortable but also lovable,” he added, underlining the inclusive and collaborative nature of the project.

Meanwhile, the Ministry of Public Works and Public Housing (PUPR) has reported that the physical progress of IKN’s construction has reached an encouraging 37%. While this is indeed a significant milestone, there remains a substantial 63% of the work to be accomplished before IKN’s scheduled move in 2024.

The Head of the IKN Infrastructure Development Task Force, Danis H. Sumadilaga, enthusiastically shared details about the ongoing progress of the first phase of infrastructure works, currently hovering around 36-37%.

“God willing, we will move to IKN by 2024. As of now, the construction of Bendungan Sepaku Semoi and Intake Sepaku for raw water is already completed, and only finishing touches remain. We are also preparing installations for the water treatment plant and pumps,” said Danis quoted from Bisnis (2/8/2023), exuding confidence in the project’s timely completion.

Elaborating on the preparations for the water treatment plant, Danis revealed that a comprehensive pipeline spanning 17 kilometers, responsible for the treatment of domestic wastewater, has been meticulously designed and is currently in the process of installation.

At present, the progress of the Water Treatment Plant (WTP) installation at IKN has reached an encouraging 25%, signaling promising developments on multiple fronts.

As IKN continues to gain traction and global attention, the unwavering commitment from investors and the government marks a monumental step towards realizing the vision of the new capital – a future-forward, sustainable, and vibrant city that will stand as a symbol of progress and unity for the nation.

The collaborative efforts of the international community, paired with the dedication of local stakeholders, promise a transformative journey for Ibu Kota Nusantara.