The three foreign investment projects in Nusantara were worth about $63 million
\n JAKARTA
\nIndonesia\u2019s outgoing President Joko Widodo broke ground on Wednesday for Australian, Russian and Chinese projects in the country\u2019s future capital Nusantara, marking the first foreign investment in his administration\u2019s flagship $32-billion initiative.
\nSoutheast Asia\u2019s largest economy is relocating its capital to East Kalimantan on Borneo island to replace the overcrowded and sinking Jakarta on Java island, with the megaproject scheduled for completion in 2045.
\n\u201cThis morning, we broke ground for education investment from Australia. Then we also broke ground for property development by Russian investors. And \u2026 we are about to do another groundbreaking (project) for a mixed-use property development from Delonix Nusantara, from Chinese investors,\u201d Widodo said during a livestreamed ceremony in Nusantara.
\n\u201cThe foreign investments that are coming in are giving us the belief and confidence that Nusantara is an extremely attractive location for investments.\u201d
\nChinese property firm Delonix Group is investing $33 million in the complex of hotels, office and community retail spaces in Nusantara.
\nThe Australian Independent School and Russia\u2019s property developer Magnum Estate are two other investors working with local partners and investing around $9.9 million and $19.8 million in Nusantara, respectively.
\nSince Widodo unveiled his plan in 2019, the new capital project has faced construction delays and struggled to attract the hoped-for foreign assignment. The mammoth undertaking is expected to mostly rely on private investors, with government funding planned to cover 20 percent of the total expenditure.
\nThe government has so far signed many letters of intent, Widodo said, but officials are carefully choosing projects to \u201cadjust them to the needs of Nusantara.\u201d
\nThe new capital that has been widely seen as the president\u2019s attempt to seal his legacy previously received a $1.3 billion investment from a consortium of Indonesian companies.
\nWidodo has said he is planning to spend the last weeks of his second and final term in office there. His successor, President-Elect Prabowo Subianto, will take office on Oct. 20.<\/p>\n","protected":false},"excerpt":{"rendered":"
The three foreign investment projects in Nusantara were worth about $63 million JAKARTA Indonesia\u2019s outgoing President Joko Widodo broke ground on Wednesday for Australian, Russian and Chinese projects in the country\u2019s future capital Nusantara, marking the first foreign investment in his administration\u2019s flagship $32-billion initiative. Southeast Asia\u2019s largest economy is relocating its capital to East […]<\/p>\n","protected":false},"author":2,"featured_media":433454,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-433435","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\n