Penajam North Paser, E Kaliman (ANTARA) - Phase eight of infrastructure project groundbreakings in Indonesia's new capital Nusantara has involved Rp1.15 trillion (US$1 = Rp15,117) in foreign investment, according to President Joko Widodo (Jokowi).
"Foreign investment has entered Nusantara from Australia in the education sector, as well as Russia and China in the property sector," he informed during the inauguration of several construction projects at Nusantara, East Kalimantan, on Wednesday.
While Australia has invested Rp150 billion for the development of Nusantara, Russia has put in Rp500 billion, and China Rp500 billion.
According to Widodo, a number of foreign investors have signed letters of intent (LoIs) to support the development of Indonesia's future capital city.
However, not all LoIs can be approved immediately. They need to first go through a selection process, with the investment plan adjusted to the concept of Nusantara's development.
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"(The investment plan must be) adjusted to the needs in Nusantara to support it as a good ecosystem as well as an attractive location," Widodo explained.
On Wednesday, the President also witnessed the groundbreaking of two construction projects worth Rp100 billion and Rp25 billion funded by local companies.
Investor trust from within and outside the country shows that Nusantara is a very attractive place for investment, he said.