Minister of Investment and Head of the Investment Coordinating Board (BKPM), Bahlil Lahadalia, announced that four foreign companies are prepared to invest in Indonesia’s new capital, Ibu Kota Nusantara (IKN). Following the first cabinet meeting held at IKN on Monday, 12 August, Bahlil revealed that companies from Japan and South Korea are set to enter the new capital, primarily focusing on property development. He mentioned that further verification is required to confirm potential investments from Dubai, United Arab Emirates (UAE). These foreign investments are expected to commence in the second investment cluster. The first cluster of investments, excluding the state budget, has already secured IDR 56.2 trillion for IKN's development. Bahlil expressed confidence that the existing investment task force would accelerate the realization of these investments.
Previously, Agung Wicaksono, Deputy for Funding and Investment at the IKN Authority, elaborated on potential UAE investments, including discussions with Masdar, a UAE-based company specializing in solar energy. Masdar has already initiated a floating solar panel project at the Cirata Dam and plans to extend similar projects to IKN. A letter of intent was issued to Masdar at the World Water Forum in Bali in May 2024, signaling the green light for further investment stages, including feasibility studies. Agung also noted that there are currently 423 letters of intent (LOI) from various countries, including 10 from the United States, 3 from Germany, 4 from Finland, and 4 from Spain. Additionally, China submitted 26 LOIs, South Korea 12, Japan 25, Singapore 29, and Malaysia 22. While not all LOIs signify firm investment commitments, they indicate significant global interest in the development of IKN.
