Jokowi Halts FDI to New Capital, Makes Way for More Domestic Investors

By Editorial Team 03/11/2023
IKN
Summary

President Joko Widodo slowed down foreign investment in the development of the Nusantara Capital City (IKN) even though 130 investors from Singapore, 30 investors from Japan, 30 investors from Malaysia and the United Arab Emirates were interested in investing in the IKN.

Jokowi justified this move by emphasising the importance of prioritising domestic investors participating in the IKN development. "I told the Head of the Authority, for those from abroad, give them a chance, and if possible, involve domestic entrepreneurs. If we reach a point where there are no domestic investors, we will consider resorting to foreign strategies," Jokowi said on Nov 1.

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