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Law Revision Proves Zero Investor Interest in New Capital City Project, IDEAS Says

25 November 2022 17:13 WIB

TEMPO.CO, JakartaDirector of Indonesia Development and Islamic Studies (IDEAS) Yusuf Wibisono said the government's plan to revise the new capital law or UU IKN, which was enacted earlier this year, validates his initial suspicions over the project. Yusuf asserted that no investor is interested in the IKN project, so the policy will be revised.

"No one is interested, so IKN must depend entirely on the state budget or it will stall," Yusuf told Tempo on Friday, November 25, 2022.

Since the onset of the capital relocation plan, Yusuf has expressed doubts that it will lure investors. The withdrawal of SoftBank, Vision Fund, and other strategic investors from the project development plan, he added, has proved the rising concern from many parties. In fact, not a few of them just engaged in small talks with the government to maintain good relations.

Last Wednesday, Law and Human Rights Minister Yasonna Laoly conveyed the government's plan to revise the IKN Law during a plenary meeting with the House of Representatives (DPR). The government wanted to add provisions on special authority to separate state property management and the management of IKN assets.

According to Yusuf, when the project commenced, investors started backing off from the project one by one. The issuance of the IKN Law, which was discussed rapidly in only 40 days is still unable to attract investors.

Attracting massive global resources to the development of the new capital, Yusuf said, is impossible without the region's long commercial history. In addition, the project must exhibit a vision of city excellence and a focused city development target, industrial and free trade areas, the existence of large transportation hubs, and long-term consistent policy.

Yusuf further said that the Penajam Paser Utara Regency, which was chosen as the location for the new capital city possesses no charm to attract global resources, except for its mining and forestry business sector. Moreover, the regency has less than 200,000 people and only contributes less than 0.1% to the national GDP.

RIANI SANUSI PUTRI

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