Two Singapore Investors Ink Deals for Indonesia's New Capital Project
TEMPO.CO, Jakarta - Indonesia’s Nusantara new capital city or IKN Authority claimed that more foreign investors are attracted to invest in the IKN development project. Recently, two Singaporean investors signed a non-disclosure agreement (NDA) on Thursday, June 8, 2023.
“This NDA is an important stage to conduct a feasibility study (FS),” IKN Authority Deputy for Funding and Investment, Agung Wicaksono, told Tempo on Sunday, June 11, 2023.
Prior to the investment decision, Agung said investors need a feasibility study to provide the amount of return on investment (ROI). “For projects at IKN, a specific feasibility study is surely required,” he added.
The two Singaporean investors who recently signed the NDA are the State Power Investment Corporation (SPIC) and JOE Green Pte Ltd.
SPIC and JOE Green Pte Ltd. are companies engaged in the field of new renewable energy and waste management. They are among those who show great support for the Nusantara development project since the beginning. Besides issuing Letters of Intent (LoI), they took part in the Singapore Business Mission to Nusantara organized by the Indonesian Embassy on May 31, 2023.
With their business background, Agung said the two Singaporean investors match the IKN Authority's top priority sectors. “Nusantara aims to build up to 7.16 gigawatts from renewable energy power plants to accommodate 1.9 billion people in 2045,” he explained.
At the end of May, new capital IKN Authority head Bambang Susantono announced that the government received 220 letters of intent (LoI) from potential investors.
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