China, Russia first foreign investors to plough millions into Indonesia’s long-delayed new capital

[JAKARTA] Indonesia’s ambitious vision for its new capital, Nusantara, took a major leap forward with the groundbreaking of two landmark property projects backed by Chinese and Russian investors. Combined, the projects are worth nearly one trillion rupiah (S$84.8 million).

Until now, Nusantara had struggled to secure international investment, making this a pivotal moment in the country’s efforts to establish the new capital as a strategic investment hub and sparking hope that more foreign-backed initiatives could follow.

President Joko Widodo officiated the groundbreaking of five projects valued at 1.5 trillion rupiah on Wednesday (Sep 25), two of which are being developed by foreign investors.