Bapak Bambang Soesatyo, the Speaker of the People’s Consultative Assembly (MPR), welcomes Singaporean investment in Indonesia’s Nusantara during a meeting with Singapore Ambassador to Indonesia, H.E. Kwok Fook Seng

THE Speaker of the People’s Consultative Assembly (MPR), Bapak Bambang Soesatyo, extended an invitation to Singapore to invest in Indonesia’s new capital city, Nusantara, during a meeting with Singaporean Ambassador H.E. Kwok Fook Seng in Jakarta on 1st March 2024.

Bapak Soesatyo reassured potential investors, including those from Singapore, of Indonesia’s safety and peace following the 14th February 2024 general elections, as he emphasised the country’s stability for investment opportunities.

“Financing for the new capital development comes from the state budget, business entity work agreements (KPBU), and private investment,” he affirmed in an official statement from the MPR.

Highlighting the positive bilateral relations between Indonesia and Singapore, Bapak Soesatyo underscored Singapore’s strategic importance as Indonesia’s largest trading partner in Southeast Asia.

He cited data showing Singapore as Indonesia’s top investor from 2010 to 2023, (except for 2013), with investments totalling US$15.4 billion, surpassing China’s investment of US$7.4 billion.

Bapak Soesatyo noted that Singapore’s investments are diverse, spanning sectors such as transportation, telecommunications, agriculture, and mining, with significant presence in various Indonesian regions.

He emphasised the ample opportunities for Singaporean investment in the development of the new capital city in East Kalimantan, with wide-ranging prospects for collaboration.

Bapak Soesatyo revealed that the Indonesian government has allocated Rp75.4 trillion (around US$4.79 billion) from the state budget for Nusantara’s development until 2024, with 23 investors already involved, contributing a total of Rp41 trillion (around US$2.6 billion) to ongoing projects.

Source: Antara News