Jokowi Receives Rp7 Trillion IKN Investment from Brunei Darussalam: Investment Trends

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Cindy Mutia Annur 15/01/2024 17:08 WIB

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President Jokowi's visit to Brunei Darussalam yielded a "gift" of Rp7 trillion in investment for the IKN (New Capital City). So, what is the investment trend of that country in Indonesia?

Brunei Darussalam's Investment Value in Indonesia (2013-2023)

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Brunei Darussalam's Investment Value in Indonesia (2013-2023)

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President Joko Widodo's (Jokowi) visit to Brunei Darussalam yielded an investment "gift" for the Nusantara Capital City (IKN). This investment, valued at US$300-450 million or approximately Rp4.6-7 trillion (at an exchange rate of Rp15,557/US$), comes from a Brunei investor consortium.

According to *Katadata*, the IKN investment commitment was announced by Princess Anak Putri Hajjah Amal Rakiah, sister of Sultan Hassanal Bolkiah, while leading a delegation of investors who met with President Jokowi at the Assaara Guest House in Bandar Seri Begawan (BSB) on Saturday, January 13, 2024.

According to a written statement from the Indonesian Embassy in BSB, released in Jakarta on Sunday, January 14, 2024, Indonesian Ambassador to Brunei, Achmad Ubaedillah, stated that the written investment commitment for IKN was handed over by Princess Amal Rakiah to the IKN Authority Head, Bambang Susantono, witnessed by President Jokowi.

Regarding the IKN investment commitment, Ryada Holding Investment Group, as the investment consortium, has signed a Letter of Intent (LoI) for two housing projects.

Jokowi's visit to Brunei Darussalam was to attend the wedding of Sultan Hassanal Bolkiah's son, Prince Abdul Mateen, and Anisha Rosnah (or Anisha Isa-Kabelic) at the Balai Singgahsana Indera Buana, Istana Nurul Iman, on the previous day.

Regardless of this, what is the trend of Brunei Darussalam's investment in Indonesia over the last decade?

Over the past few years, Brunei Darussalam's investment in Indonesia has been relatively low.

According to the Indonesian Investment Coordinating Board (BKPM), Brunei Darussalam's investment in Indonesia throughout 2023 amounted to US$4,900, or approximately Rp76.22 million.

Notably, there was no investment from Brunei Darussalam in Indonesia in 2015 and 2021. The highest investment was in 2017, reaching US$8.53 million.

Brunei Darussalam's investment value is significantly lower than that of other Southeast Asian countries such as Singapore, Malaysia, Thailand, and the Philippines, whose investments in Indonesia exceeded US$45 million in 2023.

According to the BKPM, during the period 2013-2023, there were a total of 127 Brunei Darussalam investment projects in Indonesia. The highest number of projects was in 2016, with 31 projects.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Jokowi Receives Rp7 Trillion IKN Investment from Brunei Darussalam: Investment Trends

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