IKN Authority Receives 284 Letters of Investment Interest, Majority from Domestic Sources

Based on data from the Nusantara Capital City Authority (IKN), 284 letters of intent (LOIs) have been received from domestic and foreign investors.

Agung Wicaksono, Deputy for Funding and Investment at the IKN Authority, stated that the majority of these letters of intent originated from within the country.

"So far, we have received 284 LOIs from approximately 21 countries, with almost half coming from Indonesia," Agung said at the Eight-Year Anniversary of National Strategic Projects event in Jakarta on Wednesday (September 13, 2023).

He detailed that the number of letters of intent from Indonesia reached 162 LOIs. This was followed by Singapore and Japan with 27 and 25 LOIs respectively.

"Neighboring countries like Malaysia and Singapore are significant, as are China and Japan. So, the usual partners we have, ASEAN neighbors. And we will continue to monitor this to realize investment in IKN," Agung explained.

Investors must go through at least eight investment application processes. Agung explained that after receiving the LOI, a direct meeting will be held between the IKN Authority and the prospective investor, followed by the absorption of the investor's LOI response letter.

If both parties agree, a feasibility study will be conducted, ultimately leading to the deal closing of the project to be built.

"So, this is the stage we have prepared. We will continue to monitor this to realize investment in IKN," Agung stated.

(See also: Ministry of PUPR Allocates Rp35 Trillion to Build IKN in 2024, Here's the Breakdown)