South Korean Delegation Rayu Authority Invests In IKN

The Capital Archipelago Authority (OIKN) invited South Korea to invest in IKN. This was marked by an audience meeting between OIKN and the National Agency for Administrative City Construction (NAACC) in Balikpapan, East Kalimantan, on Friday, June 21, 2024.

OIKN Secretary, Achmad Jaka Santos Adiwijaya, said this meeting was aimed at exploring opportunities for strategic cooperation between two institutions in the context of sustainable and modern development and management of the archipelago.

Discussions between the two sides cover various topics, including innovations in infrastructure development, opportunities for investment tenders from South Korea, as well as the implementation of sustainable practices that have been successfully implemented by NAACC in the management of administrative cities in South Korea.

"Cooperation with the NAACC is expected to make a significant contribution in accelerating the development of the archipelago as a modern and efficient center of government and strengthening bilateral relations between the two countries," said Jaka in a written statement, Saturday, June 22, 2024.

Jaka emphasized the importance of international collaboration in realizing the vision of the archipelago as a new green, intelligent, and sustainable capital city. In addition, investment certainty in IKN has also been guaranteed with a legal umbrella of Law Number 21 of 2023 concerning the State Capital.

This meeting is the first step in a series of further discussions that will be held to formulate a concrete framework. With this cooperation assessment, it is hoped that IKN development can run more efficiently and innovatively and be able to be an example for the development of other new cities in Indonesia and the world.

On this occasion, the NAACC brought senior and expert officials in the field of construction and urban planning from two South Korean government enterprises, Ciguarante and the Korean Land & Housing Corporation (LH). The Director General/Planning and Coordination Bureau of NAACC Park Sang-Ok expressed his enthusiasm for this potential cooperation.

He sees IKN as a very interesting project and its opportunities are wide open. He hopes to share the experience and technology they have to support the success of this project.

"The city of Sejong was built with the spirit of equitable development in South Korea, just like the archipelago for Indonesia. We (NAACC) want to share successful lessons and investment opportunities by bringing two state-owned companies from South Korea, Ciguarante and LH," said Park Sang-Ok.

Previously, delegates from KOICA (Korea International Cooperation Agency) also visited the IKN Jakarta and Nusantara Authority offices on November 27, 2023.

KOICA and NAACC are two South Korean government agencies that have jointly planned and built Sejong City, which is the capital of a new country in South Korea.

NAACC and the IKN Authority have also previously collaborated by signing a community center development project grant contract. The project is worth 20 million US dollars or equivalent to Rp. 329 billion (assuming an exchange rate of Rp. 16,477).