Invite Entrepreneurs To Get Involved, Jokowi: Development Of IKN Investments In Our Future

President Jokowi gave a speech during the groundbreaking of the Bank Indonesia office complex at IKN, PPU, East Kalimantan, Thursday, November 2, 2023). (ANTARA PHOTO-Hafidz Mubarak)

JAKARTA - President Joko Widodo (Jokowi) invites entrepreneurs, investors, and CEOs (chief executive officers) to contribute to the development of the capital city of the archipelago (IKN).

"This IKN is our future investment, Indonesia's sustainability investment. But to build it, the government cannot do it alone, we all need the role and contribution of entrepreneurs, investors and CEOs," Jokowi said at the 'Compas 100 CEO Forum' event held at IKN, East Kalimantan, and monitored online on Thursday.

To emphasize that collaboration is key, the President explained that the total IKN development budget, which reached 33 billion US dollars (around Rp523 trillion), could not be borne by the government itself.

Therefore, the government plans that the IKN development budget of 20 percent will come from the APBN while the remaining 80 percent through the government-private partnership scheme (PPP).

"I am happy after the government started (the development of IKN) 2 years ago, in the middle of this year the private sector entered, laid the first stone, and so on. And we are still prioritizing (investing) from within the country first," said Jokowi.

The President said that the private contribution would further accelerate the IKN development process, which is expected to be fully built within 15 years.

"I invite you all while the price of the land is still cheap. Because if you buy it at SCBD the price of land per meter is already Rp. 200 million, in Balikpapan it is already Rp. 10-Rp. 15 million, while here it is still below Rp. 1 million," he said.

"But maybe next week the price will have gone up. Next month it will go up because the price will keep moving. If there are many enthusiasts who sell cheap, that's not it," said Jokowi, jokingly.

The President also asked entrepreneurs not to worry about investing in IKN, because it has been regulated in law and is also supported by 93 percent of political party factions in the DPR.

I also see that the green economy going forward in our country is a great opportunity. That opportunity is very visible, it's just a matter of whether we want to start it immediately or not. It's just a matter of (decision), ladies and gentlemen, the state only regulates and facilitates everything," he said.