Whether It's Good News Or Bad News, SoftBank Says Goodbye To Indonesia's New Capital Project

The President of the Republic of Indonesia, Joko Widodo, together with his ministers met with Softbank officials. (Photo: Doc. Antara)

JAKARTA - SoftBank Group confirmed that it is not investing in Indonesia's project to build Indonesia's new capital city in Kalimantan.

"We did not invest in this project, but we continue to invest in Indonesia through the SoftBank Vision Fund portfolio company," SoftBank said in a statement.

Previously, in 2019, Indonesian President Joko Widodo announced plans to move the Indonesian capital from Jakarta. SoftBank chairman and CEO Masayoshi Son was appointed a member of the steering committee for the project, along with Abu Dhabi crown prince Mohammed bin Zayed Al Nahyan and former British Prime Minister Tony Blair.

In January 2020, Son met with Joko Widodo and other ministers in Jakarta to discuss potential projects.

"New smart city, latest technology, clean city and lots of AI. That's what I want to support," he told reporters after the meeting.

Even so, SoftBank has not publicly said how much it is investing in.

For information, SoftBank is a major investor in Indonesia with stakes in companies such as internet conglomerates GoTo and Singapore-based Grab, which have a large presence in the country.