Jakarta. Investment Minister Bahlil Lahadalia said on Saturday that the forthcoming national capital, Nusantara, has secured commitments of Rp 50 trillion ($3.2 billion) in investments from foreign entities spanning Asia and Europe.

These investments are earmarked for deployment upon the completion of fundamental infrastructure in Nusantara.

"We've sealed investment commitments amounting to approximately Rp 50 trillion from foreign investors," Bahlil was quoted as saying by the Antara news agency.

The pledged investments encompass diverse sectors, including hospitality, retail centers, educational institutions, and healthcare facilities, he added.

"However, our priority is to finalize the infrastructure first. Initial investments will be geared toward domestic investors, with foreign investors joining in the subsequent phase," he said.

In addition to foreign investors, prominent local real estate companies like Mayapada and Agung Sedayu Group have solidified their commitment by initiating ventures such as a five-star hotel, hospitals, and sports facilities in Nusantara.

The anticipated cost to develop the new capital in East Kalimantan province is projected to reach approximately Rp 560 trillion, depending on inflation rates, Bahlil said.

Of this total, 20 percent will be allocated from the state budget, while the remaining finances will be sourced from private investments.

Despite the government's plan to relocate the capital from Jakarta to Nusantara as early as next year, the complete construction of the new capital is estimated to span up to 20 years.

Bahlil's remarks were in response to a statement made by vice-presidential candidate Mohammad Mahfud MD, who alleged that the new capital has failed to attract investments during a debate on Friday evening.