Jakarta. President Joko "Jokowi" Widodo addressed the shortfall in private investment for Indonesia's future capital, Nusantara (IKN), which has yet to reach the targeted Rp 100 trillion ($6.38 billion) by the end of 2024. Currently, investments have only reached Rp 58 trillion.

“We must remain optimistic. We have to select which investments come in, as there are many potential investors," Jokowi said after opening the BNI Investor Daily Summit 2024 at the Jakarta Convention Center on Tuesday.

Jokowi explained that while all investors have the opportunity to invest in IKN, they must first demonstrate their seriousness and undergo a selection process.

“Are you serious? If you are serious, then you will be given opportunities. Not everyone can just enter and invest; it must be a careful selection process, which is why the current investment is only at Rp 58 trillion,” he said.

He emphasized that the Rp 58 trillion already committed to Nusantara is a significant amount. “This figure is substantial. Rp 58 trillion represents a large investment,” he added.

To date, Indonesia's new capital project has recorded private investments totaling Rp 58.4 trillion. The flow of private investment into the new capital is expected to grow as more projects commence, with various domestic and foreign companies initiating their own developments, including hotels and hospitals.

The government aims for private investors to contribute 80 percent of the total funding required to develop the new capital. This means state funds will account for less than a quarter of the overall budget. Initial estimates suggest that the total cost of relocating the capital could reach around $33 billion.