Nusantara, East Kalimantan. President Joko "Jokowi" Widodo on Thursday laid the foundation stone for the first-ever hotel in the future national capital, Nusantara, located in East Kalimantan.

This landmark hotel, aptly named "Hotel Nusantara" after the emerging capital, is being developed by a consortium of prominent Indonesian business magnates, spearheaded by Sugianto Kusuma, also known as Aguan.

Aguan is the owner of the renowned property company Agung Sedayu Group.

In his opening remarks, President Jokowi expressed his gratitude to Aguan and his associates for their presence and for instilling investor confidence in Nusantara. 

"This project serves as a catalyst that will attract many other investors to Nusantara. I am confident about that," Jokowi said.

The construction of Hotel Nusantara is estimated to require an investment of Rp 20 trillion ($1.3 billion).

The president also revealed that additional private sector projects will soon commence, focusing on the construction of hospitals, retail centers, educational institutions, and other essential facilities. These developments will complement the ongoing construction of fundamental infrastructure, including roads, an airport, utilities, and public buildings, undertaken by the government.

The government aims to officially relocate the national capital from Jakarta to Nusantara during the Independence Day celebration next August.