Indonesia hails Chinese firm as first foreign investor in troubled new capital

25/9/2024 13:54

        Indonesia's President Joko Widodo broke ground on Wednesday for a Chinese firm's property complex in the Southeast Asian nation's troubled new capital on the island of Borneo, hailing it as a pioneering foreign investment that will lure others.
        
        Years after the president unveiled his $32-billion flagship plan, aimed at easing the burden on congested, sinking and overpopulated Jakarta, the new capital has battled problems from construction delays to a lack of foreign investment.
        
        Chinese property firm Delonix Group is "the pioneering foreign company investing in the new capital," said Jokowi, with its investment of 500 billion rupiah ($33 million) in the complex of hotels and offices.
        
        He added, "And this will bring confidence in other investors to enter the new capital."
        
        uthorities there said, it is the first foreign investment in the new capital.
        
        Jokowi earlier presided at the groundbreaking of another property complex developed by a domestic firm in partnership with a Russian developer.