Renewed investor interest in Indonesia's proposed new capital

This comes after Prabowo’s presidential win as he had pledged to develop Nusantara

- Tan Tam Mei

Investor interest in Indonesia's proposed new capital Nusantara has been renewed, following official results that confirmed Defence Minister Prabowo Subianto will be the country's next president.

Much of the foreign investor interest has come from Singapore, according to Mr Bambang Susantono, head of the Nusantara Capital Authority, the Cabinet-level agency tasked with managing and developing the future capital.

In his election campaign, IndoPresident-elect Prabowo promised to continue the development of Nusantara, which was the brainchild of outgoing Indonesian President Joko Widodo.

"After the election, I could see the euphoria, some positive energy (for investment)," Mr Bambang told The Straits Times on the sidelines of the Indonesia-Singapore Business Forum 2024 held at the Hilton Singapore Orchard on March 27.

"The pace of discussions has picked up and it's now a high time for us."

Mr Bambang, a trained civil engineer and economist, added: "I think it's very clear that we have continuity and sustainability (for the Nusantara project). And the President-elect has visited us, he has also put his confidence in the project."