Indonesia completes foreign investment regulation on new capital

JAKARTA, July 29 (Xinhua) — Indonesian President Joko Widodo announced the completion of the regulation on foreign investment in Nusantara, the country’s new capital, during his Sunday review of the city’s development progress.
“There have been around 300 letters of intent (to invest), yesterday we were still waiting for the regulation, now (the regulation) has been completed,” Widodo said.
The regulation includes incentives and land use rights periods.
The government will invite foreign investors back to see the progress of development in Nusantara soon.
As of Monday, Widodo has started work in Nusantara and the first cabinet meeting in the new capital will be held soon.
The Indonesian government is also preparing for its independence celebrations to be held in parallel in Jakarta and Nusantara. ■