Indonesia and South Korea Expand Cooperation on New Capital City Project

SEOUL (Reuters) – Indonesia expanded a cooperation settlement with South Korea on Thursday relating to the building of a new funds metropolis on Borneo island to swap overcrowded Jakarta, paving the way for Korean companies to participate in constructing digital infrastructure.

The two nations around the world initially signed an arrangement in 2019 to do the job jointly on the ambitious $32 billion venture, under which Indonesia will relocate its capital to Nusantara on Borneo. No timeframe has been announced however for its completion.

The revised arrangement was made in the course of a summit concerning South Korean President Yoon Suk-yeol and Indonesian President Joko Widodo, normally recognised as Jokowi, in Seoul.

The new agreement “laid the groundwork for our corporations to actively add to creating the new Indonesian capital’s infrastructure, digital govt and good town systems,” Yoon advised a joint information meeting.

Jokowi stated the two international locations had already begun partnerships in the improvement of the new cash, which includes in design and water provide.

Yoon stated South Korea can share its encounter from developing the administrative city of Sejong, which was formally launched in 2012.

Jokowi said initial construction do the job on the capital was less than way for the duration of a pay a visit to there previous month.

The Indonesian chief also mentioned he had pushed for expenditure partnerships with Korea, significantly in the growth of electric powered vehicles in Indonesia, together with an built-in battery market task with the mining and automotive steel industries.

(Reporting by Hyonhee Shin Added reporting by Stanley Widianto in Jakarta Edited by Simon Cameron-Moore and David Holmes)

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