Politics
Jokowi explains decision to grant 190-year land rights to new capital investors
TEMPO.CO, Jakarta – President Joko Widodo or Jokowi Jokowi spoke about his decision to grant 190 years of cultivation rights to investors in Nusantara Capital City or the IKN project. Jokowi said the government wants to attract as many investors as possible, both foreign and domestic.
“The state budget only covers the construction of the central government area and we hope investors will cover the other areas (in Nusantara),” he said before leaving for the UAE on Tuesday, July 16, 2024. “We want the IKN Authority to be truly empowered to attract as much investment as possible, both foreign and domestic,” he added.
Jokowi signed a new decree on accelerating the development of IKN last week, on July 11, 2024. The new regulation includes 14 articles, one of which stipulates the extended period of the right to cultivate in IKN.
Article 9 (2) of Presidential Decree Number 75 of 2024 stipulates that the right to cultivate will be granted for a maximum period of 190 years over two cycles, 95 years in the first and 95 years in the second cycle.
There has been no foreign investment in the new capital project, despite hundreds of memoranda of understanding and letters of intent received by the government. Investment Minister Bahlil Lahadalia revealed on June 11 that there had been only domestic investment in IKN.
The new regulations also govern the right to build and the rights to use buildings for a maximum period of 160 years over two cycles, based on an assessment and criteria.
The IKN Authority will conduct an evaluation every 5 years after the granting of the first cycle of rights.
In addition to extending land rights for IKN investors, the government is also preparing provisions on compensation for residents affected by the construction of the new capital. Compensation is provided in the form of money, replacement land, settlements and other forms agreed upon by both parties.
DANIEL A. FAJRI
Editors Choice: IKN Authority Claims to Have Obtained 421 Letters of Intent to Invest in New Capital
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