Indonesia’s outgoing President Joko Widodo is on the hunt for foreign investment into the country’s planned new capital city before his time in office runs out.
Joko met with United Arab Emirates President Mohamed bin Zayed on Wednesday in Abu Dhabi. They agreed to jointly develop a new financial center in the new capital, Nusantara.
The city will be located more than 1,500 kilometers northeast of Jakarta. The project is estimated to cost over 30 billion dollars.
The government has taken various measures to attract investors, such as granting land rights for 190 years.
Joko’s term as president ends in October. His office was scheduled to move to Nusantara by July. But a lack of operational infrastructure saw the plan delayed.