Indonesia offers 95-year land use for investors of new capital
Source: Xinhua | 2023-03-10 | Editor:Christine
The Indonesian government announced on Thursday a new regulation for investment in its new capital city project, including an incentive of 95-year land-use permits for the investors.
The new capital, named Nusantara, is located in an area covering 256,142 hectares of land on Kalimantan, Indonesia's second-largest island.
"The new policy is expected to attract more investment from private sectors, particularly foreign investors, to invest in this new capital project. With this policy, we want to provide legal certainty as well as convenience and comfort for the investors," Chairman of the Nusantara Authority Bambang Susantono said in a statement.
The regulation, signed by President Joko Widodo on March 6 and has taken into effect since then, grants land-use permits to investors for 95 years in one cycle, and can be extended in the second cycle for another 95 years. In total, the investors can hold the permits for up to 190 years.
"This regulation shows the commitment of the Indonesian government to speed up the development of the new capital city whilst creating a comfortable investment climate," Susantono said.
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