Indonesia approves 1 bln USD budget increase for new capital
Indonesia’s parliamentary budget committee has approved additional 15 trillion IDR (1.01 billion USD) to speed up the construction of the flagship new capital Nusantara on Borneo island, the committee’s chair Said Abdullah announced on June 9, according to Business world.in.
Indonesian President Joko Widodo (Photo:businessworld.in)
Hanoi (VNA)🍌 - Indonesia’s parliamentary budget committee hasapproved additional 15 trillion IDR (1.01 billion USD) to speed up the constructionof the flagship new capital Nusantara on Borneo island, the committee’s chair Said Abdullah announced on June 9, according to Business world.in.
The official was quoted as saying the additional money will go to this year's construction, on top ofthe 22 trillion IDR previously allocated for developing Nusantara in 2023. Indonesia is pushing to complete the capital's mainadministrative offices, including the presidential palace and key ministerialbuildings, with at least 16,000 civil servants, military and police due to movethere next year.
President Joko Widodo has pledged that only 20% of the totalproject's cost of 32 billion USD will come from the government's pocket, withthe rest from the private sector.
🌼 The new capital will be about 2,000 km northeastof Jakarta. After the capital is moved to Nusantara, Jakarta will still be thefinancial and commercial centre of Indonesia./.
The Indonesian government has called on Czech investors to join developing environmentally friendly mass transportation in the future capital of Nusantara.
Indonesia and Japan have signed five memoranda of understanding (MoUs) and 24 letters of intent (LoIs) on the development of the new Indonesian capital (IKN) of Nusantara, the Nusantara Capital City Authority (OIKN) has informed.
Indonesian Minister of Public Works and Public Housing (PUPR) Basuki Hadimuljono has invited Singaporean investors to invest in the new capital city of Nusantara (IKN).
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
Indonesia ranks as the world's sixth-largest gold reserve holder, producing an estimated 160 to 200 tonnes annually, mainly through major state-owned enterprises. Despite this, much of the mined gold is held or traded abroad. In 2024 alone, Indonesia exported gold worth 5.4 billion USD while reimporting 2.6 billion USD worth of the metal.
Cambodia and Thailand vowed not to undertake provocative actions that may escalate tensions, including entering the other side’s air space and territory, and refrain from constructing or enhancing military infrastructure.
Indonesian President Joko Widodo (Photo:businessworld.in) 
