A general view shows the presidential palace during celebrations marking Indonesia's 79th Independence Day in the future capital Nusantara, in Sepaku, Penajam Paser Utara, East Kalimantan, on Aug 17, 2024. - Photo by BAY ISMOYO/ AFP
JAKARTA: The Indonesian government announced on Wednesday (Aug 21) that it would grant investors in its new capital city of Nusantara building use rights (HGB) or land concession and business use rights (HGU) for up to 80 years, aiming to attract more business players to invest in the new capital on Borneo Island.
According to the newly issued regulation, investors can obtain HGB and HGU for 80 years in a single cycle, with the option to renew for another 80 years.
"We are rolling out the red carpet for investors. We don't want them to face a lengthy process to invest here.
"We are streamlining the administrative process to attract more investors," Indonesian Minister of Public Works and Public Housing Basuki Hadimuljono told reporters in Jakarta.
Indonesia is planning to move its capital to Nusantara, a newly built city relying on foreign investments for the nearly US$30 billion project.
The central government has issued various incentives to attract investments, including income tax holidays, import tax exemptions, and long-term land use permits. - Xinhua
