Jakarta. More than 70 private companies have expressed interest to invest in Indonesia’s planned new capital Nusantara, according to the capital city authority body chief Bambang Susantono.

“To date, more than 70 companies have submitted their letters of interest to the Nusantara city authority body,” Bambang said on Monday, as quoted by Jakarta Globe’s sister publication Investor.id.

Some of these companies specialize in transportation, education, renewables, sustainable farming, and smart city technology, to name a few. This includes the 11 letters of interest inked during Malaysian Prime Minister Anwar Ibrahim’s trip to Indonesia, according to Bambang.

The private sector will finance 80 percent of the construction of the new capital in East Kalimantan. The city's development is on the government’s list of national strategic projects. The government also intends to commemorate Indonesia’s 79 years of independence at IKN on August 17.

Bambang said Indonesia is aware of how pivotal legal certainty is in drawing companies to invest in Nusantara. According to Bambang, the project has a solid legal umbrella so the city development plans will continue uninterrupted.

“Judging by the progress, I’m sure Nusantara will continue to attract many investors from home and abroad,” he said.

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Piter Abdullah, the executive director at Segara Research Institute, said that investors should find Nusantara attractive, considering the city’s potential as the new economic epicenter in Indonesia. To illustrate, those who invested in the BSD City urban development project in the past are now enjoying the fruits of their investment.

According to Piter, the government should provide certainty to convince companies into investing in Nusantara. He added that infrastructure construction could help boost investors’ confidence.

The latest progress on the project shows that the Sepaku 1, 2, and 3 ring roads have reached 100 percent completion.

Construction of the government complex in Nusantara, including the presidential palace and office, as well as the presidential secretariat, has already begun. Three private investors have also obtained letters to proceed to start building 184 residential towers for civil servants.

“Once the government institution buildings finish construction, I'm sure investors will flock to the Nusantara project,” Piter said.