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Some potential Nusantara investors are holding onto their money until Indonesian President Joko Widodo paints a "big picture" of what he envisions.   © Nikkei montage/Source photos by Jun Suzuki, Reuters
Asia Insight

Jokowi struggles to drum up investors for new Indonesia capital

As SoftBank withdraws, Japan Inc. takes wait-and-see approach to $30bn project

NANA SHIBATA, Nikkei staff writer | Indonesia

BALIKPAPAN, Indonesia -- In late June, Japanese investors appeared puzzled while visiting near the construction site of a new presidential palace in the jungles of Borneo. Aside from trees, they could only see a white sign with the words, "titik nol," indicating the center point of Indonesia's future capital, Nusantara.

"This makes it hard to get an idea of the investment," one of the participants who asked to remain anonymous said. The investors were invited on the trip by Indonesia's Ministry of Investment, and many shared similar sentiments.

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