Jakarta (VNA) 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).

Minister Hadimuljono welcomed the visit of 95 Singaporean investors to the IKN construction project area. The visit is part of the series of activities of the Singapore Business Visit to IKN Nusantara in East Kalimantan, he told media in Jakarta on May 31.

He said he hopes that this visit will be a memorable experience for the investors, encouraging them to decide to invest in the IKN.

The minister said that this is the right time for investors to start to invest, as the government has signed and received several memoranda of understanding (MoUs) and Letters of Intent (LOIs).

Earlier, while attending the Leaders' Retreat in Singapore last March, President Joko Widodo highlighted that the Indonesian government had received LOIs from some 20 private Singaporean companies in which they conveyed their interest in investing in IKN.

Minister Hadimuljono expected that the Singaporean investors' visit will, in turn, assure them to invest, saying that their investments in the IKN will provide positive impacts on the cooperation of both countries in the future.

He told the investors that the Indonesian government had commenced the construction process for the new capital city. IKN Nusantara is no longer merely a dream, as the construction process is already underway, he affirmed.

The PUPR Ministry will be in charge of providing basic infrastructure until Stage I in 2024, and the construction will proceed to the other stages, he said.

Meanwhile, PUPR Ministry's Head of the IKN Development Task Force Danis H. Sumadilaga said that the physical construction process has reached 29.45% completion.

The Singaporean investors' visit was held under the collaboration between the Investment Ministry and Investment Coordinating Board (BKPM) and the Indonesian Embassy in Singapore./.