Indonesian President Joko Widodo has said that the Republic of Korea has agreed to support the development of the country's new capital (IKN) Nusantara with a total investment of 6.37 billion USD.

President Widodo hailed the RoK’s support in cooperating to develop the new capital at a joint press conference with host President Yoon Suk-yeol in Seoul on July 28 during his visit to the northeastern country.

“The total investment value reaches 6.37 billion USD and will absorb more than 58,000 workers," the Antara news agency quoted President Widodo as saying.

During the visit, the two countries’ leaders witnessed the signing of a memorandum of understanding (MoU) on investment cooperation between the Indonesian steel company PT Krakatau Steel, the Ministry of Investment, and the RoK’s POSCO Holdings.

Krakatau Steel and POSCO agreed to invest in the expansion of steel production capacity, especially for the production of electric vehicles, and the development of IKN Nusantara. Investment under the cooperation is estimated to reach 3.5 billion USD.

The RoK government also agreed to build a wastewater treatment plant for IKN Nusantara in East Kalimantan province.

Source: VNA