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Reuters
Reuters
Business
By Hyonhee Shin

Indonesia and South Korea expand cooperation on new capital city project

Indonesia South Korea Yoon Sukyeol Joko Widodo Jakarta Borneo Borneo island
Indonesia's President Joko Widodo shakes hands with South Korea's President Yoon Suk-yeol at the Presidential Office in Seoul, South Korea, July 28, 2022. Yonhap via REUTERS

Indonesia expanded a cooperation agreement with South Korea on Thursday relating to the construction of a new capital city on Borneo island to replace overcrowded Jakarta, paving the way for Korean firms to participate in building digital infrastructure.

The two countries initially signed an agreement in 2019 to work together on the ambitious $32 billion project, under which Indonesia will relocate its capital to Nusantara on Borneo. No timeframe has been announced yet for its completion.

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