We are pleased to announce that, further to our previous post titled "Progress Update: National Strategic Project Application", the Ministry of Investment and Downstream Industry ("BKPM") has confirmed via their letter dated 15th November 2024 that the New Batam Centre Land Reclamation and Development Project ("NBC Land") has entered into the BKPM's 100-Day Programme schedule which will be proposed to the President of Indonesia.
During this time, BKPM will coordinate with the relevant technical ministries related to the accelerated approval framework in accordance with applicable regulations to designate NBC Land as a National Strategic Project (Indonesian: Proyek Strategis Nasional, abbreviated "PSN").
Things are well on track, and we look forward to sharing with you more good news soon.
BKPM is a government agency responsible for coordinating policies and providing services related to investment in accordance with the provisions of legislation[1] including serving as a gateway for PSN designation, which are selected based on their contribution to increasing economic growth, equitable development, community welfare and regional development.
The PSN framework was established in 2016, and since then, the Indonesian government has completed 190 PSNs from 2016 to 2023 and predicted to absorb a workforce of 2.81 million individuals and bolster economic growth by 5.2%, with total investment cost of IDR1,515 trillion (USD96 billion) as at Feb 2024 with IDR475 trillion (USD30 billion) completed in 2023 alone[2].
This post constitutes the author's personal opinions, and should not be taken as a recommendation or advice for any kind of investment or securities. Kindly consult your financial, legal, tax, or any such other advisors for your specific needs accordingly.
