Twenty private companies from Singapore have shown interest to invest in the development of Nusantara Capital City (IKN), East Kalimantan as contained in the Letter of Intent signed between President Joko Widodo and Singapore Prime Minister Lee Hsien Loon in the Leaders’ Retreat on 16 March 2023. In this event, another MOU was also signed for other sectors including sustainable housing development, knowledge collaboration, research, and human resources capacity development.