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Malaysia will invest in Indonesia's new capital on Borneo island, which both nations share.
The country's prime minister Anwar Ibrahim said on Monday that at least 10 Malaysian companies have committed to invest in Nusantara.
Anwar cited the proximity of Nusantara to Malaysia's Sabah and Sarawak states and federal territories on Borneo island, saying the new capital's growth will benefit the region's economy.
The first phase of development of Nusantara started in March last year and is expected to be completed in 2045.
Anwar and Indonesian President Joko Widodo also witnessed the signing of agreements for economic cooperation estimated to be worth $263 million.
The two sides also discussed issues of land and maritime border demarcation, and employment and protection of Indonesian migrant workers in Malaysia.
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