Indonesian President Joko Widodo has called for more investment in a project to build the nation's new capital, as the government plans to begin relocating in August.

Construction is underway to move the capital from Jakarta to a site in the province of East Kalimantan on Borneo Island about 2,000 kilometers away. The new capital is named Nusantara.

The president participated in a groundbreaking ceremony for office buildings and other facilities at the construction site on Tuesday.

Joko renewed his call to domestic and overseas businesses for more funding, saying investing in the new capital is a big chance for the future.

Indonesian government officials say the total cost of the project is estimated at about 33.4 billion dollars. They plan to fund 80 percent of the cost with investment and other sources from home and abroad.

The construction is ongoing in five stages. In the first stage, the presidential palace is being built at the center of the site.

The government aims to hold the country's Independence Day ceremony in August at the new palace.

Indonesia hopes to complete the relocation by 2045, the centenary of Indonesian independence.