Jakarta, Nov. 5 -- The newly inaugurated head of the Nusantara Capital Authority (OIKN), Basuki Hadimuljono, is exploring private investment opportunities to accelerate the construction of Nusantara capital city (IKN) in East Kalimantan over the next 3 to 4 years.

Currently, OIKN has received around 500 letters of intent (LoI) on IKN construction from private entrepreneurs, which need to be followed up without delay, he said after being sworn in as OIKN head on Tuesday.

"Previously, LoI was not just investors; after we mapped it out, it turned out that there are consultants, contractors, and suppliers. We prioritized the investors, which is less than half of them," he informed.

He said that the investors are more keen on the developmen...