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‘Like Temasek’: Indonesian President Prabowo’s new investment body could compete with developed countries, officials say - Nrvrn

‘Like Temasek’: Indonesian President Prabowo’s new investment body could compete with developed countries, officials say

‘Like Temasek’: Indonesian President Prabowo’s new investment body could compete with developed countries, officials say

JAKARTA: A new investment body created by Indonesia’s newly inaugurated president will compete with those of developed countries and help attract foreign investment, according to newly appointed officials.

Mr Prabowo Subainto intends to establish the Daya Anagata Nusantara (Danantara) Investment Management Authority on November 8th. It is said to be similar to established investment entities such as Singapore’s Temasek Holdings.

“Eventually it will be something similar (to Temasek Holdings),” the investment body’s newly appointed head, Mr Muliaman Darmansiah Hadad, told reporters on Monday (28 October), as quoted by local media platform Detik.

In preparation for the launch, Mr Prabowo invited Mr Muliaman, who is also the former head of the Indonesian Financial Services Authority (OJK), to a meeting at the Presidential Palace in Jakarta on October 28.

“I have been tasked with ensuring that all preparations for the official launch of the President himself on November 8 are in full swing,” Mr. Muliaman said after the meeting, confirming that Mr. Prabowo will directly preside over the inauguration ceremony of the investment management body.

“All allocated government assets will be managed by the agency, but this will be done gradually: first an investment body will be created and then legislation will be passed,” Mr Muliaman said.

He noted that the creation of the agency would require changes to the Public Enterprises Law (BUMN), the Jakarta Globe reported.

The investment body, which operates and functions differently from the Ministry of Public Enterprises, will focus solely on investment management and is said to reflect Mr Prabowo’s commitment to creating a more integrated and focused national investment management, Mr Muliaman said as quoted in local Media.

Meanwhile, the Ministry of Public Enterprises is tasked with formulating government policies and overseeing profit-oriented commercial enterprises.

According to The Jakarta Post, Danantara will be more similar to the Indonesian Investment Authority (INA), but with a larger fund.

INA is Indonesia’s existing sovereign wealth fund, established in 2020.

“Danantara is tasked with managing investments outside of the APBN (state budget), so all allocated government assets will be managed by the investment body, but this will be done in a phased manner,” Mr Muliaman said.

He added that Danantara could potentially merge with INA in the long term.

“Ideally there should be a merger between Danantara and INA,” he was quoted as saying in the Jakarta Globe.

“We will initially consolidate assets and develop relevant legislation. We will then work with other ministries to shape the structure of the agency and the goal is to rationalize and improve the management of dispersed public investments,” Mr Muliaman explained as quoted by local media. Tempo platform.

Additionally, at an event at Gadjah Mada University in Yogyakarta on Monday, Indonesian Deputy Finance Minister Anggito Abimanyu expressed confidence that assets managed by Danantara, including national investment funds as well as state-owned enterprise funds (BUMN), have the potential to compete with assets under controlled by Danantara. developed countries, as reported by local media.

As of 2021, the ministry oversees more than 100 state-owned enterprises holding US$600 billion in assets, according to the Asian Development Bank.

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