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Indonesia sets up agency to handle government investment assests

Indonesian President Prabowo Subianto has inaugurated the Danantara Investment Management Agency (Danantara) - an agency responsible for handle government investment assets outside the state budget (APBN).

A view of South Jakarta's skyline. (Photo: thejakartapost.com)
A view of South Jakarta's skyline. (Photo: thejakartapost.com)

Jakarta (VNA) – Indonesian President Prabowo Subianto has inaugurated the Danantara Investment Management Agency (Danantara) - an agency responsible for handle government investment assets outside the state budget (APBN).

Head of the agency Muliaman Darmansyah Hadad spoke at the agency's inaugural on October 22 that Danantara is tasked with managing investments beyond the APBN. It will gradually assume control of separated government assets, starting with its formation and the drafting of necessary laws.

He said that Danantara is expected to lay the groundwork for a future super-holding entity for state-owned enterprises (SOEs) and indicated a potential merger with the Indonesia Investment Authority (INA).

Unlike the SOE Ministry, Danantara’s focus will be solely on investment management.

According to Indonesian media, the agency’s development and its possible integration with sovereign wealth fund INA evoke comparisons to Singapore’s Temasek, which centralises and manages key national assets./.

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