Jakarta. President Prabowo Subianto is scheduled to launch the Investment Management Agency Daya Anagata Nusantara (Danantara) next week. This agency will function as an investment management body in Indonesia, akin to other state investment funds like Singapore's Temasek and Norges Bank Investment Management (NBIM).

In preparation for the launch, President Prabowo invited Danantara's Head, Muliaman Darmansyah Hadad, to attend a limited meeting at the Presidential Palace in Jakarta on Monday.

“Regarding Danantara, I have been asked to ensure that all preparations are well underway. The official launch by the president is planned for Nov. 8. Currently, we are continuing our preparations,” Muliaman said after the meeting.

He confirmed that President Prabowo would directly lead the inauguration ceremony for Danantara and mentioned that the establishment of this agency would require changes to the Law on State-Owned Enterprises (BUMN).

“All government assets that have been separated will be managed by this agency. However, this will be done gradually; the agency will be established first, followed by the creation of the law,” Muliaman said.

Muliaman emphasized that the establishment of this agency reflects President Prabowo's commitment to creating a more integrated and directed management of national investments.

Separately, Deputy Finance Minister Anggito Abimanyu expressed confidence that Danantara’s assets under management, including national investment funds and state-owned enterprises (BUMN) funds, would rival those of developed nations.

“The President will announce how much funding we have gathered from our shares, our capital in Pertamina and state utility PLN, as well as from SOEs and pension funds,” Anggito said.

He noted that nearly all countries consolidating their financial and investment assets have been able to significantly increase their national financial leverage.

Norway ranks first in successfully consolidating its financial assets through Norges Bank Investment Management (NBIM), managing assets worth $1.8 trillion. Following Norway are China Development Bank with $1.24 trillion, Abu Dhabi Investment Authority at $993 billion, and Saudi Arabia's Public Investment Fund (PIF) at $847 billion.

Other notable entities include Qatar Investment Authority at $765 billion, Russia's National Wealth Fund (NWF) at $510 billion, Singapore’s Temasek at $332 billion, Kuwait Fund for Arab Economic Development at $302 billion, and Malaysia’s Khazanah at $30 billion.

“Indonesia is somewhere in the middle,” Anggito remarked.

He clarified that Danantara's managed funds are not for immediate spending as they are non-liquid, but they can enhance funding and attract substantial foreign investment.

“So this is non-liquid funding, but if we consolidate, we become a solvent superholding entity that can attract funding from others. This will finance strategic projects,” he explained.

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