Jakarta. Indonesia’s sovereign wealth fund Danantara and its Russian counterpart RDIF recently announced that they would set up a joint investment platform worth €2 billion or approximately $2.3 billion.

The platform was among the major deals that President Prabowo Subianto would bring home from his first state trip to Russia. RDIF -- short for Russian Direct Investment Fund -- claims to boast 2.3 trillion rubles ($29.3 billion) in investments. It has been officially included in the list of Danantara’s foreign partners. 

Danantara said that the Russia-Indonesia Investment Platform (RIDNIP) would put up to €2 billion in capital to implement investments in both countries. The investments will specifically target companies in strategic industries and aim to enable bilateral technology transfer. Indonesia has expressed hope that this partnership will deepen its tech self-reliance in critical sectors such as advanced manufacturing and food security.

“Through the RIDNIP, we aim to channel cross-border investment into strategic sectors that enhance economic resilience, drive industrial transformation, and unlock sustainable, long-term growth across both our economies,” Danantara CEO Rosan Roeslani was quoted as saying in a press statement.

Likewise, RDIF's chief executive officer Kirill Dmitriev said that the agreement reflected "significant potential for joint projects across energy, infrastructure, agriculture, and other strategic sectors”.

Prabowo has been heavily promoting Danantara on his state trips and international interactions since the fund’s inception. Earlier this week, he nudged Singaporean Prime Minister Lawrence Wong into having Danantara partner with Temasek on renewable energy.

When Prabowo flew to Doha a few months ago, he did not come home empty-handed. Danantara announced at the time that it would establish a $4 billion joint investment fund with the Qatar Investment Authority (QIA). 

Rosan, who accompanied Prabowo on his Russia trip, took the opportunity to meet local companies, including one of the world’s largest aluminium producers, RUSAL. In a social media post, he claimed that RUSAL was open to partnering with Danantara on the industrial processing sector.