Jakarta. The Indonesian sovereign wealth fund INA and the Canadian government-owned export credit agency EDC recently inked a partnership worth around $594 million that aimed to attract investments to Jakarta’s strategic sectors.

The two agencies inked a memorandum of understanding (MoU) that will act as a springboard for Canadian investments in Southeast Asia’s biggest economy. EDC -- short for Export Development Canada -- will set up a financing allocation of up to CAD$825 million (around $594 million) for INA’s investments. The money will go into exploring financing solutions and joint opportunities in key sectors, including cleantech and agrifood. Canadian Prime Minister Mark Carney also talked of this freshly signed MoU when hosting President Prabowo Subianto in Ottawa on Wednesday local time.

“It’s a partnership that will mobilize over CAD$800 million in private capital for Canadian exporters and investors across priority sectors, ranging from infrastructure, digital services, renewable energy, and advanced manufacturing,” Carney told a joint presser.

INA’s chief executive officer Ridha Wirakusumah said that this partnership would be mutually beneficial.

“... It enables Canadian capital and capabilities to support Indonesia’s growth while opening new opportunities for Canadian businesses in one of Asia’s fastest-growing economies,” Ridha was quoted as saying in a press statement. 

EDC’s senior vice president for international markets Todd Winterhalt also admitted that his agency saw potential in Indonesia’s economic prowess, thus prompting the institution to sign the document. “[Indonesia] has become a major investment destination for Canadian exporters,” Winterhalt said.

INA, also known as the Indonesia Investment Authority, reported that its cumulative deployed capital alongside its partners had reached Rp 65.4 trillion (around $3.9 billion) as of May 2025 since its inception in 2020. Some of the investments went to logistics, digital infrastructure, and healthcare. The preceding Joko “Jokowi” Widodo administration established INA to catalyze foreign direct investments in the country. During Prabowo’s presidency, Indonesia formed another sovereign fund, Danantara, that consolidates the country’s state-owned enterprises.

Prabowo’s trip saw the signing of a much-anticipated bilateral free trade agreement. According to Carney, Indonesia is Canada’s biggest export market in Southeast Asia. 

Indonesian Trade Ministry data showed that the country saw $2.1 billion of Canadian imports throughout 2024, causing Jakarta to run a $693.2 million deficit. Official statistics also revealed Canadian investments in Indonesia amounted to nearly $124.4 million in the first quarter of 2025. This made Canada Indonesia's thirteenth-largest foreign investor.