Jakarta. President Prabowo Subianto inaugurated the Danantara Investment Management Agency (Daya Anagata Nusantara) by appointing Muliaman Darmansyah Hadad as its head. The newly established agency will handle government investment assets outside the state budget (APBN).

“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,” said Muliaman, former head of the Financial Services Authority (OJK), during the ceremony at the Presidential Palace on Tuesday.

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.

The agency’s development and its possible integration with sovereign wealth fund INA evoke comparisons to Singapore’s Temasek, which centralizes and manages key national assets.

“Initially, we will consolidate assets and draft the relevant legislation. Then, we’ll work with other ministries to shape the agency’s structure. The goal is to streamline and enhance the management of dispersed government investments,” Muliaman added.

He also mentioned that Danantara’s operational budget will be allocated in next year’s APBN.

“Ideally, a merger between Danantara and INA should happen,” he concluded.