Indonesia names leadership 'dream team' for new sovereign fund
The new sovereign fund is Indonesian President Prabowo Subianto's key vehicle to achieve his 8% growth target by 2029 by managing all shares of state-owned enterprises and reinvesting the dividends in commercial projects.
Jakarta (VNA) – New sovereign fund Danantara Indonesia on▨ March 24 unveiled its "dream team", which includes several former leaders of Indonesia and Thail꧋and, to chart its strategy.
Specifically, former Indonesian Presidents Joko Widodo and Susilo Bambang Yudhoyono were named members of the fund's steering committee, while Ray Dalio, founder of the world's largest hedge fund Bridgewater, will assume the advisory role alongside former Thai Prime Minister Thaksin Shinawatra.
Those persons have not made any official responses to the information.
Danantara CEO Rosan Roeslani said that the appointments of professional executives will further secure market confidence. Not only the fund’s steering commitee, Danantara's directors include former officials from banks such as Bank Mandiri, HSBC, and a former director at Indonesia's central bank.
Danantara, launched last month, is Indonesian President Prabowo Subianto's key vehicle to achieve his 8% growth target by 2029 by managing all shares of state-owned enterprises and reinvesting the dividends in commercial projects. The fund is slated to eventually manage more than 900 billion USD worth of assets. It is the second sovereign wealth fund of Indonesia after the Indonesia Investment Authority, but will operate independently.
In its first wave of investment worth 20 billion USD, Danantara will target projects in natural resources processing, artificial intelligence development, as well as energy and food security.
However, according to analysts, the establishment of Danantara and concerns about the state's substantive role in the economy were among the causes of a market selloff last week in Indonesia, making the main stock index fall as much as 7% and triggering a trading halt./.
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