President Jokowi: Indonesia Investment Authority Will Gain Domestic, Foreign Trust

By Office of Assistant to Deputy Cabinet Secretary for State Documents & Translation     Date 16 Februari 2021
Category: News
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President Jokowi announces members of Board of Supervisors and Board of Directors of the Indonesia Investment Authority (INA), at the Merdeka Palace, Jakarta, Tuesday (16/2). (Photo taken from Presidential Secretariat’s YouTube channel)

President Joko “Jokowi” Widodo, on Tuesday (16/2), expressed his optimism that the country’s sovereign wealth fund, the Indonesia Investment Authority (INA), will gain domestic and foreign trust.

He went on to say that though Indonesia is one step behind the United Arab Emirates, China, Norway, Saudi Arabia, Singapore, Kuwait, and Qatar in establishing the state sovereign wealth fund, the INA will catch up to gain the trust.

“Countries, that have established their sovereign wealth funds decades ago, have a considerable amount of fund to finance their development projects,” he said after announcing members of Board of Supervisors and Board of Directors of the Indonesia Investment Authority (INA), at the Merdeka Palace, Jakarta, Tuesday (16/2).

According to the President, the INA has three strong points. First, it was established under a strong legal basis, and operated based on Government Regulation Number 74 of 2020. Second, the INA, as professional institution that is protected by the Laws, uses professional consideration and view in carrying out their tasks. Third, the INA is managed by Indonesia’s best human resources who have international experiences.

“With strong legal foundation, excellent Board of Supervisors and Board of Directors, and strongly established international network, I believe the Indonesia Investment Authority (INA) can get domestic and international trust, and become a world class sovereign wealth fund,” the President said.

The INA, he added, also holds strategic role in accelerating a sustainable development, increasing value of state assets in a long term, and providing alternative financing instrument for sustainable national development.

“With the INA, we will narrow the gap between domestic financing capacity and the needs to finance development programs. The INA will become a strategic partner for both domestic and foreign investors so the country can receive enough fund to finance development programs, particularly national infrastructure development programs,” he explained.

The President also call on all stakeholders including the House of Representatives, the Supreme Audit Agency (BPK), and other government institutions to support the INA for the sake of an advanced Indonesia.

For the record, members of INA’s Board of Supervisors are Minister of Finance Sri Mulyani Indrawati (Head), Minister of State-owned Enterprises Erick Thohir, Darwin Cyril Noerhadi (a member for 2021-2026 term of office), Yozua Makes (a member for 2021-2025 term of office), and Haryanto Sahari (a member for 2021-2026 term of office).

Meanwhile, members of INA’s Board of Directors consisted of five professionals, among others; Ridha Wirakusumah (Head of Board), Arief Budiman (Deputy Head), Stefanus Ade Hadiwidjaja (Investment Director), Marita Alisjahbana (Risks Director), and Eddy Porwanto (Finance Director). (TGH/UN) (RAS/LW)

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