Press Statement of President of the Republic of Indonesia at Announcement of Board of Supervisors and Board of Directors of the Indonesia Investment Authority (INA) , Tuesday, 16 February 2021 at the Merdeka Palace, Jakarta

Bismillahirrahmanirrahim.

Assalamu’alaikum warahmatullahi wabarakatuh,

Distinguished Ladies and Gentlemen,

I need to emphasize that the Indonesia Investment Authority (INA) 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.

Indonesia is one step behind other countries in establishing the state sovereign wealth fund. The countries such as United Arab Emirates, China, Norway, Saudi Arabia, Singapore, Kuwait, and Qatar that have established their sovereign wealth funds decades ago, have a considerable amount of fund to finance their development projects. Although it is one step behind, it is never too late, and I believe the INA will catch up to gain domestic and international trust.

First, the INA was established under a strong legal basis, namely Job Creation Law. It operated based on Government Regulation Number 74 of 2020. Second, the INA, as professional institution that is protected by the Laws, uses professional considerations and views in carrying out their tasks. Third, the INA is managed by the nation’s best talents who are experienced in the international stage. They are selected by the selection committee assisted by professional headhunters.

On this auspicious occasion, I would like to introduce the nation’s best talents sitting on the INA’s Board of Supervisors and Board of Directors.

The Board of Supervisors consists of two ex officio members, namely Minister of Finance Sri Mulyani and Minister of State-Owned Enterprises Erick Thohir. I don’t think I need to introduce them.

Besides them, there are also three professional members. The first member is Haryanto Sahari who serves as a member of the INA Board of Supervisors. He is an expert in corporate governance and risk management, with more than 30 years of experience as a senior accountant auditing major world-class companies. He is also member of the Audit Committee of Unilever Indonesia from 2016 until now and has been a senior auditor at PricewaterhouseCoopers (PwC) Australia and a partner at PwC Indonesia. He is also experienced in leading the restructuring of various companies during the Asian economic crisis in 1998-1999.

The second member is Yozua Makes who also serves as a member of the INA Board of Supervisors. He is an expert in law, corporation and finance. He is the founder and Managing Partner of the law firm Makes & Partners and has more than 30 years of experience in the legal field with a specialization in handling corporate finance mergers and acquisitions, including foreign investment. Yozua Makes is the recipient of international awards as the Asia’s Best Legal Practitioner in Capital Market from the Asia Pacific Legal 500 and Recommended Corporate Transaction Lawyer from the Global Counsel 3000. I believe Yozua, as a corporate lawyer, has earned good international reputation.

The third member is Darwin Cyril Noerhadi who also serves as a member of the INA Board of Supervisors. He is an expert in the capital market who has experience in fundraising and investment of up to US$ 1.5 billion in Indonesia-Malaysia, India and Vietnam, as well as has experience as a commissioner and director in various well-known entities, including Corporate Finance Partner at PricewaterhouseCoopers Indonesia and Chairperson at Creador Capital.

Next, I would like to introduce members of the INA’s Board of Directors. The First member is Ridha Wirakusumah who serves as Chief Executive Officer (CEO) INA. He has extensive experience as a senior executive in the banking, financial services, and investment industries. His last position was the CEO at Bank Permata. Ridha has experience in various multinational companies, including as Director at Kohlberg Kravis Roberts in Hong Kong, President and CEO of Asia Pacific AIG in Hong Kong, President and CEO of Asia Pacific GE (General Electric) Capital Consumer Finance and Banking, and CEO of Maybank Indonesia.

The second member is Arief Budiman, the Deputy Chief Executive Officer of INA. He is an expert in the finance and investment industry, and has 25 years of experience in various international and domestic companies. Arief, at a very young age, has held a position of Director of PT McKinsey Indonesia. Arief has also been a consultant for Booz Allen Hamilton in the United States and Asia, President Director of Danareksa, and the Finance Director of state-owned oil giant Pertamina.

Third, Stefanus Ade Hadiwidjaja who serves as Chief Investment Officer of the INA. He is an expert and professional investment practitioner. He has experience as an international consultant, CEO, and Investment Committee in various multinational companies, Managing Director and Country Head of private equity firm Creador for Indonesia and Singapore as well as Territory Services Leader at IBM Indonesia.

Fourth, Marita Alisjahbana who serves as Chief Risk Officer of the INA. She is the most senior expert in risk management in Indonesia with more than 30 years of experience. She has been the Country and Corporate Risk Manager of private lender Citibank Indonesia for 15 years and is the first Indonesian citizen to hold this position. She has also been the Country and Corporate Risk Manager of Citibank Thailand, Vietnam, and the Philippines.

The last member is Eddy Porwanto who serves as Chief Financial Officer. He is an expert in financial management and has experience in performance turnaround and value improvement in various multinational companies. He has a lot of experience as a finance director in various industrial sectors (aviation, automotive and consumer goods), and has experience as a senior employee at Northstar Pacific as well as the Chief Financial Officer at General Motors Indonesia.

With a strong legal and political foundation, seasoned Board of Supervisors and Board of Directors, and a strong international network, I believe that the INA will gain both national and international trusts and become a world-class sovereign wealth fund.

I call on the Government, House of Representatives, the Supreme Audit Agency (BPK), and other government institutions to support the INA for the sake of an advanced Indonesia. The INA must has innovation, must dare to take outside-the-box decisions in a good governance. Indonesia must provide alternative financing instrument towards an Advanced Indonesia.

I conclude this statement.

I thank you.

Wassalamu’alaikum warahmatullahi wabarakatuh. (RAS/LW)