Indonesia sets up new investment firm to function as super holding for SOEs

JAKARTA, Oct. 22 (Xinhua) -- Indonesia has established a new investment firm, intended to become a super holding company for state-owned enterprises focused on investment management, similar to Singapore's Temasek.

President Prabowo Subianto appointed former Deputy Governor of Bank Indonesia and former Ambassador to Switzerland, Muliaman Darmansyah Hadad, as the head of the Daya Anagata Nusantara (Danantara) Investment Management Agency on Tuesday.

"This agency is tasked with managing investments outside the state budget. The process will be gradual, starting with the formation of the agency, followed by the creation of its legal framework," said Muliaman after the inauguration at the State Palace in Jakarta.

The agency's initial work plan includes consolidation and the development of relevant laws, in coordination with various ministries.

Funding for the agency's operations will begin next year. Muliaman also noted the potential merger of Danantara with the Indonesia Investment Authority as a long-term goal. ■