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Jakarta Post

Indonesia to follow Russian model to establish sovereign wealth fund

  • Riska Rahman

    The Jakarta Post

Jakarta   /   Mon, February 10, 2020   /  01:04 pm
The Jakarta Post Image
President Joko “Jokowi” Widodo chats with Abu Dhabi’s Crown Prince Sheikh Mohammad bin Zayed Al Nahyan during his visit to the United Arab Emirates on Jan, 12. During the meeting, Jokowi unveiled his plan to establish a sovereign wealth fund to attract foreign investment into Indonesia. (Presidential Palace Press Bureau/Laily Rachev)

Indonesian will follow Russia’s model to establish the sovereign wealth fund announced by President Joko “Jokowi” Widodo during his visit to the United Arab Emirates (UAE) in mid-January, a top ministry official has said. Deputy State-Owned Enterprises (SOE) Minister Kartika “Tiko” Wirjoatmodjo said the fund would be different from the sovereign wealth funds of developed countries, like the United States or Norway, as Indonesia’s version would raise the required funds from private investors instead of from the country’s reserve funds. “In countries with budget surpluses, the sovereign fund is used to invest in overseas projects, but ours will be similar to the Russian Direct Investment Fund [RDIF] and will be used as a catalyst for attracting direct investment into the country,” he said on the sidelines ...