Indonesia launches new agency to transform state-owned investment management

JAKARTA -- Indonesian President Prabowo Subianto officially launched the Investment Management Agency Daya Anagata Nusantara (Danantara) on Monday, a super holding agency to consolidate the management of the country's state-owned enterprises and optimizing dividends and investments.

"The launch of Danantara today is significant because it is not just an investment management agency but also an instrument of national development," Prabowo said during the launching ceremony at the Presidential Palace in Jakarta.

Several top officials attended the event, including former presidents Joko Widodo and Susilo Bambang Yudhoyono.

Prabowo previously said that Danantara would become a major capital management institution in Indonesia. It is expected to manage assets worth around $900 billion and operate similarly to Singapore's Temasek Holdings.

"What we are launching today is a national development tool that must transform how we manage the nation's wealth for the welfare of all Indonesian people," he said.