Indonesia wealth fund wants to hit US$200b investment goal by 2024

INDONESIA’S wealth fund is seeking to accelerate its timeline to hit its US$200 billion target by 2024 as it eyes more energy and digital investments, according to its chief executive officer.

The fund, known as INA, is finalising its second investment in a toll road and preparing to bring in one of the world’s largest geothermal energy companies in the next few months, Ridha Wirakusumah said in an interview with Bloomberg Television’s Yvonne Man on Wednesday (Jan 11). He declined to disclose any names.

“Things are getting there,” Wirakusumah said, adding that the fund has grown its co-investments to over US$27 billion to date from just US$200 million when it began in 2021.

The CEO had last year cast doubt on hitting the US$200 billion goal within two to three years set by President Joko Widodo in 2021 but was more upbeat about the investment outlook post-pandemic.

“The fact that there has been some price adjustments, that’s very good for investment opportunities because it’s not as high as it used to be,” the CEO said at the sidelines of the Asian Financial Forum in Hong Kong. He added that global growth would benefit from the rollback in Covid restrictions in North Asia, particularly China.

INA, which has recently also signed agreements on electric vehicles and energy transition, is prioritising infrastructure, energy, digital and health care as it hunts for more deals.

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“We’ve invested in digital infrastructure and digital commerce. We will be expanding that because that’s one of the catalysts for Indonesia moving forward,” said Wirakusumah. BLOOMBERG