Published on 20/02/2025 GMT+7 Reading time 2 minutes
Chairman of the National Economic Council (DEN), Luhut Binsar Panjaitan, reveals that many parties have express interest in establishing a joint venture (JV) with the Daya Anagata Nusantara Investment Agency (Danantara), one of them is from the United Arab Emirates (UAE).
Luhut said the certainty of the cooperation was obtained after a recent meeting with Suhail Mohammed Faraj Al-Mazrouei, UAE Minister of Energy and Infrastructure.
"They said we want to move very quickly, joining the Danantara joint venture, with several companies under it," Luhut told the media upon attending the Indonesia Economic Summit 2025 at Shangri-La Hotel in Jakarta on Tuesday, February 18, 2025.
Danantara official establishment will be announced by President Prabowo Subianto on Monday, February 24, 2025. The agency is set to focus on investment and asset management. It will later manage seven large State-Owned Enterprises (SOEs) in Indonesia ranging from banking, energy, telecommunications and mining sectors.
Luhut said further that Abu Dhabi has investment funds of around hundreds of billions of U.S. dollars. The UAE is interested in expanding its business into the new and renewable energy (EBT) sector.
On the other hand, Indonesia is also planning to increase the capacity of domestic renewable energy mix. This renewable energy capacity is targeted to reach 75 gigawatts (GW) by 2040.
Luhut ensured that the formation of Danantara could make Indonesian SOEs more efficient and transparent, suggesting that this could be a very strategic step by the government.
He assessed that Danantara, which manages Bank Mandiri, Bank Rakyat Indonesia, Bank Nasional Indonesia, State energy company PT Pertamina, State power utility company PT PLN, State telecommunications company PT Telkom and State mining holding company MIND ID, could conduct JVs with many companies.
"They have the authority to establish or create joint ventures with any companies. So in other words, all the SOEs that we have today will be transparent and will be efficient," Luhut said.
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