Indonesia’s social security agency BPJS Ketenagakerjaan plans to invest in companies supporting the global artificial intelligence industry ‒ such as data centers, power suppliers, and cable firms ‒ if it secures government approval to deploy funds overseas, a senior agency official told Reuters.
Edwin Ridwan, the agency’s director of investment development, said overseas allocation of up to 5 percent of its portfolio is being proposed. BPJS Ketenagakerjaan manages Rp879 trillion (US$52 billion) in assets.
Ridwan said investments could target the United States, Taiwan, Japan, and South Korea, noting that core AI players like chipmakers are already “too crowded,” though high-profile firms such as Nvidia are not off the table if valuations improve.
Most of the anticipated US$2.5 billion in offshore investments would go into publicly traded instruments like ETFs or mutual funds rather than private equity.
Indonesia is drafting new rules allowing pension funds to invest abroad and in gold, as well as setting conditions for cutting losses. However, Ridwan stressed the timing depends on rupiah stability ‒ the currency has fallen more than 3 percent this year to about 16,700 per dollar, making policymakers cautious.
“Even if we were allowed to invest overseas, we would wait until the rupiah is considered stable,” he said on Monday, November 24, 2025 .
Concerns over fiscal discipline have heightened since the removal of former finance minister Sri Mulyani Indrawati, adding pressure to the rupiah.
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