Indonesia Evolving Sovereign Wealth Fund: A Literature Review

13th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES Pub Date : 2022-06-16 DOI:10.35609/gcbssproceeding.2022.1(18)

Aris Wahyu Raharjo, S. Wiryono, R. A. Rahadi

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Abstract

Indonesian Investment Authority (INA) which is considered as the Indonesia's sovereign wealth fund was established under government regulation (PP) No.74/2020. This regulation is derived from Act No.11/2020 regarding the employment creation. INA is formed to build wealth for future generations and contribute to Indonesia's sustainable economic development. The objective of INA is to support national economic recovery by attracting foreign investment in providing funding for various key sector projects. INA offers 8 key investment sectors, namely: Infrastructure, Supply Chain and Logistic, Digital Infrastructure, Green Investing, Healthcare, Financial Service, Consumer and Technology, Tourism. The capital sources of INA are formed from state budget (APBN) in 2020 as much as Rp. 15 Trillion (US$ 1.05 billion), from state-owned enterprises (BRI and Mandiri Bank) as much as Rp. 60 trillion (US$ 4.5 billion). It is expected that INA will continue its growth through investor partnership to reach agreement of additional US$ 20 billion fund in the near future (http://www.ina.go.id). Prior to establishing Indonesian Investment Authority (INA), Government of Indonesia has formed various different kind of investment agencies, namely: Pengelola Investasi Pemerintah (PIP) established in 2007, PT. Sarana Multi Infrastruktur (Persero) established in 2009, Indonesia Infrastructure Finance (IIF) established in 2010. They were primarily devoted to foster infrastructure development in Indonesia. The development of infrastructure in Indonesia is aiming to improve the standard of living as stipulated by social development goal (SDG), to improve infrastructure competitiveness as one of main component for national competitiveness and also to promote national economic growth. Currently, infrastructure development is challenged by global funding scarcity. There is increasing gap in between funding requirement and available fund at global level Keywords: Indonesia Sovereign Wealth Fund; Firm Value; Infrastructure Development; Structured Literature Review

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印尼发展中的主权财富基金:文献回顾

印度尼西亚投资局(INA)被视为印度尼西亚的主权财富基金，是根据政府法规(PP) No.74/2020成立的。该规定源自关于创造就业的第11/2020号法案。INA成立的目的是为子孙后代创造财富，为印尼的可持续经济发展做出贡献。INA的目标是通过吸引外国投资为各种关键部门项目提供资金来支持国民经济复苏。INA提供8个重点投资领域，分别是:基础设施、供应链与物流、数字基础设施、绿色投资、医疗保健、金融服务、消费与科技、旅游。2020年，INA的资金来源来自国家预算(APBN)高达15万亿卢比(10.5亿美元)，来自国有企业(BRI和Mandiri银行)高达60万亿卢比(45亿美元)。预计INA将通过投资者伙伴关系继续增长，在不久的将来达成额外200亿美元基金的协议(http://www.ina.go.id)。在成立印尼投资局(INA)之前，印尼政府成立了各种不同类型的投资机构，即:2007年成立的Pengelola Investasi Pemerintah (PIP)， 2009年成立的PT. Sarana Multi infrastructur (Persero)， 2010年成立的印尼基础设施融资(IIF)。它们主要用于促进印度尼西亚的基础设施发展。印尼基础设施的发展旨在提高社会发展目标(SDG)规定的生活水平，提高基础设施竞争力作为国家竞争力的主要组成部分之一，促进国家经济增长。当前，基础设施建设面临全球资金短缺的挑战。资金需求与全球可用资金之间的差距越来越大[关键词]印度尼西亚主权财富基金;公司价值;基础设施建设;结构化文献综述

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13th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES

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