Claire Jiao – Indonesia's wealth fund may not reach its $200 billion goal in the time frame set out by the country's president, as it aims to ensure sufficient returns for the state before making investments, according to its chief executive officer.
"The timing will probably be a bit stretched," Ridha Wirakusumah said in an interview with Bloomberg Television's Haslinda Amin on Wednesday. "It also depends if we will be getting in more injections. But the fundamentals are set and the system is ready to go."
President Joko Widodo set a target for the fund last year to reach $200 billion within two to three years – around April 2024. The fund, known as INA, was established last year with about $15 billion in assets, and was reported to have raised over $25 billion in investments as of March.
Following its investments in toll roads and telecommunication towers, INA is interested in the areas of digital technology, health care and energy, Wirakusumah said. The fund is keen to invest in projects that could replace coal power plants and develop renewables, as well as the booming electric vehicle sector "if the risk-reward is interesting."