Agnes Valentina Christa, Doha – President Prabowo Subianto recently revealed that Indonesia's sovereign wealth fund Danantara had just secured Qatar's commitment to invest approximately $2 billion.

Prabowo had made a state visit to the Middle Eastern country over the weekend. He also admitted to have a "productive" talk with Qatar's Emir Sheikh Tamim ibn Hamad Al-Thani with the discussions revolving around the fund that had only come into existence in late February.

"The emir said [Qatar] would invest with Danantara [through] a joint fund. He has committed a $2 billion investment," Prabowo told reporters following the bilateral talks.

"He [the emir] was very enthusiastic about it," Prabowo said.

Indonesia plans to put around $2 billion in the said Danantara project, alluding to a co-investment scheme. Since its inception, Danantara has opened its doors to foreign investors to co-invest in strategically important projects. Prabowo's senior economic advisor Luhut Binsar Pandjaitan claimed that an Emirati investor was looking to invest in Indonesia's renewable energy sector by establishing a joint venture in partnership with Danantara.

The fund will consolidate assets of Indonesia's state-owned enterprises and hold an initial capital of $20 billion. The capital will direct this money toward strategically important projects, including mineral processing, renewable energy, petrochemicals, and many more. Prabowo, however, did not say the type of project that Qatar was interested in co-investing with Danantara.

Prabowo's state visit also saw the signing of a memorandum of understanding (MoU) aimed at establishing a strategic dialogue between the two governments. Under this deal, both countries will engage in a series of strategic dialogues on key aspects such as the economy, agriculture, tourism, science, and technology, among others.

Source: https://jakartaglobe.id/business/danantara-secures-2-billion-investment-commitment-from-qata