Indonesia Investment Authority (INA) aims to partner with foreign firms to invest in Indonesia-linked ventures especially in data centers, renewables and artificial intelligence, Reuters reports yesterday, citing an interview with its chief investment officer, Christopher Ganis.
INA is the second largest sovereign wealth fund in Indonesia after Daya Anagata Nusantara Investment Management Agency (Danantara) was formed in February with a seed fund of US$20 billion in state assets. Prior to that, INA was the biggest sovereign fund in Indonesia managing 163.4 trillion rupiah (US$10 billion) in assets. It has, together with foreign partners jointly invested US$1.2 billion in the tech industry in Indonesia. Partners include Singapore-based multi-asset company Granite Asia.
INA is also jointly developing a data center campus in Batam with Singapore-based data center firm DayOne. In June, the INA-DayOne project secured a 6.7 trillion rupiah (US$411 million) loan from Singapore banks DBS Group and United Overseas Bank. The project is INA’s first foray into the data center sector.
“As our government thinks more about data independence and data resiliency, obviously there will be more demand for such data centres. Data centres and everything that support the digital infrastructure, sub-sea cables, will be an interesting sector for us as well,” Ganis said at the sidelines of the SuperReturn Asia conference in Singapore.
He added that AI with practical use cases such as in healthcare would be a priority for the fund while renewables such as its joint investment with Abu Dhabi-based Masdar Clean Energy in Pertamina Geothermal Energy, has been a great success.
Since its establishment in 2020, INA has successfully partnered with a number of global investors, reinforcing its commitment to advancing impactful investments that support Indonesia’s long-term growth, according to its Linkedin post.