By: Dimas Aditya Wiguna )*
The government has prioritized optimizing state-owned enterprise assets as a key strategy to strengthen the foundation of national economic growth. Through the establishment of the Daya Anagata Nusantara Investment Management Agency (Danantara), the government is encouraging the consolidation and transformation of state-owned enterprise management to make it more efficient, focused, and able to provide sustainable added value to the economy.
Indonesian President Prabowo Subianto emphasized that strong economic growth requires solid state governance and efficient capital management. In various international forums, the President stated that Danantara was established as a strategic instrument to manage state assets professionally and modernly, while simultaneously strengthening Indonesia’s position in the global investment ecosystem.
The President views Danantara’s presence as a crucial step in consolidating national economic strength. With the substantial value of state-owned enterprise assets, integrated management is considered capable of making Indonesia a more equal economic partner globally, while also opening up opportunities for long-term investment collaborations with various countries.
Within the framework of national policy, Danantara is designed to finance future industries with high added value. The government views SOE asset management as more than just a corporate endeavor, but rather part of a broader agenda of accelerating industrialization, downstreaming, and strengthening the national economic structure.
In line with the President’s directive, Minister of Investment and Downstream Development/Head of the Investment Coordinating Board (BKPM), Rosan Roeslani, explained that Danantara was established to unify the management of over a thousand state-owned enterprises (SOEs) under a single strategic framework. According to him, this consolidation allows for more measured, coordinated investment decisions, aligned with national development priorities.
Rosan believes that a centralized management structure allows for the optimization of SOE dividends so they can be reinvested without relying entirely on the state budget. This approach is considered crucial for strengthening the financing capacity of strategic projects and increasing Indonesia’s attractiveness to global investors through joint investment schemes.
Rosan also emphasized that the consolidation of SOE assets is part of the institutional transformation to make state-owned enterprises more adaptive to global economic changes. With more integrated management, operational efficiency is expected to increase, while overlapping investments between SOEs can be significantly reduced.
Amid the growing need for medium-term development financing, the government views optimizing state-owned enterprise assets as a credible alternative funding source. This step will enable the continuity of infrastructure development, clean energy development, and accelerated industrial downstreaming without placing undue pressure on the country’s fiscal space.
Danantara also emphasized that SOE reform will enter a more intensive phase starting in 2026. This agenda includes operational improvements, strengthening the financial structure, optimizing assets, and simplifying the number of entities to make SOEs more focused and productive. President Prabowo himself has set a policy direction to gradually streamline the number of SOEs as part of a long-term transformation.
In its Danantara Economic Outlook 2026, the institution noted that several large state-owned enterprises (SOEs) show strong prospects for performance recovery. State-owned banks are considered to be in a solid position due to improving funding costs and credit growth, while Telkom Indonesia is seen as poised to create added value through asset optimization and strengthening its digital business.
Restructuring progress has also been recorded in several strategic state-owned enterprises, such as Garuda Indonesia, Krakatau Steel, and Timah. These achievements strengthen Danantara’s credibility as a state investment manager and SOE transformation agent focused on performance and sustainability.
BPI Danantara Chief Operating Officer, Dony Oskaria, explained that the asset restructuring also includes refocusing Danareksa’s business as an asset management company. According to him, this step aims to ensure that each state-owned enterprise operates according to its core competencies, thus enabling more optimal and professional management of state assets.
Dony also highlighted the restructuring of the state-owned industrial estate business under Danantara. Danantara currently manages several active industrial estates, with the Batang Integrated Industrial Estate as a priority project. The planned integration of additional land into the area is expected to increase national industrial capacity and strengthen investment attractiveness.
In addition to area expansion, the business model is also geared toward developing recurring revenue through the provision of utilities and supporting services. This shift is considered crucial for creating more stable and sustainable revenue streams while simultaneously strengthening the industrial estate’s contribution to economic growth.
With total SOE assets accounting for more than half of the national GDP, the government believes that any improvements in governance and management efficiency will have a far-reaching impact. Through Danantara, SOE asset optimization is aimed at strengthening economic stability, creating added value, and ensuring inclusive and competitive national growth in the long term.