Indonesia officially launches world's largest sovereign wealth fund

President Prabowo officially launched the Indonesian National Investment Authority (BPI Danantara) in Jakarta, with a large number of entrepreneurs in attendance, including Chairul Tanjung, a key figure behind CT Corp, Franky Oesman Widjaja, one of the leaders of Sinar Mas Group, tycoons Haji Isam Anindya Novyan Bakrie of the Bakrie Group, and Garibaldi Thohir (Boy Thohir), president of PT Alamtri Resources Indonesia Tbk, among others. If it goes well, Danantara is expected to overtake the Government of Singapore Investment Corporation (GIC) as one of the world's large sovereign wealth funds.Danantara is expected to manage about $900 billion in assets, which would make it the seventh largest sovereign wealth fund in the world. The market is optimistic that the launch of Danantara will strengthen Indonesia's position in the global investment market and attract domestic and foreign investors.