Finance Minister Sri Mulyani Indrawati previously said Jakarta would seed the sovereign wealth fund with US$5bil in cash and shares in state companies, with an aim to grow the fund to US$15bil by inviting foreign investors.
Authorities have promoted the sovereign wealth fund to several countries, including to private equity firms, and have announced billions of dollars in investment interest from the US International Development Finance Corp, the Japan Bank for International Cooperation, as well as the Canada Pension Plan Investment Board.
Jokowi told the forum he had submitted names for the fund’s supervisory board members to parliament, hoping the selection process could be completed soon.
However, he has not announced who would run the fund.
The president did not provide a timeline for the SWF launch.