Indonesia has joined the party. For many years something of a local outlier in lacking a sovereign wealth fund, while neighbours Singapore and Malaysia built their own with great success, the 270 million-strong country has finally launched one: the Indonesian Investment Authority.
It’s a surprise that commodity-rich Indonesia, which is no longer an oil and gas exporter but has plenty of other natural bounties from its forests to its seas, has gone so long without this most prudent and fashionable of tools.
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