The existence of the Indonesian Danantara Investment Management Agency (BPI) should not, in the view of experts, be judged by dividend achievements or short-term return on investment ratios. The fundamental focus of this institution lies in its ability to carry out deep restructuring and transformation of State-Owned Enterprises (SOEs).
Senior Economist at Paramadina University, Wijayanto Samirin, emphasized that the valid indicator of success for Danantara is its achievement in fixing business models, strengthening good corporate governance, and increasing professionalism in state-owned companies. According to him, the investments made by Danantara must remain based on business viability and the institution's capacity.
Wijayanto highlighted potential major challenges that could hinder Danantara's performance, particularly political intervention and the assignment of projects that lack economic feasibility. He criticized the tendency to turn Danantara into a "wastebasket" for troubled companies or projects that are not essential for national development.
In addition to these hurdles, Danantara's limited authority in appointing the board of commissioners and directors of SOEs is also a crucial issue. Without adequate authority, efforts to transform the governance of state enterprises are deemed difficult to run effectively and consistently in the long run.
On the other hand, Danantara has claimed operational efficiencies reaching IDR 50 trillion per year through consolidation and the elimination of layered transactions within the SOE environment. Several companies, such as PT Pupuk Indonesia and PT Krakatau Steel, have begun to record improvements in financial performance as a result of the implemented restructuring policies, which are expected to boost investment and create jobs for the public.
