TEMPO.CO, Jakarta - President Prabowo Subianto admitted that his administration has drawn inspiration from Singapore’s government programs during his state visit to the country on Monday, June 16, 2025.
Reflecting on Singapore’s early years, Prabowo said he had long admired the nation’s success, particularly under the leadership of its founding figures. That admiration, he added, had led him to adopt several of Singapore’s policy approaches.
"I believe that in real life, we are allowed to emulate best practices. In school, we are not allowed to copy our friend's homework. However, in real life, why not emulate the best practices?" Prabowo said in his address at Singapore's Parliament House.
He highlighted Singapore’s public housing initiative as one such successful model, and announced that Indonesia would launch a similar program.
"I am proud to say that I have received reports that we will build one million affordable vertical housing units this year," he stated.
Prabowo also cited Singapore’s sovereign wealth fund Temasek as another inspiration. He explained that Indonesia had recently launched its own version, named Danantara, designed to function similarly.
"Danantara represents Indonesia's future energy. So essentially, we are doing this for the future generation of Indonesia," Prabowo said.
He went on to invite Temasek to collaborate with Danantara, particularly in renewable energy. He envisioned joint projects in sustainable industries and the development of Indonesia’s Batam, Bintan, and Karimun industrial zones in areas such as low-carbon energy and key infrastructure.
Danantara was officially launched on February 24, 2025, at the Presidential Palace in Jakarta. Minister of Investment and Facility Downstreaming/Head of the Investment Coordinating Board (BKPM), Rosan Roeslani, was appointed as its Group CEO.
Danantara acts as a superholding for Indonesia’s state-owned enterprises and serves as an investment vehicle for the government. The concept echoes an earlier proposal by Prabowo’s father, Sumitro Djojohadikusumo, who once advocated for a similar mechanism to manage SOE profits. However, his proposal was rejected by New Order government ministers at the time.
Temasek, founded in 1974, is a Singaporean state-owned enterprise with a portfolio valued at S$389 billion as of March 31, 2024. Its investments span Singapore and the wider Asia-Pacific, with significant holdings also in the Americas, Europe, and the Middle East.
Nabiila Azzahra contributed to the writing of this article.
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