Law Enforcement on Indonesian Sovereign Wealth Fund to Strengthen the National Economy

Abstract

As a new institution in Indonesia, Sovereign Wealth Fund need to be equipped with a solid legal basis and supported by international standard governance. As a form of the Government's commitment to accelerate the operationalization of this Institution, the Government has established 3 (three) legal products related to the Investment Management Agency. The first legal product in Government Regulation (PP) Number 73 of 2020, Government Regulation Number 74 of 2020, and Presidential Decree Number 128/P of 2020 concerning the Establishment of the Selection Committee for the Selection of Candidates for the Sovereign Wealth Fund Supervisory Board from Professional Elements. This research aims to identify two aspects related to the position of Sovereign Wealth Fund in Indonesia and assess whether the existence of the above legal products is a form of law enforcement against Sovereign Wealth Fund in Indonesia with international standards. The study results indicate that the legal position of the Sovereign Wealth Fund (LPI) can be equated with similar institutions that have previously been established, such as State-Owned Enterprises and the Investment Coordinating Board. The regulation of investment management institutions in the work copyright law still has weaknesses, namely from supervision.