Sovereign Wealth Fund dan Penguasaan Pertambangan di Indonesia Fabby Tumiwa Diskusi Panel “Quo Vadis Tata Kelola Sumberdaya Alam di Indonesia” Jakarta, 26 April 2012
A Sovereign Wealth Fund (SWF) is a state-owned investment fund or entity that is commonly established from balance of payments surpluses, official foreign currency operations, the proceeds of privatizations, governmental transfer payments, fiscal surpluses, and/or receipts resulting from resource exports. The definition of sovereign wealth fund exclude, among other things, foreign currency reserve assets held by monetary authorities for the traditional balance of payments or monetary policy purposes, state-owned enterprises (SOEs) in the traditional sense, government-employee pension funds (funded by employee/employer contributions), or assets managed for the benefit of individuals. (SWF Institute)
• Non Commodity Sovereign Funds Continue to Invest in Resource and Mining Firm (SWF Report, May 2010): Sovereign investors have always had a slight eye on commodities, even before the financial melt down. Traditionally the oil based sovereign wealth funds such as the Kuwait Investment Authority, Abu Dhabi Funds, and Libya who have a deep history in commodities invest in mining, but we have seen non-commodity SWFs enter into the mix. Our hypothesis is that several non-commodity SWFs come from countries that are growing and need access to commodities to further their expansion and achieve economic objectives. In addition, many non-commodity SWFs want to diversify, just like any other institutional investor. Strategically, non-commodity SWFs can benefit from investing in mining and resource companies. Whether the governmental investor is China or India, they will continually need raw input for growth, or Singapore, looking to diversify from traditional sectors, demand will continue for eye-catching resource companies. Mining and resource firms accept sovereign wealth funds, since they see them as a stable and strategic source of capital with longer investment horizons.
Peringkat SWFs Global Ranking
Asset (bn $)
SWF
County
3
567.9
SAFE Investment Company
China
5
409.6
China Investment Corporation (CIC)
China
8
247.5
Gov. of Singapore Investment Corporation
Singapore
9
157.2
Temasek Holdings
Singapore
18
39.3
Brunei Investment Agency
Brunei
25
25.7
Khazanah Nasional Bhd
Malaysia
33
12
Government Investment Unit (PIP)
Indonesia
Sumber: Sovereign Wealth Fund (status September 2011)
• “Indonesia’s investment-grade status will put Indonesian bonds on the radar of central banks and sovereign wealth funds,” said Fauzi Ichan of Standard Chartered.” (Financial Times, 18 Januari 2012)
Sumber: Wall Street Journal Asia, 19 Dec 2010
Investasi CIC di Sektor Pertambangan Indonesia • Wikileaks, Cable US Embassy Jakarta, 17 December 2009 (C) Summary. China is deepening its economic influence in Indonesia, through major deals in energy and resources, as well as the impending entry into force of the China-ASEAN Free Trade Agreement on January 1. Bumi Resources, Indonesia's largest coal miner and owned by the family of Golkar chief Aburizal Bakrie, has entered into a financial relationship with the China Investment Corporation that will expand China's influence in Indonesia's mining sector. This arrangement represents a new approach to China's traditional low-key investment in the mining sector. Business groups are becoming uneasy about Chinese competition under their FTA, although the government has resisted calls to alter any of the FTA's provisions. China's economic engagement has some positive effects, such as a currency swap early in the global financial crisis. End Summary. Sumber: http://www.cablegatesearch.net/cable.php?id=09JAKARTA2073
10 Pemilik Saham ANTAM Non Pemerintah RI (s/d Maret 2012) • • • • • • • • • •
PT JAMSOSTEK (PERSERO) PT TASPEN (PERSERO) PT JAMSOSTEK (PERSERO) SSB 0BIH S/A ISHARES MSCI EMERGING MARKETS INDEX FUND CITIBANK NEW YORK S/A DIMENSIONAL EMERGING MARKETS VALUE FUND BBH BOSTON S/A VANGRD EMG MKTS STK INFD BBH LUXEMBOURG S/A DIMENSIONAL EMERGING MARKETS VALUE FUND DANA PENSIUN PERTAMINA PT PRUDENTIAL LIFE ASURANCE GIC S/A GOVERNMENT OF SINGAPORE
• Apakah Indonesia membiarkan SWF asing “menguasai” sektor pertambangan Indonesia? • Apakah SWF milik Indonesia (Pusat Investasi Pemerintah (PIP)) tidak dioptimalkan untuk melakukan melakukan investasi di sektor pertambangan di Indonesia? [Sementara sektor pertambangan di Indonesia menjadi target SWF dari Singapura, India, Malaysia dan China]
Kesimpulan • Sektor migas dan mineral (sumberdaya alam) merupakan salah satu target investasi SWF. – Booming harga komoditas – Akses terhadap bahan baku (raw material)
• Investasi SWF memiliki dua sisi: kepentingan ekonomi (profit) & penguasaan (asset) sebuah negara. • Sebagai negara yang memiliki kekayaan alam yang cukup lengkap: migas, batubara & mineral, Indonesia merupakan salah satu negara target investasi SWF di kawasan Asia & Pacific.
• SWFs berpotensi “menguasai” dan “mengendalikan” sektor pertambangan dan energi di Indonesia melalui penguasaan asset (melalui kepemilikan perusahaan tambang) dan perusahaan jasa penunjang. • Indonesia dapat menggunakan PIP sebagai SWFs untuk membentuk dana tabungan (saving funds) untuk generasi mendatang dengan cara mengkonversi asset yang tidak terbarukan (non-renewable asset), mis: revenue dari pertambangan , kedalam portfolio yang lebih terdiversifikasi untuk menghindari effect “Dutch Disease.” – Dikombinasikan dengan strategi pengelolaan SDA jangka panjang. – Melakukan investasi pada sektor energi dan mineral (minority shareholder), selain mengoptimalkan pendapatan dari royalti dan pajak. – Dalam konteks ini tindakan pemerintah membeli saham hasil divestasi saham NNT
“Abundant natural resources can and should be a blessing, not a curse. We know what must be done. What is missing is the political will to make it so.” Prof. Joseph Stiglitz (2004)
