The Korea Overseas Infrastructure & Urban Development Corporation (KIND) announced a new partnership with Indonesia’s sovereign wealth fund on the 1st. This Memorandum of Understanding was signed during the visit of Indonesian President Prabowo Subianto to South Korea. The agreement focuses on Danantara, a fund newly launched to drive economic growth under the Prabowo administration. As a strategic partner, KIND will collaborate on a wide range of projects across Indonesia and its neighbouring territories.

Danantara manages approximately $900 billion in assets and oversees major state-owned enterprises. It is considered a primary economic engine for the country. Through this partnership, the two organisations will work on traditional transportation projects including roads, railways and airports. The scope also extends to environmental facilities such as wastewater treatment and renewable energy. Modern sectors like data centres and urban real estate development are also included in the plan.

KIND is already reviewing several opportunities in Indonesia, including a data centre project in Jakarta. Under the new agreement, Danantara will provide information on promising projects. In return, KIND will recommend capable South Korean companies for joint investment reviews. The partnership is not restricted to Indonesia. Both parties intend to explore markets in Malaysia, Singapore and Saudi Arabia.

President Kim Bok-hwan of KIND highlighted the significance of the deal for Korean industry. He stated that combining the investment capabilities of KIND with the technological prowess of Korean firms presents an optimal opportunity. “As Danantara is a key pillar of Indonesia’s economic growth, this will be the optimal opportunity to combine KIND’s investment capabilities with the world-class technological prowess of Korean companies,” he remarked. He further noted that the corporation will provide support to help Korean businesses enter global infrastructure markets beyond the ASEAN region. “Using this cooperation as a stepping stone, he would spare no support to help Korean companies seize more opportunities in the ASEAN and global infrastructure markets, extending beyond Indonesia.”