KABARBURSA.COM \u2014 Danantara and the State-Owned Enterprises Agency (BP\nBUMN) are changing the business direction of PT Danareksa (Persero). The\nstate-owned company is projected to become an integrated industrial\nestate operator, tasked with attracting investment, boosting national\nindustrial growth and creating jobs.<\/p>\n
The change marks a shift in Danareksa\u2019s focus. The company will no\nlonger simply manage industrial estate facilities, but is being directed\nto build a broader business ecosystem. This will include special\neconomic zones (SEZs) and the development of smart cities.<\/p>\n
Dony Oskaria, head of BP BUMN and chief operating officer of\nDanantara, said Danareksa would focus its business on managing\nindustrial estates. The estates are expected to grow into integrated\nenvironments that support economic activity.<\/p>\n
\u201cIt will focus solely on becoming an industrial estate operator. The\nexpectation is that SEZs and industrial estates will truly become\ncities, with smart cities within them,\u201d Dony said on Wednesday, 28\nOctober 2026.<\/p>\n
Danareksa\u2019s transformation is part of the consolidation and\nstreamlining of state-owned enterprises\u2019 business structures throughout\n2026. The restructuring is expected to give the company a more focused\nbusiness model while clarifying its role in industrial estate\ndevelopment.<\/p>\n
Under this approach, industrial estates must do more than provide\nland and facilities for companies. Danareksa is also expected to build\nan ecosystem that supports business activity, connects different\nindustrial needs and drives economic growth in surrounding areas.<\/p>\n
One major task in the transformation is consolidating 12 industrial\nestates in the state-owned enterprise portfolio. Five of them are said\nto be ready to enter the transaction stage.<\/p>\n
The consolidation will provide a basis for Danareksa to design a new\nbusiness model, map revenue sources and determine its industrial estate\ndevelopment strategy. Restructuring the portfolio is also expected to\nhelp the company set investment and asset-management priorities.<\/p>\n
Dony is targeting completion of the consolidation and streamlining\nprocess during 2026. Danareksa is expected to begin reorganising its\nbusiness model in 2027.<\/p>\n
The company has also been asked to complete its industrial estate\ndevelopment roadmap promptly. The document will guide the direction of\ndevelopment, business strategy and work priorities in the next\nphase.<\/p>\n
Dony considers industrial estates important to making Indonesia more\nattractive to investors. Their development therefore needs to be\nextensive, so that they can meet business needs while expanding\nopportunities for employment.<\/p>\n
\u201cIndustrial estates will be one of the factors supporting efforts to\nattract investors to Indonesia and create jobs, so this development must\nbe carried out on a massive scale,\u201d Dony said.<\/p>\n
State-owned industrial estates tasked with advancing national\ninvestment<\/strong><\/p>\n Alongside this change in business model, Danareksa has a mandate that\nextends beyond simply pursuing company growth. State-owned industrial\nestates are expected to help strengthen Indonesia\u2019s appeal to investors\nand accelerate domestic industrial development.<\/p>\n Dony said state-owned industrial estates have different\nresponsibilities from private ones. In addition to conducting business,\nstate-owned companies must also serve the national interest,\nparticularly by attracting investment and creating jobs.<\/p>\n \u201cRemember, our industrial estates are not the same as private\nindustrial estates. We also have a state duty to fulfil: bringing as\nmuch investment as possible into Indonesia and creating jobs,\u201d Dony\nsaid.<\/p>\n This mandate means Danareksa\u2019s transformation cannot be judged solely\nby the number of estates it manages or by an increase in company\nrevenue. Its ability to attract investors, stimulate industrial activity\nand create jobs is also central to the intended outcome.<\/p>\n Through the consolidation of 12 industrial estates and the\ndevelopment of a new business model, BP BUMN and Danantara are seeking\nto establish a more integrated and competitive management system. The\neffectiveness of the initiative will depend on implementation of the\nroadmap, clarity over the business model and the estates\u2019 ability to\nattract tangible investment.<\/p>\n Danareksa\u2019s transformation is also part of the Government\u2019s effort to\nstrengthen the role of state-owned enterprises in national industrial\ndevelopment. The challenge is to ensure that asset restructuring and\nchanges to the business structure lead to increased economic activity\nand new job opportunities, rather than remaining an internal\nreorganisation exercise.<\/p>\n How effective will Danareksa\u2019s consolidation be in attracting\ninvestment?<\/strong><\/p>\n Consolidating industrial estates under PT Danareksa (Persero)\npresents challenges that cannot be resolved through business\nrestructuring alone. Land occupancy, investment realised by tenant\ncompanies and employment are among the indicators needed to assess the\neffectiveness of state-owned industrial estate management.<\/p>\n Company data show that land utilisation at industrial estates needs\nto be examined on a case-by-case basis. According to the official\nprofile of PT Kawasan Industri Medan (KIM), one of the companies in\nDanareksa\u2019s ecosystem, the 1,000-hectare estate has an occupancy rate of\n72 per cent. This means the reported occupancy has not reached the\nestate\u2019s full area. However, the figure does not necessarily mean the\nremaining land is immediately available for sale or use, as its\nreadiness and availability would need to be assessed further.<\/p>\n The figure highlights the importance of distinguishing between the\ntotal area under management and land that is actually being used. In\nindustrial estate development, available land is not necessarily ready\nfor investors. Infrastructure readiness, logistics access, utilities and\nprospective tenants\u2019 needs all affect an operator\u2019s ability to turn\nassets into economic activity.<\/p>\n Another issue is measuring the estates\u2019 capacity to attract capital.\nNational investment data can provide initial context, although it is not\nsufficient to show the performance of state-owned industrial estates\nspecifically.<\/p>\n According to a report by the Ministry of Investment and\nDownstreaming\/Investment Coordinating Board (BKPM), investment\nrealisation in Indonesia reached Rp1,714.2 trillion in 2024, up 20.8 per\ncent on the previous year. The investment supported 2,456,130 jobs.<\/p>\n The scale of national investment indicates the overall level of\ninvestment activity in Indonesia. However, the figure covers a range of\nsectors and business locations, so it does not show how much investment\nflowed through state-owned industrial estates, including those managed\nby Danareksa.<\/p>\n To provide a more measurable picture, BKPM has published a 2025\ndataset on the investment value of industrial companies and industrial\nestate companies, covering realised foreign and domestic investment. The\ndataset is provisional and needs further analysis to identify each\nestate\u2019s contribution and distinguish investment by estate operators\nfrom that of tenant companies.<\/p>\n That distinction matters because investment by an estate operator and\ninvestment by its tenants represent different economic activities. An\noperator\u2019s investment may include the construction of estate\ninfrastructure, while tenant investment covers the capital companies put\ninto their production activities.<\/p>\n Employment is another indicator of the economic benefits generated by\nindustrial estates. In an official announcement in May 2026, Danareksa\nsaid that seven industrial estates under its management covered a total\nof 7,800 hectares, housed around 1,600 tenants from 25 countries and\nemployed 300,000 people.<\/p>\n These figures give an indication of the scale of economic activity\nconnected to the industrial estates in Danareksa\u2019s portfolio. However,\nassessing performance trends requires comparable data from previous\nyears. Without information on changes in the number of tenants,\ninvestment and employment, cumulative figures alone are not enough to\nshow whether estate productivity has improved.<\/p>\n The Ministry of Industry also provides a 2024 dataset on employment\nat industrial estates. This can serve as a basis for examining\nemployment trends, particularly if estate-level figures can be matched\nwith investment and land-use data.<\/p>\n Analysis of the data needs to distinguish between workers directly\nemployed by estate operators and those working for tenant companies.\nTenant employment better reflects production activity within an estate,\nwhile the operator\u2019s employee count indicates the scale of the\norganisation running the industrial estate business.<\/p>\n If investment and employment data are available consistently over\nseveral years, they can be used to assess whether capital growth is\naccompanied by an increase in job opportunities. The relationship is not\nalways direct, however, since employment levels are also influenced by\nthe type of industry, production technology and degree of\nautomation.<\/p>\n Danareksa\u2019s industrial estate consolidation should therefore be\nassessed using indicators that can be compared over time. Occupancy\nrates, realised tenant investment, the number of active companies and\nemployment trends can all help measure the results of the business\nrestructuring.<\/p>\n Available data provide an initial picture of the scale of the assets\nand activity across the industrial estates. A more comprehensive\nassessment will require historical data for each estate as well as\ncomparisons with private operators. This information is needed to\nevaluate Danareksa\u2019s new business model based on operational performance\nand its contribution to economic activity, rather than solely on the\nsize of the portfolio it manages.<\/p>",
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