PT DSI 'Special Export SOE' Can Address Under-invoicing? Economist Says
President Prabowo Subianto’s administration has established PT Danantara Sumberdaya Indonesia (DSI) as a state-owned enterprise (SOE) tasked with regulating the export activities of strategic natural resources commodities, namely coal, palm oil, and ferroalloy. Government Communication Agency Technical Expert Fithra Faisal stated that PT DSI was formed because, from 1991 to 2024, the state lost approximately Rp15.4 trillion in national revenue due to under-invoicing and transfer pricing related to commodity exports. The creation of PT DSI is intended to improve export-import governance and support export performance amid global geopolitical turmoil.
“The motivation is clear from the data: over 34 years from 1991 to 2024, the nation lost Rp15.4 trillion in wealth due to misinvoicing. Comparing this to last year’s GDP of nearly Rp24 trillion, Rp15.4 trillion equates to 64% of the GDP,” Fithra told CNBC Indonesia at the Mining Zone event on Tuesday, May 26, 2026.
Fithra stated that the President recognised the need for consolidation in export and import governance. Not only exports suffer from under-invoicing, but imports also face over-invoicing, which forms the backdrop for PT DSI’s establishment. The second reason relates to the current global pressures affecting the rupiah exchange rate and corporate performance. “PT DSI is intended to reverse these conditions,” Fithra said.
Fithra added that under the new regulations, the government will initially focus on three key commodities: crude palm oil (CPO), nickel ferroalloys, and coal. “These three commodities, worth US$65 billion, could boost economic growth by at least 0.8% in the short term,” he stated. “Given that first-quarter growth was 5.6%, this could push it above 6% — the first impact on economic growth.”
Regarding the rupiah’s exchange rate, Fithra noted that baseline simulations indicate a potential appreciation of 130 basis points in the coming months under steady-state conditions. “If managed effectively, the rupiah could strengthen by up to 500 basis points next year, and by 900 basis points by 2028,” he added.