Konsepsi Hukum Sovereign Wealth Fund di Indonesia: Studi Komparasi dengan Norwegia dan Uni Emirat Arab

Abstract

Sovereign Wealth Fund is one of the instruments created to respond to the rapid development of the global economy. Generally, SWFs are established by setting aside budget surpluses or national revenue surpluses to be invested for macroeconomic gains. However, Indonesia, with a still-deficit state budget, has established an SWF, and historically, Indonesia's SWF in the form of PIP once failed due to limited funding from the APBN. This thesis examines the legal conception of SWF in Indonesia and compares it with the legal conception of SWF in Norway and the United Arab Emirates to find lessons for Indonesia's SWF. The research problem formulation includes: (1) the legal conception of SWF, (2) the legal framework of Indonesia's SWF based on Government Regulation Number 74 of 2020; and (3) a comparison of the legal conception of Indonesia's SWF with that of Norway and the United Arab Emirates. The research method used is normative juridical with a legislative approach and a comparative approach, as well as secondary data through literature study. The results of the study indicate that the legal conception of Indonesia's SWF still lacks a structured framework. The variations of Norway's and the United Arab Emirates' SWFs have a clear legal construction in the distribution of funding sources and the investment strategies employed. In addition, the legal framework of Indonesia's SWF in the scope of investment strategy is still focused on direct investments, while Norway's and the United Arab Emirates' SWFs have a focus on asset diversification in global equities. Therefore, it is necessary to reconstruct the investment functions of Indonesia's SWF to have a structured framework in order to maintain linearity with the goals of its establishment in providing macroeconomic benefits.