On March 24th, 2025, the Indonesian sovereign wealth fund, Badan Pengelola Investasi Daya Anagata Nusantara (BPI Danantara), unveiled a significant development in its operational structure: the appointment of former Thai Prime Minister Thaksin Shinawatra as a member of its advisory board. Announced by Danantara’s CEO, Rosan Roeslani, this decision immediately sparked both intrigue and debate, raising questions about the rationale behind the appointment and its potential impact on Danantara’s future trajectory.
The selection of Thaksin Shinawatra, a figure with a complex and often controversial legacy in Thai politics, as an advisor to a nascent Indonesian sovereign wealth fund, requires careful consideration. Proponents of the move might argue that Shinawatra’s extensive experience in economic policy, private sector involvement, and international relations could provide valuable insights for Danantara. During his tenure as Prime Minister, Shinawatra implemented policies focused on stimulating domestic demand, rural development, and attracting foreign investment, policies that arguably fueled significant economic growth in Thailand. This experience, particularly his understanding of navigating emerging markets and fostering economic development, could prove beneficial to Danantara’s investment strategies within Indonesia and the wider region.
Furthermore, Shinawatra’s established network within the Southeast Asian business community could open doors for Danantara, facilitating access to potential investment opportunities and partnerships. His connections with regional business leaders and policymakers could streamline negotiations, expedite project approvals, and enhance Danantara’s overall influence in the region. The appointment could, therefore, be interpreted as a strategic maneuver aimed at bolstering Danantara’s credibility and expanding its reach within the international investment landscape.
However, the appointment is not without its potential drawbacks. Shinawatra’s political history, marked by accusations of corruption and abuse of power, poses a significant risk to Danantara’s reputation. His controversial ousting from power and subsequent self-imposed exile have tarnished his image on the international stage. The association with a figure shrouded in such controversy could raise concerns among potential investors, both domestic and foreign, who may question Danantara’s commitment to transparency and good governance. This potential erosion of trust could ultimately hinder Danantara’s ability to attract capital and achieve its long-term investment objectives.
Moreover, the appointment could be perceived as politically motivated, potentially undermining Danantara’s independence and its intended function as a purely commercially driven entity. Critics may argue that the selection of Shinawatra is influenced by factors beyond his professional capabilities, potentially compromising the objectivity of his advice and decisions. This perception of political interference could further damage Danantara’s credibility and deter investors who prioritize autonomy and integrity in their investment decisions.
Ultimately, the success of Thaksin Shinawatra’s involvement with Danantara will depend on his ability to leverage his experience and connections while mitigating the risks associated with his controversial past. Danantara must demonstrate a strong commitment to transparency, accountability, and ethical conduct to reassure stakeholders that Shinawatra’s role is purely advisory and that investment decisions will be based solely on sound financial principles. The appointment presents a complex challenge for Danantara: balancing the potential benefits of Shinawatra’s expertise against the potential reputational and political risks associated with his involvement. Only time will tell whether this strategic move will prove to be a catalyst for Danantara’s success or a source of long-term complications.