Minister urges SOEs, private companies to compete to advance Indonesia

Minister urges SOEs, private companies to compete to advance Indonesia

State-owned Enterprises Minister Erick Thohir gave an opening address during the CNBC Economic Outlook in Jakarta on Feb 25, 2020. (ANTARA/Zubi Mahrofi/h-fdh)

Jakarta (ANTARA) - State-owned Enterprises (SOE) Minister Erick Thohir has called on SOEs and private companies to compete together to develop Indonesia to emerge as an advanced nation.

"I have built an ecosystem. Let us together compete to develop Indonesia into an advanced country, so we can compete with foreign companies," Thohir stated at the CNBC Economic Outlook here on Wednesday.

He invited private companies to conduct business cooperation with SOEs in a transparent manner.

"Please be a partner of SOEs, but in a good way, being good ones. Do not trick SOEs since many private colleagues do trick by placing someone in it for ensuring continuity of their businesses. It is okay that the business can continue, but as long as it is transparent and open. That is necessary," Thohir remarked.

The minister reminded SOEs to not become a source of money for certain groups, so that they could become a tool for the people's welfare.

Thohir also vowed to remove directors attempting to undermine or bankrupt SOEs.

"I will also listen to private complaints, but it must be a win-win scenario. Be good partners, so that the results are good. Both share common interests, which is good dividends," Thohir stated.

The minister opined that with a well-developed system, the contribution of SOEs to the nation will continually increase.

"Do not allow the contribution we give to the country to go down. This is especially relevant in the era of disruption. A business must have a good system, a good person, in order to survive. Hence, I ensure dividends to the state and an increase in net profits," he remarked.

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