However, he emphasized that SOE companies still have the duty to serve the people amid the competition.
"That is what I said. SOEs are open to competition, but they also let SOEs protect the interests of the people," Thohir stated in a press conference on the launch of the Mandiri Digital Tower here on Wednesday.
Citing an example of the SOEs' role in serving the community, Thohir remarked that 92 percent of the credit loans for micro, small, and medium enterprises (MSMEs) are distributed through state-owned banks, and the remaining eight percent through private banks.
According to Thohir, this is one example of SOE companies in serving the community.
"We take advantage of the competition, as it is not a monopolistic economic system. It is an open market," he explained.
Thohir also spoke about the 10th Indonesia International Geothermal Convention and Exhibition (IIGCE) 2024, which was recently inaugurated by President Joko Widodo (Jokowi) this morning.
During the event, Jokowi revealed that five additional companies will manage geothermal energy in Indonesia.
The five companies are the winners of the Geothermal Working Area auction and the bidding for the Geothermal Preliminary Survey and Exploration Assignment Area.
Thohir stated that competition in the geothermal sector is still healthy in the free market system.
"This is an open geothermal competition where there is the private sector, foreign (investors), and SOEs," he explained, adding that state enterprises will continue to make improvements.
Meanwhile, in the last 10 years, investment in the geothermal sector has reached approximately US$8.7 billion.
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Translator: Bayu S, Kenzu
Editor: Azis Kurmala
Copyright © ANTARA 2024
