Ongoing Quest for Advancing State-Owned Enterprises – Press Release

JAKARTA, Indonesia, Feb. 27, 2022 /PRNewswire/ — The Indonesian president harbors myriad hopes and expectations for state-owned enterprises and has striven to see them not only advance nationwide but also compete at the international level.

The president believes these corporations hold vast potential to dominate the essential sectors at the onset and also at the global level in later days.

State-owned enterprises only need a professional helping hand and management to assist them to flourish. This is because regardless of how great a company is, once it falls into the wrong hands, its development would stagnate, and it would end up dying.

It cannot be denied that to survive the current industrial revolution, companies need to prepare their human resources and ecosystem to their utmost best. Business transformation coupled with adaptation to the latest technology is inevitable.

State-Owned Enterprises Minister Erick Thohir spoke of three big dreams for SOEs, with one of them being SOEs’ bigger contribution to the nation.

“Again, if it is not just my wishful thinking, it is how to enable SOEs to make bigger contribution to the country. That is number one,” Thohir wrote on his official Instagram account @erickthohir here on Sunday (Feb 20).

The second aspiration is that the number of SOEs would be smaller but larger in terms of their footprints while the third pertains to optimizing the role of SOE services to the community.

These three wishes have Key Performance Indicators or KPIs.

State-owned enterprises were undergoing a massive, intense, and ongoing transformation.

It has borne fruits, as they achieved an income totaling Rp96 trillion until the first semester of 2021, and a net profit of Rp26 trillion up until June 2021.

In 2021, the minister stated that the restructuring program among state-owned companies had been going well.

It turned out that things became more efficient when they were slimmer. It brought things down, from 108 to 41,…