Prabowo Says He Prevented Sale of Strategic SOEs to Foreign Parties

Prabowo Asserts He Blocked Foreign Acquisition of Strategic State-Owned Enterprises

President Halts Plans During Dams Inauguration

Prabowo Says He Prevented Sale of Strategic – During the inauguration of five dams in West Nusa Tenggara on July 10, 2024, President Prabowo Subianto stated that his administration had paused initiatives to sell key state-owned enterprises (SOEs) to overseas investors. He emphasized the importance of maintaining national control over critical assets.

“Upon assuming office, I discovered several SOEs were set for international sale. I swiftly halted those proposals,” Prabowo remarked, as reported by the Presidential Secretariat.

The president specified that among the affected entities were vital companies like PT PAL Indonesia, a state shipyard; PT Pindad, a defense manufacturer; PT Dirgantara Indonesia, an aerospace firm; and PT Garuda Indonesia, the national airline.

Prabowo outlined efforts to revitalize these enterprises, stating that PT PAL now has the capacity to develop advanced warships and submarines.

Streamlining State-Owned Enterprise Network

Prabowo also addressed the substantial number of SOEs currently in operation, noting that over 1,000 exist, encompassing parent, subsidiary, and sub-subsidiary companies. He pointed out that many are unprofitable and inefficient.

As part of broader reforms, the government aims to consolidate these entities, targeting a reduction to approximately 250 SOEs by integrating underperforming ones while keeping strategic firms under state control.