INDONESIA: BUMN Go Global is the Accurate Strategy in Midst of Pandemic

Aug 21, 2020 12:00 JST

Source: Indonesian Ministry of State Owned Enterprises / BUMN

JAKARTA, Aug 21, 2020 - (ACN Newswire) - Christovita Wiloto, Founder of IYE! Indonesian Young Entrepreneurs, believes that the BUMN Go Global strategy issued by the Minister of State Owned Enterprises (BUMN) is exactly what Indonesia needs right now, especially in the midst of a global economic recession due to the Covid-19 pandemic.

State-Owned Enterprises (BUMN) Minister Erick Thohir(R) and BUMN Deputy Minister Budi Gunadi Sadikin in Jakarta, Wed (8/19/20). (Antara Photos / Adam Bariq)

Indonesia Young Entrepreneurs, otherwise known as IYE!, is a global network of young Indonesians with entrepreneurial spirit across all industries. With over 50,000 members based all around the world, this organization acts as a platform to bring together young minds that are resilient and have integrity.

"The launch of the BUMN Go Global strategy as we enter a world recession due to the Covid-19 pandemic is very timely. Even countries as strong as the United States and China have been overwhelmed by this mega disruption. These new circumstances level the playing field so that countries are now in a position of equal opportunities within the global business playing field," explained Christovita Wiloto.

Known as a reliable global entrepreneur with an extensive international network, BUMN Minister Erick Thohir is believed to be able to direct BUMNs to be more active on a global scale.

"Under the leadership of Erick Thohir, the opportunities for SOEs to be more active at the global level has widened through the BUMN Go Global program," Christov said.

BUMN Minister Erick Thohir and Minister of Foreign Affairs Retno Marsudi initiated the BUMN Go Global economic diplomacy program. The goal of the program is to improve Indonesia's supply chain. BUMNs are encouraged to acquire foreign companies, many of which are beginning to stagger during this time of global recession.

State-Owned Enterprises Minister Erick Thohir explained that the BUMN GO Global program is an effort to develop and uplift the Indonesian business world towards the international level. He said there were two big goals of the program, which includes marketing BUMN products as well as improving supply chains in Indonesia.

"So this is not a program that is just for show. But it really has to be able to improve the ecosystem of our nation," said Erick.

From the marketing side, Erick said that Indonesia's state-owned companies currently already have various products that are recognized by various countries. Examples of products that are already well known in other countries include vaccines produced by Biofarma as well as products of the defense industry, and these can be improved even more.

Christov also observed that there are actually quite a number of Indonesian state-owned companies that have already successfully penetrated the global market. These companies include Telkomcel, PT Bank Negara Indonesia (Persero) Tbk, Bank BRI, Bank Mandiri, PT Semen Indonesia (Persero) Tbk., PT Pertamina (Persero), PT Wijaya Karya (Persero) Tbk., Kimia Farma Dawaa, and many more.

"But it is not enough that BUMN Go Global, we also want to participate in improving the supply chain in Indonesia. We know that, so far, Indonesia has only been a market for other global companies, but how long will this go on? What we can expect from acquiring several global companies overseas is a simple objective, namely to improve Indonesia's supply chain," Erick asserted.

Erick further said that Indonesia actually has two advantages, namely a large market and rich natural resources. However, on the other hand, Indonesia is still facing challenges related to logistics and technology. For that reason, these are the areas that he intends to fix.

For more information, please contact:
PowerPR | Indonesia Investment Forum
christhaliawiloto@powerpr.co.id
www.powerpr.co.id/IIFNYC2021

Source: Indonesian Ministry of State Owned Enterprises / BUMN
Sectors: Healthcare & Pharm, ASEAN, Local Biz, Government