Analyst: State-Owned Enterprises' Contributions Boost Indonesia's Economic Growth Rate
Jakarta (ANTARA) - Managing Partner of the BUMN Research Group at the Faculty of Economics and Business, University of Indonesia (UI), Toto Pranoto, stated that the contributions of state-owned enterprises (SOEs) have boosted the national economic growth rate.
The transformation of state-owned enterprises (SOEs) is considered one of the key factors supporting Indonesia’s economic growth of 5.61 per cent in the first quarter of 2026. He said that these contributions primarily come from groups of large-capitalisation SOEs or blue chips that still dominate national economic activities.
“In my view, the majority of contributors to economic growth are still dominated by blue-chip SOEs such as the Himbara banks, which drive economic transactions to grow,” Toto said in his statement in Jakarta on Tuesday.
He explained that Himbara banks play a role in maintaining liquidity and national economic financing, which are important engines for growth in consumption and investment.
Furthermore, Toto said that most of the contributions to economic growth still come from several large SOEs that have strategic roles in the energy, telecommunications, and mining sectors.
“MIND ID, with its high export contributions and foreign exchange receipts, as well as fostering downstream business,” he added.
According to Toto, the export contributions and foreign exchange earnings from the mining sector through Mind ID also strengthen Indonesia’s economic resilience amid global dynamics.
In addition, he assessed that the roles of PT Pertamina and PT Telkom Indonesia are also very significant in maintaining national economic activities.
These two red-plate companies are able to create multiplier effects through strengthening the energy sector and digital connectivity, which form the foundation of modern economic growth.
He added that the contributions of SOEs to national economic growth should be able to be greater if investments in high-value-added downstream sectors are accelerated.
One example is the development of the electric vehicle battery industry through the Indonesia Battery Corporation (IBC) consortium.
“SOE contributions could be higher if they can invest more in downstream areas with higher added value. For example, accelerating the construction of EV battery factories by the IBC consortium, which is dominated by SOEs, then the state companies’ contributions could be greater,” said Toto.