Erick Thohir: We don’t want to monopolize the industry, our market is open

TEMPO.CO, Jakarta – Minister for State Enterprises (BOOM) Erick Thohir, stressed that the government does not want a monopoly on industrial business systems. Erick said that the market mechanism that should be implemented in Indonesia is an open market.

“Yesterday they complained that Garuda tickets are expensive. So, we have Pelita Air. We don’t want our industry to be monopolized. Our market is an open market,” Erick said in a BUMN 2023 press conference titled “Growing and Strong for Indonesia” in his office on Monday, January 2, 2023.

Erick mentioned that all types of industries, including aviation, should not be monopolized by certain parties. For example, in the aviation industry several BUMNs work on different market segments.

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“Garuda is the premium, Citilink is low-cost, and Pelita is in the middle,” Erick said.

On that occasion, Erick also said that his party would create a tourism-business ecosystem. “An ecosystem can be formed if we are not suspicious of each other. An ecosystem will emerge when all actors put their ego in the center. This is what we are pushing for,” said Erick.

Erick said that the management of airports, tourist destinations, hotels and means of transport could become much clearer in the tourism ecosystem. The integrated ecosystem involves not only state-owned companies, but also many other private companies involved.

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“Those coming to the airport may need taxis. There is Gojek and Grab, that’s an ecosystem. This is what we’re pushing for,” said Erick Thohir.

Regarding Garuda Indonesia, Erick previously expressed his hope that the state-owned airline will regain its performance after meeting the homologation requirements. Meanwhile, Garuda has fulfilled the obligations of the settlement agreement with creditors and is expected to implement it from January 1, 2023.

The whole series of fulfilling obligations and homologation, said Erick, will be completed after the rights issue is completed. Garuda has also issued new sukuk or sharia-compliant bonds.

“Can Garuda fly high again, this time with sustainability and profitability,” Erick said in a statement on Saturday, December 31, 2022.

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The Garuda settlement agreement homologation requirements package includes the issuance of new bonds and new sharia-based bonds (Train) on December 28 and 29, 2022. Before that, the state-owned airline received state capital participation (PMN) estimated at Rp 7.5 trillion by the government.

Garuda also issued new shares by offering rights issues (HMETD) and capital increases without private placement (PMTHMETD). Erick claimed that this process was part of the largest and most complex restructuring in the history of Indonesian companies.

AMELIA RAHIMA SARI

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