State-owned enterprises of Indonesia explained

In Indonesia, state-owned enterprises (Indonesian: Badan Usaha Milik Negara ('''BUMN''')) play an important role in the national economy. Their roles includes contributor for national economy growth, providing goods or services which are not covered by private company, employment provider, providing support guidance to small and medium businesses, and source of government revenue.^[1] The Ministry of State Owned Enterprises represents the government's function as a shareholder of most of those companies, while some are represented by the Ministry of Finance.

Aside from SOEs, there are also provincially- or municipally-owned corporations, locally known as Badan Usaha Milik Daerah (BUMD). The primary difference between BUMNs and BUMDs is the ownership of the enterprise, whereas BUMNs are controlled by the Ministry of State Owned Enterprise while BUMDs are directly controlled by the local government. BUMDs roles are similar with BUMNs, with heavy emphasis on providing goods or services to the local community. In addition, there are also village-owned enterprises which are run by village governments.

History

Dutch colonial era

During the Dutch colonial era, the government had a monopoly on the opium, pawnbroking (nationalized on 1 April 1901), posts (including the Post Office Savings Bank), telegraph and telephone industry, as well as owning most of the railways and electric utilities. They are managed by the Department of State-Owned Enterprises (Dutch; Flemish: Department van Gouvernementsbedrijven).

Post-independence

By the end of the Dutch–Indonesian Round Table Conference, the Indonesian government had a major or complete ownership on the public utility, buses, railways, banks and communications.

With the beginning of Guided Democracy in Indonesia, many Dutch-owned companies, or Indonesian branches of Dutch companies, were nationalized (see Nationalized Dutch companies below).

During the New Order, the nationalized companies were still state-owned. Some of the companies were listed in the Jakarta Stock Exchange later on.

Today the largest banks in Indonesia are mostly state-owned.

List of foreign companies nationalized during Guided Democracy

• Bank Mandiri was a merger of:
  • Bank Ekspor Impor Indonesia (BankExim), formerly the Indonesian branch of Nederlandsche Handels Maatschappij which eventually becomes ABN AMRO
  • Bank Bumi Daya (formerly Bank Umum Negara), the result of the nationalizations of Nationale Handelsbank and the Chartered Bank of India, Australia and China (now Standard Chartered; the latter returning to Indonesia after the New Order went into power)
  • Bank Dagang Negara, formerly Escomptobank, also predecessor to ABN AMRO
  • Bank Pembangunan Indonesia (Bapindo), state-owned since establishment
• Bank Rakyat Indonesia was known as
  • 1845: "Purwokertoan Assistance and Savings Bank for Native Aristocrats" (Dutch; Flemish: De Purwokertosche Hulp- en Spaarbank der Inlandsche Hoofden).
  • 1934-42: "General Public Credit Bank" (Dutch; Flemish: Algemene Volkskredietbank),
  • 1942-45: during Japanese occupation
• Bank Tabungan Negara was known as
  • 1897-42: "Post Office Savings Bank" (Dutch; Flemish: Postspaarbank)
  • 1942-45:
  • 1945-63: "Post Office Savings Bank" (Indonesian: Bank Tabungan Pos)
• Insurance industry:
  • NV Zee-en Brandassurantie Maatschappij van 1851, NV Zee-en Brandassurantie Maatschappij van 1861, NV Tweede Zee-en Brandassurantie Maatschappij van 1861, NV Zee-en Brandassuratie Maatschappij van 1865, NV Tweede Zee-en Brandassurantie Maatschappij van 1865, and NV Javasche Verszekerings Agenturen Maatschappij were consolidated into PN Asuransi Kerugian Eka Chandra (eventually merged into Jasindo, part of Indonesia Financial Group).^{[2] [3]}
  • NV Assurantie Maatschappij Jakarta, NV Assurantie Kantoor Langeveldt-Schroder, NV Assurantie Kantoor O.W.J. Schlencker, NV Kantoor Asuransi Kali Besar, PT Maskapai Asuransi Arah Baru, Firma Blom & van der Aa, Firma Bekouw & Mynssen, and Firma Sluyters & Co were consolidated into PN Asuransi Kerugian Eka Karya and eventually merged into PT Jasa Raharja, part of Indonesia Financial Group).^[4]
  • NV Nederlandsche Lloyd and NV Maskapai Asuransi dan Administrasi Umum Nusantara Lloyd were consolidated into PN Asuransi Kerugian Eka Nusa and eventually merged into PT Asuransi Jasa Indonesia (Jasindo), part of Indonesia Financial Group.^[5]
  • NV Levensverzekering Maatschappy "Nilmij van 1859" (also known as the Indonesian branch of Nillmij, the parent of which later becomes Aegon N.V.), NV Levensverzekering Maatschappij van "De Nederlanden van 1845, Onderling Levensverzekering Genootschap "De Olveh van 1879", NV Eerste Nederlandsche Verzekering Maatschappij op het Leven en tegen Invaliditeit, NV Amstleven (Amsterdamse Maatschappij van Levensverzekering), NV Nationale Levensverzekering Bank, Hollandsche Societeit van Levensverzekeringen, NV Levenverzekering Maatschappij "Ons Belang" (Levob), and NV Levensverzekering Maatschappij H.A.V. Bank were consolidated into PN Asuransi Jiwa Eka Sejahtera and eventually becomes PT Asuransi Jiwasraya (Persero).^{[6] [7]}
• Construction industry:
  • NV Architecten-Ingenieursbureau Fermont te Weltevreden en Ed. Cuypers te Amsterdam becomes PN Virama Karya.^[8] The company later turned into PT Virama Karya (Persero).
  • Indonesian Electrical and Mechanical Engineers and Contractors (INDEMEC) C.V. formerly Technisch Bureau H&S becomes PN Indra Karya.^[9] The company later turned into PT Indra Karya (Persero).
  • PT Biro Arsitek Job & Sprey/Architectenbureau Job en Sprey NV becomes PN Yodya Karya.^[10] The company later turned into PT Yodya Karya (Persero).
  • Nederlandse Aannemingsmaatschappij NV (now Ballast Nedam) becomes PN Nindya Karya.^[11] The company later turned into PT Nindya Karya (Persero) and is currently a subsidiary of PT Danareksa (Persero).
  • Aannemingsmaatschapij "De Kondor" NV (later IBB-Kondor and KondorWessels and now VolkerWessels) becomes PN Kumala Karya.^[12] The company was dissolved in 1971.
  • Hollandsche Beton Maatschappij (eventually merged into Hollandsche Beton Groep and later acquired by Royal BAM Group) becomes PN Hutama Karya.^[13] The company later turned into PT Hutama Karya (Persero). Hollandsche Beton Groep itself would return in 1970 as Decorient Indonesia; in the early 2020s the company (then called BAM Decorient Indonesia) would be bought out by its management and renamed Decorient Partaya Indonesia.
  • Royal Adriaan Volker Group (now VolkerWessels) trading as Volker Aannemingsmaatschappij NV in Indonesia, becomes PN Waskita Karya.^[14] The company later turned into PT Waskita Karya (Persero).
  • NV Pembangunan Perumahan becomes PN Pembangunan Perumahan and eventually turned into PT Pembangunan Perumahan (Persero).^[15]
  • NV Technisch Handelmaatschappij Vis & Co. becomes PN Wijaya Karya.^[16] The company later turned into PT Wijaya Karya (Persero).
  • Architecten, Ingineurs en Aannemersbedrijf Associatie Selle en de Bruyn, Reyerse en de Vries NV becomes PN Adhi Karya.^[17] The company later turned into PT Adhi Karya (Persero).
  • NV "Ingenieurs Bureau Ingenegeren-Vrijburg" becomes PN Indah Karya.^[18] The company later turned into PT Indah Karya (Persero).
  • NV Air Bersih
• Perusahaan Perdagangan Indonesia (Indonesia Trading Company) is a nationalized company from several trading companies such as N.V. Borneo Sumatra Maatschappij (Borsumij), Internationale Crediet- en Handelsvereeniging "Rotterdam" (Internatio, one of the predecessors of Imtech), Lindeteves, and Geo Wehry.
• PT Sang Hyang Seri from Pamanukan & Tjiasem Lands (since 1940, nationalized at 1957).
• PT Rajawali Nusantara Indonesia from Kian Gwan (nationalized at 1961).
• Perum DAMRI (Djawatan Angkoetan Motor Repoeblik Indonesia) from and .
• PT Garuda Indonesia
  • 1928-42: Royal Dutch Indies Airways (Dutch; Flemish: Koninklijke Nederlandsch-Indische Luchtvaart Maatschappij)
  • 1947-49: KLM Interinsulair Bedrijf
• Indonesian Railway Company (Indonesian: Kereta Api Indonesia)
  • 1963-42: Nederlandsch-Indische Spoorweg Maatschappij
  • 1875-42: Staatsspoor-en-Tramwegen in Nederlandsch–Indië
  • 1945-58: Staatsspoorwegen Verenigde Spoorwegbedjrif (SS/VS) (fully nationalized at 1958)
• Pengangkutan Penumpang Djakarta
  • 1925–42,45-54 : Bataviache Verkeers Maatchappij (BVMNV)
  • 1942-45:

AKHLAK

On 1 July 2020,^[19] the Ministry of State Owned Enterprises uniformized the corporate core values of all state-owned enterprises into what is called AKHLAK. The implementation of AKHLAK in all state-owned enterprises was intended "to create strong SOEs that have global competitiveness with human resources that are qualified, talented, cultured and highly performed."^[20] They are:

• Trustworthy (Indonesian: Amanah) - Being accountable and have integrity in fulfilling mandates
• Competent (Indonesian: Kompeten) - Learning and growing capabilities continuously
• Harmonious (Indonesian: Harmonis) - Care for others and respect differences
• Loyal - Dedicated and putting the interest of the Nation and State above others
• Adaptive (Indonesian: Adaptif) - Continuously innovating and staying spirited in driving and addressing changes
• Collaborative (Indonesian: Kolaboratif) - Building synergy and cooperation

Types of SOEs

Since 2003, there are two types of state-owned enterprises (SOEs) in Indonesia:

• Indonesian: Perusahaan Umum (Perum), are statutory public-benefit corporations with no shareholders. The main purpose of these SOEs is to provide goods and/or services to public. These firms are allowed to pursue profits. Perums, however, are increasingly rare as the government are converting many of them into perusahaan perseroan (see below), especially after the 1980s.
• Indonesian: Perusahaan Perseroan (Persero) are SOEs which are perseroan terbatas (PT) (i.e. a joint-stock company). This type of SOE is more independent than the Perums and the main goals of these firms are to gain profits and contribute to government revenue. This type of SOE is easy to recognize because they have the term Persero attached to their names. These SOEs, however, are subject to general perseroan terbatas laws, and similar to ordinary PTs its establishment and amendments to its articles of association, including increases to its capital, must be executed before a civil law notary with a notarial act, unlike Perums where its Articles of association (including amendments and capital increases) is directly legislated.
  There are two sub-type of Perusahaan Perseroan:

1. Perusahaan Perseroan Terbuka (Persero Tbk.), or Public company, which are enterprises whose ownership belongs both to the government and to the general public which issue freely traded shares the stock exchange (or in over the counter markets). This subtype of SOEs also has the suffix Tbk. attached to their names.
2. Perusahaan Perseroan Pemerintah which are enterprises whose ownership are 100% government-owned.

Until 2003, there was also another type of SOE called Indonesian: Perusahaan Jawatan (Perjan/PJ) which had operational costs funded from the national budget. Employees of these SOEs were civil servants and the companies were regarded as government agencies. Firms in this category have been either upgraded into other types of SOEs or converted into government agencies.

List of companies

Information on the state-owned enterprises (SOEs) is drawn from the Ministry of State Owned Enterprises^[21] and the Ministry of the State Secretariat's Legal Documentation and Information Network portals.^[22]

Indonesian SOEs subdivided into 12 clusters.

Telecommunication and Media Services! Company !! Common Name !! Sector !! Website

PT Telkom Indonesia (Persero) Tbk	Telkom	Telecommunications company	https://www.telkom.co.id/
PT Danareksa (Persero)	Danareksa	Holding company	https://www.danareksa.co.id/

Energy, Oil, and Gas Industry! Company !! Common Name !! Sector !! Website

	PLN	Electricity Supply	https://www.pln.com/id
	Pertamina	Mining and Exploration	https://www.pertamina.com/id

Tourism and Support Services! Company !! Common Name !! Sector !! Website

PT Aviasi Pariwisata Indonesia (Persero)	InJourney	Holding company	https://injourney.id/
	Garuda Indonesia	Air Transportation	https://www.garuda-indonesia.com/id
Perum Lembaga Penyelenggara Pelayanan Navigasi Penerbangan Indonesia	AirNav Indonesia	Air Traffic Management	https://www.airnavindonesia.com/id

Insurance and Pension Fund Services! Company !! Common Name !! Sector !! Website

PT Bahana Pembinaan Usaha Indonesia (Persero)	Indonesia Financial Group (IFG)	Holding company	https://www.bahana.com/id
	Jiwasraya	Insurance	https://www.jiwasraya.com/id
PT Asuransi Sosial Angkatan Bersenjata Republik Indonesia (Persero)	ASABRI	Police and Army Insurance	https://www.asabri.com/id
PT Reasuransi Indonesia Utama (Persero)	Indonesia Re	Insurance	https://www.indonesiare.com/id
PT Dana Tabungan dan Asuransi Pegawai Negeri (Persero)	TASPEN	Pension Fund Management	https://www.taspen.com/id

Financial Services! Company !! Common Name !! Sector !! Website

	Bank BRI	Financial Services and Banking, Holding company	https://www.bri.com/id
	Bank Mandiri	Financial Services and Banking	https://bankmandiri.co.id/
	Bank BNI	Financial Services and Banking	https://www.bni.co/id
	Bank BTN	Financial Services and Banking	https://www.btn.com/id
	Peruri	Printing	https://www.peruri.com/id

Food and Fertilizer Industry! Company !! Common Name !! Sector !! Website

	BULOG	Food Supply Chain	https://www.bulog.com/id
PT Pupuk Indonesia (Persero)	Pupuk Indonesia	Processing Manufacture	https://www.pupuk-indonesia.com/id
PT Rajawali Nusantara Indonesia (Persero)	ID FOOD	Plantation, Holding company	https://www.rni.com/id

Infrastructure Services! Company !! Common Name !! Sector !! Website

PT Jasa Marga (Persero) Tbk	Jasa Marga	Toll Road Management	https://www.jasamarga.com/id
PT Adhi Karya (Persero) Tbk	Adhi	Construction	https://www.adhi.com/id
PT Hutama Karya (Persero)	HK	Construction and Toll Road Management	https://www.hutamakarya.com/id
PT Waskita Karya (Persero) Tbk	Waskita	Construction	https://www.waskita.com/id
PT Pembangunan Perumahan (Persero) Tbk	PP	Construction	https://www.pt-pp.com/id
PT Wijaya Karya (Persero) Tbk	Wika	Construction	https://www.wika.co.id/
Perum Pembangunan Perumahan Nasional	Perumnas	Construction	https://www.perumnas.com/id
PT Brantas Abipraya (Persero)	Abipraya	Construction	https://www.brantas-abipraya.com/id
	Semen Indonesia Group (SIG)	Processing Manufacture	https://www.semenindonesia.com/id

Plantation and Forestry Industry! Company !! Common Name !! Sector !! Website

Perum Kehutanan Negara	Perhutani	Forestry	https://www.perhutani.co.id/
PT Perkebunan Nusantara III (Persero)	Perkebunan Nusantara	Plantation, Holding company	https://www.ptpn3.com/id

Manufacturing and Survey Industry! Company !! Common Name !! Sector !! Website

PT Biro Klasifikasi Indonesia (Persero)	ID SURVEY	Ship Classification and Statutory	http://www.bki.co.id/
	Defense Industry Indonesia (DEFEND ID)	Processing Manufacture, Holding company	https://www.len.com/id
	Krakatau Steel	Processing Manufacture	https://www.krakatausteel.com/id

Logistic Services! Company !! Common Name !! Sector !! Website

	DAMRI	Transportation	https://www.damri.co.id/
	KAI	Railway Service	https://www.kai.com/id
	INKA	Railway Manufacture	https://www.inka.co.id/
	Pos Indonesia Logistik Indonesia (POS IND)	Post, Mail Service and Telecommunication	https://www.posindonesia.com/id
	Pelni	Sea Transportation	https://www.pelni.com/id
	ASDP	River and Water Transport Provider	https://www.indonesiaferry.co.id/
	Pelindo	Sea Port Management	https://www.pelindo.co.id/

Health Industry! Company !! Common Name !! Sector !! Website

Biofarma

Vaccines, Holding company

https://www.biofarma.com/id/

See also

• State owned enterprise

Notes and References

1. Web site: Indonesian - Role of BUMN . 5 September 2016 . 6 June 2017. id.
2. Web site: Peraturan Pemerintah Nomor 3 Tahun 1960 tentang Penentuan Perusahaan Asuransi Kerugian Milik Belanda yang Dikenakan Nasionalisasi . Government Regulation No. 3 of 1960 on Determination of Dutch-Owned General Insurance Companies Subject to Nationalization . id . Lembaran Negara Republik Indonesia . 2023-03-08 . 2023-03-08 . https://web.archive.org/web/20230308024613/https://jdih.setkab.go.id/PUUdoc/2159/PP0031960.pdf . live .
3. Web site: Peraturan Pemerintah Nomor 14 Tahun 1961 tentang Pendirian Perusahaan Negara Asuransi Kerugian Eka Chandra . Government Regulation No. 14 of 1961 on Formation of PN Asuransi Kerugian Eka Chandra . id . Lembaran Negara Republik Indonesia . 2023-03-07 . 2023-03-07 . https://web.archive.org/web/20230307172246/https://jdih.setkab.go.id/PUUdoc/2224/pp0141961.pdf . live .
4. Web site: Peraturan Pemerintah Nomor 15 Tahun 1961 tentang Pendirian Perusahaan Negara Asuransi Kerugian Eka Karya . Government Regulation No. 15 of 1961 on Formation of PN Asuransi Kerugian Eka Karya . id . Lembaran Negara Republik Indonesia . 2023-03-07 . 2023-03-07 . https://web.archive.org/web/20230307164748/https://jdih.setkab.go.id/PUUdoc/2225/pp0151961.pdf . live .
5. Web site: Peraturan Pemerintah Nomor 16 Tahun 1961 tentang Pendirian Perusahaan Negara Asuransi Kerugian Eka Nusa . Government Regulation No. 16 of 1961 on Formation of PN Asuransi Kerugian Eka Nusa . id . Lembaran Negara Republik Indonesia . 2023-03-07 . 2023-03-07 . https://web.archive.org/web/20230307171156/https://jdih.setkab.go.id/PUUdoc/2226/pp0161961.pdf . live .
6. Web site: Peraturan Pemerintah Nomor 48 Tahun 1960 tentang Penentuan Perusahaan Pertanggungan Jiwa Milik Belanda yang Dikenakan Nasionalisasi . Government Regulation No. 48 of 1960 on Determination of Dutch-Owned Life Insurance Companies Subject to Nationalization . id . Lembaran Negara Republik Indonesia . 2023-03-08 . 2023-03-08 . https://web.archive.org/web/20230308022409/https://jdih.setkab.go.id/PUUdoc/2204/pp0481960.pdf . live .
7. Web site: Peraturan Pemerintah Nomor 214 Tahun 1961 tentang Pendirian Perusahaan Negara Asuransi Kerugian Eka Sejahtera . Government Regulation No. 214 of 1961 on Formation of PN Asuransi Jiwa Eka Sejahtera . id . Lembaran Negara Republik Indonesia . 2023-03-08 . 2023-03-08 . https://web.archive.org/web/20230308004242/https://jdih.setkab.go.id/PUUdoc/2357/pp2141961.pdf . live .
8. Web site: Peraturan Pemerintah Nomor 56 Tahun 1961 tentang Pendirian Perusahaan Negara "Virama Karya" . Government Regulation No. 56 of 1961 on Formation of PN "Virama Karya" . id . Lembaran Negara Republik Indonesia . 2023-03-08 . 2023-03-08 . https://web.archive.org/web/20230308094425/https://jdih.setkab.go.id/PUUdoc/2027/pp0561961.pdf . live .
9. Web site: Peraturan Pemerintah Nomor 57 Tahun 1961 tentang Pendirian Perusahaan Negara "Indra Karya" . Government Regulation No. 57 of 1961 on Formation of PN "Indra Karya" . id . Lembaran Negara Republik Indonesia . 2023-03-08 . 2023-03-08 . https://web.archive.org/web/20230308100234/https://jdih.setkab.go.id/PUUdoc/2028/pp0571961.pdf . live .
10. Web site: Peraturan Pemerintah Nomor 58 Tahun 1961 tentang Pendirian Perusahaan Negara "Yodya Karya" . Government Regulation No. 58 of 1961 on Formation of PN "Yodya Karya" . id . Lembaran Negara Republik Indonesia . 2023-03-08 . 2023-03-08 . https://web.archive.org/web/20230308100757/https://jdih.setkab.go.id/PUUdoc/2029/pp0581961.pdf . live .
11. Web site: Peraturan Pemerintah Nomor 59 Tahun 1961 tentang Pendirian Perusahaan Negara "Nindya Karya" . Government Regulation No. 59 of 1961 on Formation of PN "Nindya Karya" . id . Lembaran Negara Republik Indonesia . 2023-03-08 . 2023-03-08 . https://web.archive.org/web/20230308101258/https://jdih.setkab.go.id/PUUdoc/2030/pp0591961.pdf . live .
12. Web site: Peraturan Pemerintah Nomor 60 Tahun 1961 tentang Pendirian Perusahaan Negara "Kumala Karya" . Government Regulation No. 60 of 1961 on Formation of PN "Kumala Karya" . id . Lembaran Negara Republik Indonesia . 2023-03-08 . 2023-03-08 . https://web.archive.org/web/20230308102153/https://jdih.setkab.go.id/PUUdoc/2031/pp0601961.pdf . live .
13. Web site: Peraturan Pemerintah Nomor 61 Tahun 1961 tentang Pendirian Perusahaan Negara "Hutama Karya" . Government Regulation No. 61 of 1961 on Formation of PN "Hutama Karya" . id . Lembaran Negara Republik Indonesia . 2023-03-08 . 2023-03-08 . https://web.archive.org/web/20230308102558/https://jdih.setkab.go.id/PUUdoc/2032/pp0611961.pdf . live .
14. Web site: Peraturan Pemerintah Nomor 62 Tahun 1961 tentang Pendirian Perusahaan Negara "Waskita Karya" . Government Regulation No. 62 of 1961 on Formation of PN "Waskita Karya" . id . Lembaran Negara Republik Indonesia . 2023-03-08 . 2023-03-08 . https://web.archive.org/web/20230308103252/https://peraturan.bpk.go.id/Home/Details/72835/pp-no-62-tahun-1961 . live .
15. Web site: Peraturan Pemerintah Nomor 63 Tahun 1961 tentang Pendirian Perusahaan Negara "Pembangunan Perumahan" . Government Regulation No. 63 of 1961 on Formation of PN "Pembangunan Perumahan" . id . Lembaran Negara Republik Indonesia . 2023-03-08 . 2022-07-26 . https://web.archive.org/web/20220726042222/https://jdih.setkab.go.id/PUUdoc/2034/pp0631961.pdf . live .
16. Web site: Peraturan Pemerintah Nomor 64 Tahun 1961 tentang Pendirian Perusahaan Negara "Wijaya Karya" . Government Regulation No. 64 of 1961 on Formation of PN "Wijaya Karya" . id . Lembaran Negara Republik Indonesia . 2023-03-08 . 2022-08-13 . https://web.archive.org/web/20220813034218/https://jdih.setkab.go.id/PUUdoc/2035/pp0641961.pdf . live .
17. Web site: Peraturan Pemerintah Nomor 65 Tahun 1961 tentang Pendirian Perusahaan Negara "Adhi Karya" . Government Regulation No. 65 of 1961 on Formation of PN "Adhi Karya" . id . Lembaran Negara Republik Indonesia . 2023-03-08 . 2023-03-08 . https://web.archive.org/web/20230308104346/https://jdih.setkab.go.id/PUUdoc/2036/pp0651961.pdf . live .
18. Web site: Peraturan Pemerintah Nomor 66 Tahun 1961 tentang Pendirian Perusahaan Negara "Indah Karya" . Government Regulation No. 66 of 1961 on Formation of PN "Indah Karya" . id . Lembaran Negara Republik Indonesia . 2023-03-08 . 2023-03-08 . https://web.archive.org/web/20230308104557/https://jdih.setkab.go.id/PUUdoc/2037/pp0661961.pdf . live .
19. Web site: Media . Kompas Cyber . 2022-12-17 . Kisi-kisi Tes Core Values BUMN atau AKHLAK untuk Rekrutmen Bersama BUMN Batch 2 Halaman all . 2023-06-13 . KOMPAS.com . id.
20. Book: Laporan Konsolidasian BUMN 2021 . . id.
21. Web site: Klaster Industri. 19 February 2023. id.
22. Web site: Jaringan Dokumentasi dan Informasi Hukum Sekretariat Negara. 5 March 2023. id.