May 21, 2026 | 04:14 pm
TEMPO.CO, Jakarta - President Prabowo Subianto summoned several cabinet ministers to the Presidential Palace in Jakarta on Thursday, May 21, 2026. The President reportedly intends to discuss fraudulent export practices, such as under-invoicing, alongside ongoing preparations to establish a state-owned enterprise (SOE) specializing in exports.Among those in attendance were Investment Minister and Head of BPI Danantara Rosan Perkasa Roeslani, Finance Minister Purbaya Yudhi Sadewa, Industry Minister Agus Gumiwang Kartasasmita, Trade Minister Budi Santoso, Coordinating Economic Minister Airlangga Hartarto, and Bank Indonesia Governor Perry Warjiyo.Upon arriving at the Palace, Rosan expressed his intention to brief Prabowo on the operational setup for the mandatory export policy managed through the state-owned firm. "This is to report on the mechanism," he said.Meanwhile, Purbaya stated that he had compiled comprehensive data regarding under-invoicing and the manipulation of export value reporting. The practice had previously been flagged by Prabowo as a form of trade fraud that drains state revenues.Purbaya noted that he possesses records on several crude palm oil companies currently engaging in under-invoicing. He brought the documentation along to the Palace after receiving the President's summons. "This is just a precaution, so that if asked, I can answer. There are records of several crude palm oil companies manipulating prices. So, if I'm asked, I will respond," he said.President Prabowo had previously turned the spotlight on illicit foreign trade practices during his address at the plenary session of the House of Representatives (DPR) on Wednesday, May 20, 2026. "This is what causes small teacher salaries, small law enforcement salaries, small civil servant salaries. This is why the budget is never enough, the budget is not strong enough, and so on," he said at the Parliament Building in Jakarta.According to Prabowo, Indonesia’s trade balance does not actually suffer from export-import deficits. "Our exports always exceed our imports," the Gerindra Party Chairperson stated.However, he argued that a substantial portion of export earnings fails to register within official state revenues. Prabowo singled out under-invoicing, under-accounting, transfer pricing, and smuggling as gaps that prevent optimal state revenues from the export sector.In the same address, Prabowo announced that he had ordered the creation of an SOE specifically tasked with handling commodity exports. The President emphasized that the move is designed to tighten regulatory oversight and eradicate manipulative practices in the export sector.Read: Purbaya Responds as Export Agency Triggers IHSG PlungeClick here to get the latest news updates from Tempo on Google News
