Strategy to Ensure Successful Collaboration Between the Private Sector and BUMN
Collaboration between the private sector and State-Owned Enterprises (BUMN) is an important key in accelerating economic development and increasing national competitiveness. To ensure the success of this collaboration, a mature and planned strategy is needed.
Here are some strategies that can be implemented. First, strengthening the role and involvement of banking. The role of banking is very important in determining the level of feasibility (bankability) of projects offered to the national private sector.
Banks must be able to assess the risks and potential benefits of the project correctly. Apart from that, banks also need to design financial schemes that not only encourage entrepreneur participation but also ensure good governance aspects.
With strong banking support, collaborative projects between BUMN and the private sector will have a more stable and reliable financial foundation.
Second, a change in paradigm between institutions. One of the main obstacles to collaboration between BUMN and the private sector is the view that both parties are competitors. This paradigm must be changed, where BUMN needs to see the private sector as a business partner that can benefit each other.
On the other hand, the private sector must be given greater opportunities to contribute to BUMN projects. In this way, a more harmonious and synergistic relationship is created between the two parties.
Third, comprehensive study. Before starting collaboration, a comprehensive market study is needed to ensure that both parties, both BUMN and the private sector, will benefit from the collaboration.
This study should include market analysis, potential profits, as well as possible risks. With in-depth study, the decisions taken will be more targeted and reduce the possibility of conflict in the future.
Fourth, transparency and accountability are key elements in increasing public trust in the results of synergy between BUMN and the private sector. All processes and decisions taken must be carried out openly and be accountable. In this way, the public will have confidence that this collaboration is carried out for the common good and not for the interests of just a few parties.
The success of collaboration between the private sector and BUMN depends greatly on the strategies implemented by both parties. Strengthening the role of banking, changing paradigms between institutions, comprehensive studies, and transparency and accountability are several strategies that can ensure this collaboration runs well and provides maximum benefits for all parties involved.
Source: Bappenas
