Jakarta, Oct. 16 -- President Prabowo Subianto said on Wednesday he plans to reduce the number of Indonesia's state-owned enterprises (SOEs) from around 1,000 to 200 in an effort to improve their profitability and asset returns.

Speaking during a talk show session at the Forbes Global CEO Conference in Jakarta, Prabowo said he had instructed the nation's sovereign wealth fund, Danantara Indonesia, to lead the restructuring process.

"I've asked Danantara's leadership to streamline our 1,000 state companies into a more rational number-perhaps 200, 230, or 240," he said.

He added that SOEs must operate under international business standards and be open to the best talent, both domestic and foreign.

"I amended the regulation. An expatriat...