Jakarta. President Prabowo Subianto on Friday criticized business figures who exploit regulatory loopholes to boost profits through collusion with bureaucrats, warning that such practices are holding back Indonesia’s economic growth.

“Corruption is still too widespread — we must clean corruption out of Indonesia,” Prabowo said during the Indonesia Economic Outlook forum in Jakarta.

He said he had personally confronted several prominent entrepreneurs — many of whom he described as longtime acquaintances — urging them to comply with regulations instead of trying to outsmart the system.

“I told them: your companies are already big, you’re already wealthy — just follow the rules. You’re smart people, but in Indonesia, smart people sometimes use their knowledge to game regulations,” Prabowo said, without naming individuals.

The president stressed that despite Indonesia’s vast economic potential, growth would never reach its full capacity without a firm commitment to eradicate corruption at its roots.

He also acknowledged that misconduct does not stem solely from the private sector, noting that elements within the bureaucracy often play a role.

“We learn from school to fight corruption. The problem is government officials must also be upright, because sometimes the misconduct comes from within the bureaucracy itself,” he said.

Earlier this week, Prabowo hosted a closed-door meeting with several of Indonesia’s wealthiest business leaders at his private residence in Bogor, urging them to prioritize investments that create large-scale employment and deliver tangible benefits to the national economy.

The gathering brought together leading conglomerate figures, including Prajogo Pangestu of Barito Pacific Group, Anthony Salim of Salim Group, Franky Widjaja of Sinar Mas Group, Boy Thohir of Adaro Energy, and Sugianto Kusuma of Agung Sedayu Group.

During the discussion, Prabowo solicited input on economic challenges and opportunities while emphasizing the importance of close cooperation between the government and the private sector under the banner of “Indonesia Incorporated” to strengthen competitiveness and accelerate development.

The Presidential Office said the meeting was held at the request of the business leaders, who represent key sectors including property, energy, food, infrastructure, plantations, and mining, and sought a direct dialogue with the head of state.