The Belgian defender, who had been linked with a move to Liverpool, joined Atletico on a long-term contract from Ajax on Monday.
"He will be a great signing. He is a strong centre-back, burly and he can also act as a right-back. He is going to be a very interesting player for our squad," Courtois told reporters at a press conference.
"The increased competition for places? We must all fight for a spot. We train for that. There is competition for everyone, including Miranda and Godin, as the season will be very long and to have a balanced workforce is essential."
Courtois is currently in his third loan spell at Atletico from Chelsea.