Notes from Deans Forum with Gita Wirjawan

Introduction

Welcome by Ngaire Woods to Gita Wirjawan.
Background: Gita Wirjawan's educational background in Business Administration at University of Texas.
Career: Started as an auditor, moved through top banks (Citibank, Goldman Sachs, JP Morgan).
Transition to public service: Chair of the Investment Authority for Indonesia, significantly increased investment in the country.

Decision to join government was gradual; shaped by interactions as a banker with Indonesian leadership.
Importance of knowing the environment and the individuals involved in governance.
Critical for entrepreneurs and policymakers to understand both risks and opportunities.

Honesty in Representation:
- Avoid overselling the country; emphasize long-term investment benefits.
- Acknowledge structural issues while presenting plans to address them.
Understanding Structural Issues:
- Identify and communicate the government's plans to resolve issues such as corruption and education deficits to assure investors.
Rule of Law:
- Investment depends on effective enforcement of laws and regulations; credibility is key.

Indonesia is "under-narrated"; despite being a significant Muslim-majority country and an economic powerhouse, it is undervalued on the global stage.
Importance of credibility in storytelling; underselling may enhance credibility over overselling.
Comparison with Singapore as a strong storyteller in the region.

Indonesia as part of a larger Southeast Asian narrative:
- Population of 280 million and a $3.9 trillion economy.
- Potential to position itself strategically between superpowers (China and US).
- Historical perspective: Stability and peace contribute to economic prosperity.

Structural challenges include education deficits, infrastructure gaps, and competitiveness.
The need for increased investment in education and infrastructure to improve productivity.
Southeast Asia's GDP growth compared to China highlights the need for reform.

Southeast Asia faces challenges in attracting capital due to low monetary supply and tax ratios compared to developed economies.
Need for better governance to attract foreign direct investment (FDI).
Discussion on the role of liberal democracy in economic development.

Indonesia's heterogeneity and historical context contribute to a culture of pragmatism.
Indonesia's approach to diversity has helped maintain social cohesion despite challenges.
Comparison with Europe’s issues of diversity and populism.

Current political parties lack distinct ideological positions, leading to a culture of pragmatism.
The potential for political discourse to evolve and include a more diverse ideological spectrum.

Effective leadership requires a balance of competence, integrity, and accountability.
Need for more skilled individuals in policymaking to improve governance.
Importance of public service and the impact of policy decisions on the population.

Internationalism of Prabowo: Gita reflects on Prabowo's international engagements and their potential impact on Indonesia’s global narrative.
Cultural Diversity and Social Cohesion: Discussed Indonesia’s policies for managing diversity and social cohesion amidst its myriad ethnic groups.
The Role of Democracy: Gita emphasized that democracy should be defined not only by power distribution but also by the equitable distribution of public goods.
Southeast Asia's Future: Addressed the need for Southeast Asia to modernize and increase electrification to achieve economic development goals.

Gita emphasizes the importance of sustainable development and the need for significant investment in energy and infrastructure to meet future demands.