Notes from Deans Forum with Gita Wirjawan

Introduction

• Welcome by Ngaire Woods to Gita Wirjawan.
• Gita's background:
  • Bachelor in Business Administration, University of Texas.
  • Career in top banks: Citibank, Goldman Sachs, JP Morgan.
  • Transitioned to public service as chair of Indonesia's investment authority, significantly increasing foreign investment.

Questions to Gita Wirjawan

1. Decision to Join Government

• Gradual process; initially involved in advocacy for capital markets.
• Encouraged by Indonesian leadership to consider full-time government role.
• Importance of familiarity with the working environment and people involved.

2. Attracting Foreign Investment

• Key strategies:
  • Avoid overselling the country to build credibility.
  • Acknowledge structural issues and present solutions to mitigate risks.
  • Nurture relationships and emphasize rule of law to instill confidence in investors.
• Importance of presenting a credible narrative:
  • Indonesia's economic potential under-narrated compared to its true capabilities.

Indonesia's Global Position

1. Under-narration and Global Stage

• Need for better storytelling about Indonesia's strengths and potential.
• Southeast Asia needs to present itself more prominently to the world.

2. Positioning in a Multipolar World

• Importance of geopolitical positioning between superpowers like China and the US.
• Emphasizing Indonesia's economic size and stability compared to historical European conflicts.

3. Addressing Structural Issues

• Need for over investment in education and infrastructure.
• The challenge of attracting capital for development due to limited fiscal and monetary resources.

Cultural and Political Dynamics

1. Managing Diversity in Indonesia

• Historical context of Indonesia's cultural and religious diversity.
• Successful policies promote social cohesion despite differences.
• Importance of fostering open-mindedness and constructive discourse in society.

2. Political Landscape and Democracy

• Current political discourse lacks ideological depth.
• Need for democratization to distribute public goods effectively.
• Potential for a more technocratic approach to governance could yield better outcomes.

3. Role of Leadership

• Successful leadership requires a balance of competence, integrity, and accountability.
• The importance of having strong, visionary leaders to guide development.

Economic Considerations

1. Investment in Digital Economy

• Indonesia needs to shift focus from domestic to global markets in digital services.

2. Attracting Multilateral Investment

• Countries must leverage multilateral relationships to attract foreign direct investment (FDI).
• Importance of aligning investments with local needs and long-term goals.

3. Energy Transition and Sustainability

• Southeast Asia faces significant challenges in energy modernization and transition.
• Need for massive investments in renewable energy infrastructure.
• The disconnect between elite discussions in environmental forums and the realities of developing countries.

Conclusion

• Importance of strategic storytelling for Southeast Asia.
• Gita's belief in the potential for positive change through sound policy and investment in human capital.
• Acknowledgment of challenges but emphasis on the opportunities for growth and development.