TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

Commentary: The young tycoons at Davos

Pulp and paper conglomerate Sukanto Tanoto and his wife Tina proudly smiled as their  son Anderson delivered his closing remarks at the Indonesia Dialogue Lunch in Davos, Switzerland, on Thursday

Kornelius Purba (The Jakarta Post)
Davos, Switzerland
Tue, January 26, 2016

Share This Article

Change Size

Commentary: The young tycoons at Davos

P

ulp and paper conglomerate Sukanto Tanoto and his wife Tina proudly smiled as their  son Anderson delivered his closing remarks at the Indonesia Dialogue Lunch in Davos, Switzerland, on Thursday. There were about 200 guests who had paid for lunch at the business discussion.

Moderated by Lippo Group'€™s John Riady, Trade Minister Thomas Lembong and Finance Minister Bambang Brodjonegoro, the panelists did their best to woo investors at the global forum. Bank Mandiri president Budi Sadikin and Anindya Bakrie, the son of businessman and chairman of the conflict-torn Golkar Party, Aburizal Bakrie, were also speakers.

Meanwhile,  the son of Tommy Winata was active in organizing Indonesia Night, an event sponsored by his father. Other children of Indonesia'€™s rich elite were also present and active.

 The enthusiastic involvement of the potential successors of Indonesia'€™s conglomerates in the discussion and in Indonesia Night played a substantial role in backing up the aggressive trade and investment   diplomacy of the two ministers and the country'€™s largest bank in wooing the global participants of the annual World Economic Forum (WEF).

Thomas, whose ministry co-hosted the two events with counterparts from the private sector, assured the audience that the government was serious in dismantling protectionistic trade and investment policies because it believed that an open economy was the only way to compete in a global market. The 44-year-old former businessman avoided the term '€œliberal'€ because such a term is politically unwise for Indonesia'€™s domestic audience.

'€œWe want to dismantle protectionism,'€ the minister  emphasized.

The audience also shared his view that Indonesians had succeeded in humiliating the terrorists who attacked Jakarta last week.

 Bank Mandiri'€™s Budi, 52,  stole the show with his persuasive approach to promoting infrastructure projects in the country and by teasing super-rich Indonesians to bring back their money from Swiss banks to his bank.

'€œDuring good times, Indonesia often made bad policies, but in bad times, Indonesia made good policies,'€ the president of the state-owned bank said. He also cited offical data that showed that  Indonesia'€™s banking industry was much stronger now with an average capital adequacy ratio above 17 percent.

The active participation of young businessmen is a very encouraging development compared to the usual preference of their parents to avoid public appearances and  to keep a low profile. These young  people strongly demonstrated their identity as citizens of Indonesia, who like other young Indonesians, are very keen to contribute to the development of  their motherland.

They belong to the post-Soeharto generation who have practically never had a traumatic experience as a minority group. For about 32 years until Soeharto'€™s fall in May 1998, Indonesians of Chinese descent often suffered from systematic oppression and discrimination.

Another young man, Anindya Bakrie, even bravely took a different stance from his father Aburizal. As a speaker in the discussion, he openly supported the economic vision of President Joko '€œJokowi'€œ Widodo and praised the government'€™s economic progress. In the past, Anindya was grouped in the pribumi (native) Indonesian category, a contrast to non pribumi. I could not detect any distance or gap between Anindya and his young compatriots during the session.

 They represent millions of Indonesians who want to participate in the country'€™s development because it is good for their future and because they feel an obligation to serve their country, regardless of ethnic, religious or social background. They do not just come from families who manage giant and international companies, but from middle-class families who operate small and medium businesses.

These young people could be a form of working capital for the President when the government is able to absorb their energy by involving them in economic policy-making and by providing competitive business opportunities.

Members of this young generation want to be global market players and their parents have prepared them from childhood to continue their business empires.

But they can easily switch directions to other parts of the world,  especially if the government still sticks to the old-fashion dogma that business should follow the government. For them, Jokowi'€™s administration is an equal partner and they are ready to confront the government when they disagree, or when their business activities are affected by the government'€™s inconsistent policies and regulations.

There were hundreds of meetings, discussions, private negotiations and exhibitions at the Davos WEF. Top business players such as Microsoft'€™s Bill Gates are regular participants in the global gathering. Film star Leonardo DiCaprio talked about global environmental issues including the Sumatra forest fires last year.

Ministers Thomas and Bambang held many meetings and negotiations with guests and counterparts.  Hopefully, Budi also succeeded in bringing home some of the money deposited by super rich Indonesians in Swiss banks.

Indonesian participation in the Davos forum was strategically important, even though investors and traders will only  flock to Indonesia when they regard Indonesia as a really lucrative market.

The active participation of the children of Indonesia'€™s tycoons in promoting their nation is encouraging. We should be proud that our young citizens are committed to building this nation. They are our future.

________________________________

The writer is senior managing editor of The Jakarta Post.

Your Opinion Matters

Share your experiences, suggestions, and any issues you've encountered on The Jakarta Post. We're here to listen.

Enter at least 30 characters
0 / 30

Thank You

Thank you for sharing your thoughts. We appreciate your feedback.