12:55 – That’s it for the day’s first panel!
Fantastic business panel today #causindy. Speakers doing an excellent job of communicating key macro issues in commercial relationship.
— Bede Moore (@BMVenerabilis) September 16, 2014
Late to CAUSINDY? Here’s a short recap on the conference so far.
12:50 – Tommy Tjokro moves to wrap up the panel.
So, what’s the most important aspect we can work on?
Chris Barnes: education. It’s vital, and CAUSINDY is helping.
Sinthya Roesly: Participation in private sectors and helping the government work on ‘the greater good’
Fauzi Ichsan: Indonesia is entering a new era – an exciting era where a commoner became president and the Jakarta elite is loosing their grip on running the country. Fauzi hopes Indonesia and Australia can share in this new era’s progress
12:40 – The elephant in the room is brought up: fuel subsidies.
Fauzi Ichsan: Indonesia has no choice but to do something about fuel subsidies, and Jokowi hopefully has political capital to act #CAUSINDY — CAUSINDY (@causindy) September 16, 2014
Fauzi Ichsan: my feeling is that the fuel price will be hiked quite sharply in the last quarter of this year #CAUSINDY
— CAUSINDY (@causindy) September 16, 2014
12:30 – So, what about free trade?
Chris Barnes: I can only see upside to Aus-NZ FTA with ASEAN—Aus business needs to look it up, identify the market opportunities #CAUSINDY — CAUSINDY (@causindy) September 16, 2014
Chris Barnes: “message to Australian business—get your head out of the sand and look at the opportunities right in front of you” #CAUSINDY — CAUSINDY (@causindy) September 16, 2014
12:20 – CAUSINDY delegates sharing their thoughts on the discussion
Sinthya Roesly: Aust skills and experience in PPP development is very relevant, and there is already some sharing/collaboration. #causindy — Ashlee Betteridge (@ashbetteridge) September 16, 2014
Agree, @ICONJakarta– Financial literacy *is* key in RI economic growth, but who’s responsible for it? Banks, govt, NGOs? #causindy — Elena Williams (@elewilliams) September 16, 2014
12:05 – After months of scaremongering on ‘foreign interference and money’ by some in Indonesia, the panel says it is a positive and needed thing in the current climate.
Fauzi Ichsan: Indonesia is running at a deficit and foreign investors will be the ones to finance these deficits #causindy — Samantha Yap (@samanthawyap) September 16, 2014
Fauzi Ichsan: ‘jingoistic’ election rhetoric goes out the window when you need foreigners to finance a current account deficit #CAUSINDY — CAUSINDY (@causindy) September 16, 2014
12:00 – We just had CAUSINDY’s first mention of ‘Indonesia at a crossroads’ (this makes the communications team very happy)
Chris Barnes: the ASEAN economic community shouldn’t be seen as a threat. Indonesia has a strong position in its region. #CAUSINDY — CAUSINDY (@causindy) September 16, 2014
Fauzi Ichsan: the biggest bank in Indonesia is still small compare to banks in other Asian countries #causindy — Siti Khodijah (@sitikhodijah_80) September 16, 2014
@causindy Ms. Roesly: “no skill in project financing in Indonesia, and this should be seen as an opportunity” #CAUSINDY — alyssia pasha (@alyssiapasha) September 16, 2014
We’re into day 3 of @causindy, this session on trade and econs #Indonesia pic.twitter.com/XL2VQ3HoHY — Natalie Sambhi (@SecurityScholar) September 16, 2014
11:50 – Interesting thought, especially when you consider the brand ‘power’ of some English Premier League teams in Indonesia.
The brisbane roars owned by indonesian and have 3 indonesians player, yet it never visit to indonesia. Opportunity missed #causindy — alfan amiruddin (@alfan_a) September 16, 2014
11:45 – Fauzi says people to people links are much stronger than government to government.
Fauzi: govt to govt relations fluctuate. But fundamentals of the people to people relations weather issues like spying scandal #CAUSINDY — CAUSINDY (@causindy) September 16, 2014
With the incoming Jokowi administration that’s set to me more domestic focussed, this will most likely continue.
Fauzi Ichsan: Aust banks have a role to play in securing long term financing for Indonesia infrastructure investment #CAUSINDY — CAUSINDY (@causindy) September 16, 2014
Shintya: involvement of Australian govt and private sector is very important in building better infrastructure #CAUSINDY — CAUSINDY (@causindy) September 16, 2014
Chris Barnes: we’ve got to look at ‘beyond the border’ barriers to more trade integration. #CAUSINDY — CAUSINDY (@causindy) September 16, 2014
Chris Barnes (ICON Australia) identifies fruit and beef as big areas for Aus-Indo trade, continuing theme of food security at #causindy — Luke J. Dawes (@LukeJDawes) September 16, 2014
Chris Barnes: a lot of focus on mining, infrastructure—but I think the ‘sweet spot’ is in services. #CAUSINDY — CAUSINDY (@causindy) September 16, 2014
But Chris Barnes also suggests…sport! Cites Indonesian ownership of the Brisbane Roar A-League team.
Barnes details he’d like to see an Indonesian bank to open in Australia. Not to serve the Indonesian diaspora or retail banking, but for syndicated loans with the expertise exported back to Indonesia.
Fauzi Ichsan is sceptical however, says it would be very hard for an Indonesian bank to compete with an Australian bank in Australia (access to market, credit ratings, et al).
Ichsan proposes Australian and Indonesian banks should be working together instead.
11:20 – We’re off!
Minutes to the discussion #causindy @ICONJakarta @fauziichsan @tiary2010 pic.twitter.com/LCfOG5QG59 — Tommy Tjokro (@Tomtjok) September 16, 2014
Chris Barnes: Business can do a lot more to improve the relationship. The relationship is currently ‘underweight’ and many opportunities are being overlooked.
Fauzi Ichsan: Australian banks operating in Indonesia are in a special (even privileged) position. They’re trusted here, got great ratings and can access local funds easily – they can still be doing a lot more, however.
11:00 – Delegates and guests are arriving for our trade and economic panel – it is set to be a lively discussion! Remember to follow the #causindy hashtag for a blow-by-blow account.
10:05 – Colin McDonald reflects on the beginnings of ‘real’ engagement with Indonesia, first under PM Bob Hawke and then much strongly under PM Paul Keating. McDonald was an advisor to both Prime Ministers on Indonesian affairs.
3rd day started by Enduring Themes of Engagement with Colin McDonald @causindy #causindy pic.twitter.com/4Z2ZMSH7zY — Siti Khodijah (@sitikhodijah_80) September 16, 2014
Colin McDonald: language is critical in Indonesia engagement @causindy | so true #causindy — Siti Khodijah (@sitikhodijah_80) September 16, 2014
9.45am (Jakarta time): We’re beginning a little early this morning, as we prepare for a discussion with Colin McDonald, QC, a leading barrister and founding member of the Australia-Indonesia Institute.
Also on the program today:
- Trade and economics panel, with Fauzi Ichsan, Sinthya Roesly, Chris Barnes and Tommy Tjokro. They’ll be discussing the future of Indonesia’s economic development, and the next steps for Australia in the wake of the mining boom.
- Behind closed doors, a candid look at what really happens in the political relationship.
- John vs. John, a debate between business leaders John Riady and John Denton.
Want to catch up on yesterday’s sessions? Check out the not so live blog.