20 November 2019. PT Bank Danamon Indonesia Tbk (Bank Danamon) and MUFG Bank, Ltd. (MUFG) today hosted their first collaborative economic event, The Indonesia 2020 Summit, an open forum discussion on Indonesia and global economy in 2020. Featuring prominent economists such as Chatib Basri and Fauzi Ichsan, the event gave insights on the outlook of Indonesia in 2020, including the opportunities and risks, ranging from economy to national and global politics. The event was attended by around 350 privilege, corporate, and commercial banking customers of Bank Danamon and MUFG Bank Jakarta Branch, providing customers with the necessary economic outlook to guide their businesses into prosperity.
“In an increasingly uncertain world, it is important for our customers to get the best insights on the opportunities and risks for Indonesia and the world in 2020. This event is a testament to the strength of collaboration between MUFG and Bank Danamon, and we are proud to be able to bring some of the brightest minds in Indonesia and globally to share their views that will be valuable to our two banks’ customers” said Daisuke Ejima, Executive Officer and Country Head of MUFG Indonesia.
“This event is a form of appreciation from Bank Danamon and MUFG to our privilege, corporate banking, business and commercial customers who have put trust in us. This collaborative event proves strong strategic partnerships with MUFG. We hope that this open forum can be beneficial in planning effective strategies for companies in Indonesia so they can give positive contribution to economies,” said Yasushi Itagaki, President Director* of Bank Danamon.
*Effective immediately after fulfilling all the governing regulations
The Indonesia 2020 Summit presented speakers from a wide range of backgrounds to share the domestic, regional and global risks and opportunities that will become key events in 2020 and may impact Indonesia in the next year, ranging from political and economic aspects. The discussion evolved around a multitude of challenges and strategy in terms of politics, economy, development, and law which will inevitably influence how businesses make their strategies and decisions in 2020.
"Amid a global economic slowdown, the fundamentals of the Indonesian economy remains healthy, supported by domestic consumption," said Robert Leonard Marbun, Assistant of Minister for State Revenue Policy, Ministry of Finance, Republic of Indonesia, during the opening of Indonesia 2020 Summit.
“Challenges for the new administration are not easy. The economic slowdown has begun to be felt and will continue in 2020. We might still be able to grow 5 percent or slightly lower than 5 percent. And, it needs to be appreciated, because not many countries can grow by 5 percent nowadays. However, to grow higher, structural reforms are needed,” said Chatib Basri, former Finance Minister of the Republic of Indonesia.
It is of a greater importance to understand the various regional and global pressures that may affect Indonesia in 2020. Pressing issues such as US-China trade dispute, Brexit, the various clashes in the Middle East and more are some occurrences that may impact Indonesia in the short-term, and how we should respond to these challenges.
“Given its size and unique position, I believe Indonesia is well placed in terms of growth and opportunities. Yet, it must also navigate a path through the effects of global and regional cross-currents, such as the tension between the U.S. and China, the proliferation of protectionism, income inequality, geopolitical conflicts and climate change. We need to keep a close watch on the forces that will most affect this country in 2020 and beyond,” said Akihito Sato, Chief Economist, Head of Economic Research Office, MUFG Bank, Ltd.
Speakers of the Indonesia 2020 Summit:
Prof. M. Chatib Basri
Former Finance Minister of the Republic of Indonesia
Chief Executive Officer, Member of the Board of Commissioners Indonesia Deposit Insurance Corporation (LPS)
Executive Director, Charta Politika Indonesia
Prof. Kishore Mahbubani
Distinguished Fellow, Asia Research Institute
Founding Dean, Lee Kuan Yew School of Public Policy, National University of Singapore
Chief Economist, Head of Economic Research Office, MUFG Bank, Ltd
Peter Mumford, OBE
Practice Head, Southeast Asia, Eurasia Group
Managing Director, Head of Global Corporate & Investment Banking Asia-Pacific MUFG Bank, Ltd.
Moderator: Dr. Dino Patti Djalal, former Deputy Minister of Foreign Affairs of the Republic of Indonesia