| 07.30 - 08.30 | 60’ |
Registration and MC Opening
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| 08.30 - 08.50 | 20’ |
Welcoming Remarks
Darmawan Junaidi, President Director of Bank Mandiri
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| 08.50 - 09.10 | 20’ |
Keynote Speech
“Indonesia’s Resilience in times of Crisis”
Joko Widodo, President of the Republic of Indonesia
Indonesia has relatively succeeded in sailing through the severe impact of the COVID-19 pandemic. The government gained praise from external parties for maneuvering the economy away from a pandemic-led recession without causing considerable scarring effects. The economy is recovering and has been able to reach its pre-pandemic growth. Unemployment and poverty rates have also shown a gradual decline. On top of that, Indonesia has gained international recognition after successfully holding the G20 presidency and will also be the chairman of ASEAN in 2023.
Yet, global challenges are only going to be a lot tougher. The world economy is currently battling inflation and a possible recession in the coming years. Indonesia is well-known for its resilience in times of crisis. Therefore, it will be interesting to learn how its economy will stay resilient during this period of global turbulence. Indonesia’s growth opportunities remain wide open, along with strong domestic demand recovery. Developments in certain prospective sectors (i.e., tourism, EV) have also been drawing attention. Infrastructure projects will also resume, especially with the ongoing progress in developing the new capital city, Ibu Kota Nusantara (IKN), in Kalimantan. We want the president’s view on the following topics in this session.
This session will elaborate more on Indonesia’s grand strategy for maintaining resilience and achieving sustainability.
- How can Indonesia recover fast? What are the key factors in successfully managing the pandemic?
- What are the best strategies to maintain economic resilience amid rising global uncertainties? How do we promote the new sources of growth, i.e., EV, tourism, and the development of the IKN?
- What are the advantages of Indonesia’s role as the G20 president in 2022 and as the chairman of ASEAN in 2023?
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| 09.10 - 09.30 | 20’ |
Opening Speech
“Redefining SOE’s Roles in Leading the Economic Transformation”
Erick Thohir, Minister of State-Owned Enterprises
SOEs still play a significant role in Indonesia’s economy through various sectors, such as energy, transportation & logistics, water & utilities, financial services, and infrastructure. During the COVID-19 pandemic, SOEs continued to hold an essential role as the extension of the government in assisting and participating in the economic stimulus program. The pandemic has placed larger responsibilities on SOEs to provide economic stability and become growth drivers. Given SOEs’ dual mandate, they play a major role in accelerating economic recovery post-pandemic.
As the economy emerges from the pandemic-led recession and the government is expected to resume structural reforms, what role should SOEs take in leading the economic transformation toward a more sustainable growth?
This session will elaborate on the policies, strategies, and action plans for the SOEs in leading the economic transformation.
- What is the future vision for the SOEs? How can an SOE balance its mission to create profit and its responsibility in supporting the government to pursue its economic transformation agenda, including ESG and digitalization?
- What are the feasible strategies for creating healthy and efficient SOEs to increase their contributions to the economy?
- What are the strategies for developing human capital?
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| 09.30 - 10.30 | 60’ |
Panel Geopolitics
“Rising Geopolitical Tensions: How Should We Anticipate?”
Assessing the global economy’s outlook is inseparable from geopolitical dynamics. Russia’s invasion of Ukraine raises stability risks to the world and poses questions about the longer-term impact on economies and financial markets. The war, amid an already slowing recovery from the COVID-19 pandemic, is set to test the global economy’s resilience and threaten financial stability.
Geopolitical risks persist and complicate the global economic recovery. Potential conflicts between China and Taiwan and between South Korea and North Korea raised the question of how resilient the world economy would be in enduring another possible conflict/war.
Geopolitical tension is also rising between the US and China, with concerns that China would invade Taiwan to strengthen its dominance. All these challenges have reinforced the importance of global cooperation. As chairman of ASEAN in 2023, Indonesia will have a more significant role in determining the foreign policy direction of the region, especially on how to weather the impact of these geopolitical risks. Moreover, it will be interesting to learn how the world’s largest economies, the US and China, cope with the ongoing geopolitical tension. What foreign policies would they adopt that would affect the economies of the rest of the world?
This session focuses on the outlook of the global economy and geopolitical landscape.
- How is the current geopolitical landscape affecting global economic prospects?
- Is a recession on the table for advanced countries? How will it influence emerging Asia’s policies?
- How should we assess the policy directions of major economies (i.e., the US and China)? How will they affect the global economy? Is there a possibility of another trade war?
- How do we assess the risks of a prolonged Russia-Ukraine War? What is the possibility of a sharper conflict between China and Taiwan?
List of Speakers:
- Farah Pandith, Foreign Policy Strategist and Former Advisor to the US Secretary of State
- Ivan Rogers, Former British Permanent Representative to the EU
- Dian Triansyah Djani, Indonesia’s G20 Co-Sherpa and Special Advisor to the Minister of Foreign Affairs
[ Moderator: M. Chatib Basri, President Commisioner, Bank Mandiri ]
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| 10.30 - 11.30 | 60’ |
Panel I
“Global Economy 2023: Reassessing the Risk of Economic Downturn Ahead”
Since the Russia-Ukraine War, advanced economies have struggled to contain inflation that first came from a prolonged supply-chain disruption as the economic recovery has been stubbornly uneven. The inflation pressure was exacerbated by the Russian invasion of Ukraine, followed by a series of economic sanctions from the West, which led to a supply shock in energy and food commodities.
Global policymakers respond to the situation by implementing steep hikes in interest rates. Yet, the decision is not without complications. High interest rates trigger concerns about a potential economic downturn. Advanced countries are even estimated to enter a recession this year.
This session focuses on the outlook of the global economy and future geopolitical landscape.
- What is the outlook for the global economy in 2023? Which country or group of countries is more vulnerable to the rising recession risk?
- How should we assess the economic policies of major economies (i.e., the US and China)? How will they affect the global economy? Is there a possibility of another trade war?
- What are the new trends in the economy that we need to be aware of going forward? Where is the opportunity for growth amid escalating global and geopolitical risks?
- What is the outlook of the digital economy? How do we assess the trend of layoffs that have been happening in startups and fintechs?
List of Speakers:
- Maurice Obstfeld, Professor of Economics, University of California, Berkeley
- Jeffrey A. Frankel, James W. Harpel Professor of Capital Formation and Growth, Harvard Kennedy School
- Dongchan Lee, Fixed Income Director, Blackrock
[ Moderator: Ahmad Siddik Badruddin, Director of Risk Management, Bank Mandiri ]
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| 11.30 - 12.00 | 30’ |
Keynote Address
“Fiscal Consolidation amid Challenging Global Environment”
Sri Mulyani Indrawati, Minister of Finance
Facing the risk of economic turbulence in 2023, the government has announced to strengthen the country’s economic resilience through the 2023 State Revenue and Expenditure Budget Draft (RAPBN 2023). It intends to be resilient amid the ongoing global economic uncertainty. The 2023 State Budget, moreover, is designed to maintain flexibility in handling economic turmoil, which is often referred to as the role of a shock absorber.
Questions arise on how the fiscal policy direction next year will support growth potentially affected by the global downturn. Solid domestic economic growth must be safeguarded through domestic supporting factors, such as consumption, investment, and government spending. At the same time, the government also has the mandate to lower the fiscal deficit to below 3% of GDP.
Further, as the head of the financial system stability committee (KKSK), the Minister of Finance aims to maintain stability in the financial sector, along with other authorities, i.e., Bank Indonesia, the OJK, and the LPS. With the recent discussion on the omnibus law of the financial industry, what are the fundamental changes or improvements in the financial sector law? And how will the law improve the economic stability?
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| 12.00 - 12.30 | 30’ |
Dialogue with Ibu Sri Mulyani Indrawati, Minister of Finance
This session focuses on discussing the government’s grand strategies toward fiscal consolidation by 2023 amid the threats of a global economic downturn.
- How does the fiscal policy balance the roles of shock absorber and economic growth driver?
- How will the government realign the fiscal structure to support the economic transformation toward a more sustainable economic growth?
- What are the strategy and timeline of the fiscal policies in accommodating ESG and carbon trading issues?
- What are the key changes or improvements in the financial sector law? And how will the law improve economic stability?
[ Moderator: Kania Sutisnawinata, TV News Anchor ]
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| 12.30 - 13.30 | 60’ |
Break |
| 13.30 - 14.00 | 30’ |
Keynote Address
“Central Banks’ Policies in Times of Volatility”
Perry Warjiyo, Governor of Bank Indonesia
Concerns about the severe impact of the COVID-19 pandemic on the economy have led to the fast adoption of unprecedented containment policies. Central banks played a major role by adopting bold and exceptional forms of financial market stabilization and support for government debts in bond markets. Yet, the economy has progressively shifted. Inflation pressure has led to faster monetary policy normalization and increased the interest rate to above pre-pandemic levels. Liquidity injection, moreover, has gradually tapered out. Central banks’ focus shifts from stimulating the economy to containing the high inflation rate. In the future, central banks may face a more difficult problem: the economic slowdown and stubbornly high inflation, the combination of which we call a stagflation phenomenon.
Stagflation or recession concerns raise the question of how the central banks should prevail against this threat. How will central banks deal with rising volatility in the financial market? What other policies, besides the interest rate policy, can be adopted in navigating the economy out of the stagflation trap?
This session focuses on the central banks’ policies in navigating the economy through potential stagflation.
- What is the impact of the global monetary policy normalization/tightening on the liquidity in the global financial system? How will it impact the economic growth prospect?
- How can we minimize the negative impact? How is the progress in strengthening the balance of payment structure and reducing dependence on USD (i.e., the export proceeds policy, the LCS policy)?
- What is the outlook for digital rupiah implementation? What is its impact on monetary policy transmission in the financial market?
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| 14.00 - 14.20 | 20’ |
Keynote Address
“Indonesia’s Down-streaming Strategy: What is next?”
Luhut B. Pandjaitan, Coordinating Minister for Maritime and Investment Affairs
The down-streaming industrial policy is one of the key strategies to accelerate industrialization in Indonesia. This policy has been successful in the nickel industry, as indicated by the high increase in the exports of nickel products, such as ferronickel and stainless steel.
Furthermore, the down-streaming strategy will be encouraged for other raw materials, such as bauxite, tin, copper, and crude palm oil. Next year, mining raw materials will be banned from being exported, as their supplies are aimed at the domestic market to provide raw materials for the domestic processing industry. Accordingly, we expect that the processing industry is ready to absorb the raw material supply. At the same time, we hope the industry’s value chain and ecosystem will be developed to create more value added in the domestic economy.
This session focuses on the extension of the government’s strategies to speed up the down-streaming industrialization, particularly in the mining sector.
- What is the extension of the government programs to accelerate down-streaming industrialization?
- What are the specific government policies to attract more investment in down-streaming projects, mainly in the mining sector?
- What are the government’s key efforts to develop the value chain and ecosystem of the industries that have been urged to do down-streaming industrialization (e.g., the nickel industry, which will be linked to the battery and EV industries)?
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| 14.20 - 14.35 | 15’ |
Conversation with Hilmi Panigoro, Duta Kopra by Mandiri & President Director
of PT Medco Energi Internasional, Tbk
“Transition to Greener Energy and Digitalization with KOPRA by Mandiri”
In the last two decades, the global economy has faced two most iconic global trends that are, energy transition and digitalization. The energy transition has emerged due to increasing global awareness towards climate change as the impact of overutilization of fossil energy. This awareness has resulted in the reaffirmation of the world’s commitment to put brakes on the overuse of conventional energy and foster the effort to develop renewable energy in the COP (Conference of the Parties) 26 in 2021 and 27 in 2022. However, the progress of the energy transition has been handicapped by energy crisis which occurred in China, India, and European Union countries last year. Since then, many countries have prioritized their energy security over energy transition, one of which by shifting back to fossil energy as their primary source of energy.
Seeking to gather insights on this dilemmatic condition:
- What is your view on the energy transition in the current situation & its prospect in the future?
- How does your company and business in general, adapt with the current energy transition trend?
Digitalization is a current global trend penetrating almost all sectors in the world from ecommerce, healthcare and energy. Furthermore, during to the COVID-19 pandemic, digitalization has supported people around the world, including Indonesia, to survive during the lockdown/mobility restriction. Consumers and corporates have changed their behaviors significantly to adapt with the digitalization trend. Almost all sectors now are more familiar to the digitalization, named: education, health, trade, banking and many more.
- In dealing with the current digitalization, how you see the current digitalization trend in particular in Indoneia?
Bank Mandiri as the biggest state-owned bank in Indonesia has developed a digital super platform, i.e., Kopra by Mandiri, which offers a single access service of end-to-end financial transaction for wholesale segment.
- How do you see Kopra by Mandiri supports your businesses in the current digitalization trend?
[ Moderator: Panji Irawan, Director of Treasury & International Banking, Bank Mandiri ]
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| 14.35 - 15.35 | 60’ |
Panel II
“Reviving Indonesia’s Tourism Sector Post-COVID-19 Pandemic”
Tourism has become a significant driver of Indonesia’s economic growth. Prior to the COVID-19 pandemic, the tourism sector was hailed as one of the new sources of economic growth. The government had laid out plans to revamp ten new tourist destinations. Unfortunately, the pandemic happened and hit the tourism industry globally. Many vulnerable people who rely on tourism for their livelihoods have been severely affected by the ongoing and uncertain situation caused by the pandemic. This is particularly true for people in Bali and Nusa Tenggara, as these regions’ economies rely heavily on tourism. Yet, encouraging development has been seen since the border restrictions were relaxed. Foreign tourists have gradually returned, giving hope for the industry’s future.
This panel discusses the development, policy direction, and roadmap of the tourism industry in Indonesia.
- What is the most effective way to close the gap among the ten tourism destination priorities?
- How is the appetite of international tourists after the pandemic? Is there a current shift in patterns?
List of Speakers:
- Kartika Wirjoatmodjo, Vice Minister of State-Owned Enterprises
- Pauline Suharno, President of the Federation of ASEAN Travel Associations (FATA)
[ Moderator: Amelia Yachya, TV News Anchor ]
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| 15.35 - 15.55 | 20’ |
Keynote Address
“Green Investment: Outlook and Implementation in Indonesia”
Bahlil Lahadalia, Minister of Investment/Chairman of BKPM
During the COVID-19 pandemic, the realization of direct investment, in general, has been held up well, thanks to the ongoing reforms in investment license and climate. Foreign direct investment flow continues to strengthen in the second quarter of 2022. This is supported by enhancing the nation’s competitiveness by strengthening downstream industries. Yet, the recent global dynamics seem to have clouded the outlook of foreign direct investment as investors pursue safe-haven assets in times of volatility. Moreover, more rapid and aggressive global monetary normalization has caused the global liquidity to shrink substantially, leaving a limited amount of global funds for investments and raising questions about the outlook of direct investment.
Indonesia has recently laid out plans to pursue a more sustainable economic growth by implementing green economy projects. Indonesia has continued to pursue green energy projects, specifically by promoting the development and use of electric vehicles. This is supported by Indonesia’s competitive advantage in the abundance of natural resources in the energy sector. Indonesia has the world’s largest nickel reserve, followed by cobalt, lithium, and manganese. It will be interesting to learn the outlook of investing in green energy projects in Indonesia.
This session will focus on the outlook of investing in Indonesia.
- What is the outlook of foreign direct investment amid the rising global challenges?
- How do you see the omnibus law’s impact on investor appetite?
- What are the strategies to tap investment from green economy sectors?
- How is the progress of investment realization in green energy projects? And what are the strategies to attract future prospective green investments into Indonesia?
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| 15.55 - 16.55 | 60’ |
Panel III
“Indonesia’s Consumers in 2023: Riding the Wave of External Volatilities”
The COVID-19 pandemic may change consumer behaviors in the long term. For instance, people are getting used to shopping online, thus accelerating e-commerce businesses. At the same time, digital payments are now more common in completing transactions. Working from home (WFH) is also more common, utilizing communication instruments like Zoom, Microsoft Teams, or Google Meet. All in all, the pandemic has sped up digitalization.
Accordingly, online shopping and WFH may affect the property sector, meaning that the demand for shopping center space and office space will be affected. Digital payment may influence the business model in transaction services provided by banking, e-wallet services, and other related parties. Digitalization generally affects the increase of data traffic, which requires more support from telecommunication infrastructures.
This session will elaborate on the long-term impacts of consumer behaviors post- pandemic on retail, property, digital payment, and telco sectors.
- What is the assessment of business players on the impact of the pandemic on consumer behavior in the long term?
- What are the future demand trends for commercial property, especially retail and office space, after the pandemic?
- What are the transformations in digital payment and the telco sector in general to anticipate future consumer behavior changes?
List of Speakers:
- Anthony Tan, Group CEO and Co-founder at GRAB
- Ira Noviarti, President Director of Unilever
- Virendra Prakash Sharma, Vice President Director of PT Mitra Adiperkasa, Tbk
- Dymfke Kujipers, Senior Partner and Leader of Retail and Consumer Practice, Asia, McKinsey & Company
- Sander Halsema, Senior Associate Director Retail Services of Colliers Indonesia
[ Moderator: Oki Ramadhana, President Director of Mandiri Sekuritas ]
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| 16.55 - 17.55 | 60’ |
Panel IV
“Preparing for the Era of Electric Vehicles”
Sooner or later, energy transition from fossil fuel to renewable energy will be necessary. Correspondingly, the evolution in the automotive industry will shift from fossil fuel vehicles to electric vehicles (EV), which are expected to reduce carbon emissions.
The transition in this industry creates opportunities to promote the development of the EV industry from its downstream industry (e.g., battery) to its upstream industry (e.g., EV automotive), including its ecosystem (e.g., charging station). At the same time, policymakers, business sectors, and consumers should prepare for emerging EVs as the main transportation mode in the upcoming era.
However, the emergence of EVs as the main transportation mode is anything but easy. Some important factors are essential in determining the speed of transition from fossil fuel vehicles to EVs, such as EV pricing, the availability of charging stations as supporting infrastructure, and consumer preferences. Meanwhile, the emergence of EVs is an attractive business opportunity for manufacturing development in the battery and automotive industries. For Indonesia, the opportunity is enormous, as Indonesia has a substantial raw material reserve for battery production, i.e., nickel.
This session focuses on assessing the future prospects of EVs as the main transportation mode and elaborating on the business opportunities in the emergence of EVs.
- What is the assessment of stakeholders on the EV prospect in Indonesia and the world? When will the use of EVs accelerate? What are the prerequisites?
- What are the key government policies and strategies to accelerate the transition from fossil fuel vehicles to EVs, promote the battery and EV automotive industries, and develop the EV ecosystem?
- What should EV car makers offer to accelerate EV usage, particularly in Indonesia? Is it competitive pricing, consumer education, or after-sale service?
List of Speakers:
- Septian Hario Seto, Managing Director and Senior Partner, Boston Consulting Group
- Alexander Wachtmeister, President Director of PT Hyundai Motor Manufacturing Indonesia
- Ali Izadi-Najafabadi, Head of Asia Pacific at Bloomberg New Energy Finance
- Yan Kaili, Chief Financial Officer, PT SGMW Motor Indonesia
[ Moderator: Aliyahdin Saugi, President Director of PT Mandiri Manajemen Investasi ]
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| 17.55 - 18.05 | 10’ |
Closing Remarks
Alexandra Askandar, Vice President Director of Bank Mandiri
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