Singapore and Indonesia enjoy robust economic ties, with Singapore being Indonesia’s largest foreign investor since 2014, and both being major trading partners. Indonesia is experiencing steady economic growth, underpinned by the rise of its middle class and profound digital transformation. Indonesia has the fourth largest population in the world (265 million which is 41% of Southeast Asia) and US$1 trillion GDP (35% of Southeast Asia) in 2018. The EIU has forecasted it to be the fourth largest economy in the world by 2050.

Forming a substantial core at 90% of local businesses are family-owned firms, which influence a wide range of key industries from property, agriculture, energy, to consumer goods and info-communications-media. Leadership transitions are ongoing with the younger generations increasingly taking the helm to expand overseas and create new businesses. The start-up scene is also actively growing.

Against this backdrop, Singapore Management University (SMU) and The EDB Society organised “SPOTLIGHT INDONESIA – Visions and Opportunities” on 24 May 2019, a partnership initiative that was supported by the Singapore Economic Development Board. About 300 guests comprising business leaders, entrepreneurs, senior government officials, EDB alumni as well as SMU faculty, staff and students packed the SMU Mochtar Riady Auditorium for the forum. SMU President Professor Lily Kong and Mr Lee Suan Hiang, President of The EDB Society, opened the Forum with Welcome Remarks and Opening Remarks respectively. H.E. Ngurah Swajaya, Ambassador of Indonesia to Singapore, who was a Special Guest, delivered an address.

The forum provided rich insights into opportunities where Singapore could create value for Indonesian companies and offered strategies for business transformation. Distinguished panellists comprised Dr Beh Swan Gin, Chairman, EDB; Mr Alvin Gozali, President Director PT. Putragaya Wahana; Mr Alvin Sariaatmadja, President Director Emtek Group; Ms Christina Suriadjaja, Co-Founder and Chief Strategy Officer Travelio; and Mr Jonathan Tahir, Deputy Chairman Mayapada Group. The discussion was moderated by Professor Annie Koh, SMU Vice President, Office of Business Development, V3 Group Professor of Family Entrepreneurship and Professor of Finance.

SMU President Prof Lily Kong, in her welcome remarks, said, “SMU very much values our collaboration with The EDB Society. As a leading academic institution in Singapore, it is our responsibility to nurture leaders of tomorrow who are adept at managing disruptive innovations and who are equipped to thrive in a fluid and ambiguous world. The knowledge-creation at thought leadership platforms such as today’s Forum, will potentially inspire new ideas for value creation. I am pleased that we have continued working with The EDB Society to deliver today’s session, to contribute to developments in the region and to imagine a better world in which to live, work and grow. 

Beyond knowledge creation, one of the ways in which SMU is committed to making meaningful impact is through our integration with industry partners in the areas of education, research, and outreach. Case in point, SMU’s Business Families Institute (BFI), helmed by Professor Annie Koh, was set up in September 2012 to be an educational, engagement and research platform that brings together business families in Asia, and leverages the university’s experiences to help families deal with business family-specific challenges.  In the last five years, through the Institute’s education, engagement and research activities, it has managed to reach out to more than 3,000 participants from various business families in Singapore and beyond, including Indonesia – which is our focus today.”

View the forum discussion, which was broadcasted on Channel NewsAsia, Asia Tonight (28 May 2019) here.

The full story published in New Fortune Times (24 May 2019) can be found here.