Bloomberg CEO Forum: Moving Forward Together
November 11, 2022
Held against the backdrop of the G20 summit, the Bloomberg CEO Forum in Bali explored actionable solutions to the most pressing issues we’re facing after three difficult years in an attempt to ensure responsible, inclusive and sustainable growth.
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- Anies Baswedan, former Governor of Jakarta, Republic of Indonesia
- Pras Ganesh, Executive Vice President, CISO, Toyota Daihatsu Engineering & Manufacturing Co., Ltd. and Executive Program Director, Asia-Pacific Region, Toyota Mobility Foundation
- Sal Gordon, Head of School, Green School Bali
- Sri Mulyani Indrawati, Minister of Finance, Republic of Indonesia
- Dr. Ridwan Kamil, Governor of West Java, Republic of Indonesia
- Raymond M. Lawler, CEO, Hines Asia Pacific
- Animesh Narang, CEO, Home Credit Indonesia
- Luhut Binsar Pandjaitan, Coordinating Minister for Maritime Affairs and Investment, Republic of Indonesia
- Chintan Raveshia, Cities Business Leader, Southeast Asia, Arup
- Meliza Musa Rusli, President Director, PermataBan
- Purbaya Yudhi Sadewa, Chairman, LPS
- Nicole Scoble-Williams, Partner, Global Future of Work Leader, Deloitte
- Lana Soelistianingsih, CEO, LPS
- Dr. Bambang Susantono, Chairman, Nusantara National Capital Authority, Republic of Indonesia
- Hendra Tjong, CEO, KlikDokter
- Zig Wronsky, Vice Director, Nhi Dong 315
- Allen Tom Abraham, Asia Pacific Transport Research Lead, BloombergNEF
- Stephen Engle, Chief North Asia Correspondent, Bloomberg TV and Radio
- K. Oanh Ha, Global Business Senior Reporter, Bloomberg
- Yudith Ho, Indonesia Bureau Chief, Bloomberg
- Mallika Kapur, Deputy Global Editor, Bloomberg Live
LPS Sponsor Spotlight
Lana Soelistianingsih, CEO, LPS said the pandemic made it clear, in Indonesia and elsewhere, that economic performance is not independent of non-economic factors, “including public health, digital technology and renewable energy sources.” To meet the climate demand for greener cities, she said the move of the capital city from Jakarta to Kalimantan Island, Borneo, with a smart city concept, was a “monumental step” to show the world Indonesia’s commitment.
Considering risks carefully is key to an economy weathering difficult times. Sri Mulyani Indrawati, Minister of Finance, Republic of Indonesia said a specific monetary policy takes into consideration pandemic, supply chain, war and inflation impacts. Indonesia is managing the complexity of the overall situation, “while, at the same time, we have to navigate promoting economic recovery. We are in a very strong position for recovery.” She compared “well-planned” policies in the face of the unpredictable, with better-performing, “well-calibrated” plans, and said that “like it or not,” they are dealing with imported inflation from the strength of the U.S. dollar and food and energy prices.
Supporting Recovery in Indonesia
Providing loans to the unbanked sector of Indonesia – about 50% – is risky. Animesh Narang, CEO, Home Credit Indonesia said they’ve “been in emerging economies for about 20 years” and have deep experience in challenging environments.” Their “secret sauce” is non-traditional data sources to evaluate credit-worthiness of those without a regular paycheck. It’s a proven method, with 30% growth this year and 50% projected for 2023.
On efforts toward seamless, intra-ASEAN banking and cross-border transactions with less U.S. dollar-reliance, Meliza Musa Rusli, President Director, PermataBank said, “Now is the time for us to work more closely with the Asean banking sectors, especially with all the initiatives from our regulator from Bank Indonesia.” The launch last month of 7-day, local currency transactions between Indonesia and Thailand is proving banks can interact seamlessly from both payment and settlement perspectives.
EVs: The Road to Decarbonization
Enablers, critical to driving scale toward decarbonization and local production, were discussed by Pras Ganesh, Executive Vice President, CISO, Toyota Daihatsu Engineering & Manufacturing Co., Ltd. and Executive Program Director, Asia-Pacific Region, Toyota Mobility Foundation. Emissions comprise “well-to-wheel,” the energy source, and life-cycle. “Still, in Asia, unfortunately, the renewable energy utilization is not very high,” at less than 10%. “Even if we talk about levelized costs, for renewable energy, right now it is much higher than in most markets.” Toyota also focuses on vehicle affordability, government subsidies and infrastructure, supply chain and inspiring the customer to go electric.
Sustainable Starts With Us
Nicole Scoble-Williams, Partner, Global Future of Work Leader, Deloitte said there is a very real gap between education and employment, and it’s not just around skills and capabilities. “The gap is around what students, workers, employers are looking for and expect and desire out of work.” LinkedIn data shows fewer than 20% of job postings now are for remote work, opposing what more than 50% of applicants want. “It’s a clear signal that there’s a disconnect.” Most perplexing is a lack of priority placed on “potential and passion” from students and workers. Research that shows very low percentages of business leaders and workers feeling they are fully utilizing their skills and capabilities. “We need to figure out how to unleash the potential.”
In response to an audience poll on what the workforce of the future needs, Sal Gordon, Head of School, Green School Bali explained that he helps teams of teachers create opportunities for students to develop resilience and adaptability, in line with the “nimble and adaptive” answer that was most popular. He thinks that choice was viewed in a holistic sense. “You don’t just instantly adapt to something. You’ve got to go through a series of using a set of different skills, whether it’s critical thinking, or a collaboration. Being able to move quickly and change direction, and how you go about changing and adapting is very important.”
New Cities, Sustainable Cities
With operations in 300 cities in 29 countries, Raymond M. Lawler, CEO, Hines Asia Pacific, can claim a good view of global trends around sustainability. The focus is on carbon and affordability, and what that actually means, and on the future of work. “In a way, we’re living in the future, because if any of us have children, or have young folks that work for us, they’re living in a very different time.” He elaborated on the “collision” of home and work, the physical and digital, and product types all becoming one, in a way.
Chintan Raveshia, Cities Business Leader, Southeast Asia, Arup spoke to the challenges of moving the capital from Jakarta to Nusantara, and the advantages of having a clean slate. Started pre-pandemic on a broad vision, the project was initially viewed in terms of it being the first city to be planned in the climate emergency era. Now, it will also be the first in a post-pandemic world. “It has to feel, breathe, probably look, and operate differently than any of the other cities we currently live in, or have lived before.”
Fireside Chat: Indonesia and the G20
Luhut Binsar Pandjaitan, Coordinating Minister for Maritime Affairs and Investment, Republic of Indonesia spoke of the digital transformation of society during the pandemic, and realizing the power of that economy. Through that, Indonesia “is promoting more efficiency, fighting corruption and creating more job opportunities.” A digital economy growth rate of up to 75% is due in part to a growing middle class. Some deregulation of the region has made it easier for investors. On the Boeing fighter jet deal, part of a military overhaul, he declined to give details, but confirmed it will have a price tag of about $15 billion.
Healthcare in Focus
As hospitals in Vietnam were overwhelmed during the pandemic, the government pivoted on policy and called for private clinics to reopen, said Zig Wronsky, Vice Director, Nhi Dong 315. “They are now promoting expansion of the private health care structure, specifically around outpatient care.” The impact of concurrent trends of economic development, which resulted in demand for higher-quality medical service, urbanization, with less formal health care sought, and a transition from infectious to chronic diseases, are changing approaches to care. “Over half of the Vietnam population are pre-diabetic, and there’s a lot of cancer, so there’s a lot of demand in the pipeline.”
Hendra Tjong, CEO, KlikDokter, said the use of telemedicine was a valuable lesson on the digital journey in healthcare. One that has gained a lot of public and private support, “because we need to be sure that people in remote locations can receive good doctors and products.” He noted his company has three platforms, including the #1 pregnancy app in Indonesia, with more than three million users per month. He pushed back a bit on Wronsky’s assessment of the nation’s overall health, saying that even though chronic health care is one of the concerns, the population is generally healthy, and there is now more focus on preventive care.
Gala Dinner Program
Building Nusantara: A Green and Smart Capital City
Purbaya Yudhi Sadewa, Chairman, LPS said the government has envisioned Nusantara not only as a smart city, but one that can be environmentally friendly. He expressed his hope that the forum discussions would help with the understanding of its concepts, why its location was selected and how it can become an example for others.
Nusantara, Build it and They Will Come
Dr. Bambang Susantono, Chairman, Nusantara National Capital Authority, Republic of Indonesia, shared an announcement made at COP27 that week that they are the first city to launch a locally determined contribution plan. “Every city would like to be a smart city right now, “ for us, smart means that we want to have a city that is efficient. It’s not about the technology, it’s not about the concept, but how technology can help the urban cities to do everything more comfortably.” From COVID-19, a lesson learned was that health resilience is key, adding another dimension to resiliency’s previous economic and climate change focuses.
On building resilience across diverse regions, Dr. Ridwan Kamil, Governor of West Java, Republic of Indonesia, noted he balances 27 regional governments, 10 of them cities. He has taken on the role of coordinator for cities and their surroundings, facilitating a need to cross political boundaries. Strengths include a good economy, coming from good infrastruture. “West Java was number one in infrastructure investment for the last five years.” They are currently building nine toll roads, a high-speed train, a seaport and invested in three new airports.
On implementing sustainability in cities, Dr. Anies Baswedan, former Governor of Jakarta, Republic of Indonesia said it’s not a question of if, but how. “Because all cities occupy about 3% of the earth, but account for 60 to 80% of energy consumption, and 75% of carbon emissions.” Yet, cities are also the economic engines of the world, with the majority of the population living in them. “So, we must understand that a fight for climate must also be a fight for better livelihood. The vast majority of people are still struggling, and they come to cities to find better opportunities.”
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