A reflection of foreigners' trust

A reflection of foreigners' trust

Prajogo Pangestu, through his PT Tanjungenim Lestari Pulp and
Paper (TLPP) paper mill, last week signed a US$991 million loan.
All the creditors were foreigners. Not a single local bank was
involved, as was also the case in the financing of the Bakrie
group's Ratelindo radio telecommunications project some time ago.

The case is interesting -- not because Prajogo acquired
credits to such a large amount, but because of the sum involved
and because of the identity of the creditors. Many observers have
welcomed the event, especially considering our own concerns about
our domestic situation. It was correct for the state minister of
investment, Sanyoto Sastrowardoyo, to say that this mega-credit
extension was proof that Indonesia was still an attractive choice
for foreign investors.

This is important to note, considering our own stance, which
is often marked with apprehension and doubts, as if some huge and
unsurmountable problem existed and we all had to take a wait-and-
see attitude. The fact that not a single local bank was involved
was an indication of this truth. Where the fault lies is
difficult for us to say.

It could be that we still have to cultivate our own feelings
of confidence and trust towards the components that make our
economy competitive. We must discard all feelings of inferiority
as well as the implications that they bring. We should have
confidence in the prospect that our economy is going to continue
to grow satisfactorily, and that our political stability, our
national security and our cultural resilience will remain
preserved.

We must all boost our sense of self-confidence and discard any
feelings of inferiority because we want to be a nation on the
move. To invoke fear is to confine oneself at a time while others
are moving forward at a fast pace.

-- Bisnis Indonesia, Jakarta