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