[i]Mooryati Soedibyo, president of publicly-listed herbal and

Mooryati Soedibyo, president of publicly-listed herbal and
traditional cosmetics company PT Mustika Ratu, represented
Indonesia in the third annual World Entrepreneur of the Year 2003
awards in Monte Carlo, Monaco, from June 5 to June 8. The
following are excerpts of an interview with the woman who was
declared the Indonesia Entrepreneur of the Year by professional
services firm Ernst & Young in 2002, as reported by The Jakarta
Post's Hyginus Hardoyo:

Question: Are you satisfied with what you have achieved so
far?

Answer: Not at all. I haven't achieved much yet, especially in
our determination to enter competition in the world market. I
still face many obstacles. In the domestic market I have not
received full acceptance from consumers as is reflected by the
many Indonesians who still prefer foreign products over local
ones. Many people still question the quality of my herbal
products and traditional cosmetics despite the fact that all of
them are produced ... (to meet) international standards. Their
response is quite different from food supplements and other
products from abroad, such as China, the U.S. or Singapore.
Without much consideration, they just "swallow" them. Why don't
they trust products made by their own people?

We actually have special herbal products used to treat human
beings from infancy till their death. I also frequently explain
about the holistic philosophy of a women's lifestyle for beauty
care. If foreigners express admiration of our products, why don't
Indonesians? To what extent is the success of our campaign to
love local products? Have they fully fallen in love with foreign
products? Or possibly they are fed up with the local products?
Gudeg (young jackfruit cooked in coconut milk with spices) isn't
necessarily inferior to other foreign products, is it? However,
it possibly deals with prestige, right? Maybe we are left behind
in promotion strategies. Many foreign products are advertised in
exclusive magazines at high costs.

What are your plans for the future?

My company has thus far exported its products to at least 24
countries, mostly in Asia, Africa and the Middle East. The
exports account for about 20 percent of my company's sales. My
objective is to raise the share of exports to a fifty-fifty ratio
within the next five years. In a bid to achieve the goals,
Mustika Ratu will continue expanding and modernizing its
production facilities.

The company is focusing on Asian and Middle Eastern countries,
where people share similar ancient philosophies with regards to
physical and spiritual health. The market strategies include
developing distribution outlets at major stores and the expansion
of the Taman Sari Royal Heritage spa chain both in Indonesia and
by franchising around the region. My company has commenced the
establishment of a network in the region through a strategic
partnership with a local airline/hotel group in China, with a
noted department store chain in Singapore and by engaging with
reputable distributors around the region.

I set up our own representative offices overseas when the
sales were already economically viable. For example, we have our
own offices in China and Malaysia. The office building in China
is rented, while the one in Malaysia belongs to us. In Europe, we
have penetrated only Russia. We have not fully worked out on the
lucrative market on purpose. We want to strengthen our base
domestically and in the Asian market before seriously launching
our expansion into Europe and the United States markets, which
are starting to embrace alternative-natural-Eastern medicines and
health remedies.

However, I will not turn down any cooperation offers from
those countries. For example, there was recently an offer from
Canada and Japan to jointly operate spa outlets and we served
them. The most important thing is we give them samples. It will
later be followed up with retail business and department stores.

Are there any obstacles to running your business?

The obstacles are abundant mainly because of the patriarchal
culture and religious limitations, which include, among other
things, resistance to women becoming president or minister. There
is a kind of unwritten regulation among certain parties, which
requires women to only serve their husbands.

However, all depends on ourselves. We have to be able to
present a kind of approach to show that women are entitled to
higher education without necessarily doing only the household
work. I want to show the people that difficulties do not mean the
end of everything. We have to show our capabilities.

Setting examples will automatically encourage others to
follow. The people's perception will also change. For example, it
was not easy for me to get bank financing at the start of my
company 30-years ago. The bank was reluctant to channel its loans
to me even though my sales were booming. The bank checked us
several times within a year, but the loans were not given. I'm
pretty sure that the bank was forced to hold the loans because
the applicant was a woman. Only after it was sure the business
was viable were the loans given.

Mustika Ratu was established in 1975 with 10 employees and
five herbal products and a few traditional cosmetics. The
company, which was publicly listed in 1995, now has 3,000
workers, producing 300 types of herbal products and about 400
cosmetic products, the raw materials of which are locally
produced. From almost zero capital when the company was set up in
a garage, the company had total assets of Rp 295.03 billion in
2001, jumping from only Rp 190.88 billion in 1997. Its net income
reached Rp 36.36 billion in 2001, as compared to only Rp 19.62
billion in 1997.

What are your comments on being chosen as the representative
of Indonesia in the World Entrepreneur of the Year event?

Regardless of who is chosen as the winner in Monte Carlo, I'm
already satisfied with what I have contributed to the welfare of
farmers employed by Mustika Ratu and their families. Being chosen
as the winner of the Indonesia Entrepreneur of the Year 2002
while implementing what I love doing constitutes a priceless
honor. I see life as a challenge and this honor constitutes my
historic pole. I will continue learning to do more and better.

Recognizing significant accomplishments in entrepreneurship

The Jakarta Post
Monte Carlo, Monaco

Professional service company Ernst & Young held the World
Entrepreneur of the Year (WEOY) Award in Monte Carlo, Monaco,
early this month with the aim of recognizing the significant
accomplishments of entrepreneurs around the world.

The event included entrepreneurs from 26 countries. The 26
entrepreneurs competing for the WEOY award in 2003 had all won
the title of Entrepreneur of the Year (EOY) in their own
countries.

The nomination program begins at the regional level with
regional winners being eligible for their country's national EOY
award. All country winners are then eligible for the WEOY award.

All the country winners were recognized and inducted into the
World Entrepreneur of the Year Academy. Following the induction
ceremony only one winner was announced as the World Entrepreneur
of the Year.

Ernst & Young began the EOY award program in the U.S. in 1986
and continued to expand it internationally to recognize the
world's most successful and innovative entrepreneurs.

"Olympians win gold medals. Actors and actresses are honored
at Cannes and the Academy Awards, while scientists vie for the
Noble Prize. For business achievement, the most prestigious award
is the Ernst and Young Entrepreneur of the Year Award," said
Gregory K. Ericksen, global director of Entrepreneur of the Year
for Ernst & Young.

Entrepreneurs are the lifeblood of the global economy as they
are the visionaries whose skills and leadership create new and
exciting business opportunities, he said.

He said entrepreneurs inspire us. Their outstanding
achievements deserve recognition on the international stage.

"By identifying and recognizing the achievements of
outstanding entrepreneurs within successful growing, dynamic
business, Ernst & Young aims to encourage entrepreneurial
activities around the world," Ericksen said.

Through its work with small- and medium-sized enterprises
(SMEs), Ernst & Young understands the impact entrepreneurialism
has had on global business and the world economy, he said.

The firm drives entrepreneurial leadership by providing
services that cover a broad spectrum of SME needs, he said,
adding that the EOY and WEOY programs were a natural extension of
Ernst & Young's commitment and capabilities to these companies.

Bernardus Djonoputro, marketing director of Ernst & Young
Indonesia, said the selection of the winner was conducted by an
independent panel of judges.

Most of the 11 judges of the event were all past Entrepreneur
of the Year winners. They represent industries that range from
manufacturing, retail, technology, and telecommunications,
entertainment, services to financial services.

The judging committee was chaired by Jorgen Mads Clausen and
included Stefan Wilsmeier, last year's World Entrepreneur of the
Year.

"Aside from international recognition and his or her
entrepreneurial achievements, the 2003 WEOY award winner will be
invited to serve as a keynote speaker at next year's WEOY award
ceremony and also to serve as a judge," Djonoputro said.

Indian businessman named World Entrepreneur of the Year

The Jakarta Post
Monte Carlo, Monaco

Third annual Ernst & Young event has named Narayana N R Murthy,
chairman of consulting and IT service company Infosys
Technologies Ltd. of India, the World Entrepreneur of the Year
(WEOY) 2003.

A panel of 11 judges -- each of whom is a past participant in
the Entrepreneur of the Year program in his or her country --
chose Murthy as the recipient of the award at a ceremony at Salle
des Etoiles in Monte Carlo, Monaco, on June 7.

Murthy, who is based in Bangalore, was selected from 26
entrants - each of whom has been named Entrepreneur of the Year
in national or regional programs run by professional services
firm Ernst & Young.

Collectively, the 26 finalists in this year's WEOY award
program employ more than 76,000 people and represent
approximately 6.5 billion euro (US$7.67 billion) in revenue.

The selection of the winner was based entirely on written
applications and meetings held throughout the course of the four-
day event.

The judges praised Narayana Murthy's intellectually-,
philosophically-, ethically- and spiritually-driven
entrepreneurship and his company's outstanding financial
performance and global impact in a dynamic and volatile industry.

Infosys provides end-to-end technology and consulting
solutions to small and large corporations and employs more than
10,000 people worldwide. It is a zero-debt company which
regularly posts growth of 30 percent per annum, and is listed on
the Nasdaq with a market capitalization in the billions.
Currently 98 percent of Infosys' revenues are generated outside
India.

Giving thanks for being named winner, Murthy said, "The
development of his company is aimed mainly at creating jobs to
help solve poverty in India."

Murthy believed strongly in corporate social responsibility
and said that beyond a certain point, personal wealth should be
used to make a difference to society. He contributes the majority
of his wealth to public causes.

The company's corporate governance system is based on five
concepts dating back to its inception: "The softest pillow is a
clear conscience; when in doubt, disclose; don't use corporate
resources for personal use; put long-term interests ahead of
short-term ones; and share wealth with employees."

The chairman of Ernst & Young, James S. Turley, said Murthy's
story was a truly inspirational one. He has demonstrated quality
leadership and embodies both entrepreneurial spirit and business
excellence. We are delighted he has seen selected to receive this
year's award."

The WEOY program was established three years ago and builds on
Ernst & Young's 17 years of success in running the Entrepreneur
of the Year program. The award program was begun by Ernst & Young
in the United States in 1986.