INDONESIAN MILLIONAIRE AND PHILANTHROPIST SANDIAGA UNO SPEAKS TO CNN
CNN's Anna Coren interviewed one of Indonesia's richest men Sandiaga Uno, on his investment strategy in Indonesia, and his views on the country's economic development.
Please find below the interview transcript and pictures for your use.
** Mandatory credit for use of material to CNN International.
ANNA COREN, CNN ANCHOR AND CORRESPONDENT: There is probably one man who epitomizes the Indonesia success story. His name is Sandiaga Uno. He is one of Indonesia's richest men. He is 41 years old. His estimated personal wealth stands at some $400 million. He runs one of the largest investment firms in the country. And, get this, he is also a philanthropist.
Well, I had the opportunity to sit down and speak with him. Let's have a listen.
COREN: You set up your company, Saratoga Capital, during the Asian financial crisis. What made you think that your company could succeed when so many others in the region were failing?
SANDIAGA UNO, MANAGING DIRECTOR, SARATOGA CAPITAL: I think at that time was the survival mode. Number two, the view that coming out of the crisis, Indonesia will not be like this forever, like when we were in '97-'98. Five to ten years, when Asia will come out from the crisis, energy will be on high demand.
So that was the first call that we made on investments. So now that Indonesia is back on top of investment destinations, and it will be investment grade hopefully next year. It's a product of a commitment of, I think, a lot of hard work.
COREN: What drives you?
UNO: I see all of these pretty much paradoxical situations. Number 18 in the size of the economy, number 122 in the ease of doing business. It doesn't gel. It really ticks me. We should do better. And we see that we're so rich in natural resources, but we can't even produce -- I mean, we produce cocoa, but we don't have a chocolate factory here.
We produce crude palm oil, but we don't have the perfume industries or the soap industries to support that. So we are just exporting our raw materials without being able to process it.
Now that ticks me. And I think going, I know, three or five years ahead, Indonesia must be able to generate that expertise.
COREN: Corruption is still a major problem here in Indonesia. Do you think enough is being done to stamp it out?
UNO: I think the government is really on the right track now, moving on the right path -- in the right directions. But the speed or the pace, people wanted to see more. I'm from the business community, and I can tell you that there is some change. There is a lot of awareness of this.
But there are still cases, and how you differentiate cases from systemic issues, you fix the systems, cases will always be there. But the system, you've got to fix it.
COREN: Some would say that only a select few were actually benefiting from the resources boom. That the profits are not being distributed fairly considering the tens of millions of Indonesians still living below the poverty line.
UNO: Spot on. And I think you hit the nail on its head. Basically if we're not careful, the rich will get richer and the poor will get poorer. And this gap will be the embryo of the next unrest.
So as businessmen, as entrepreneurs, we need to make sure that the wealth is spread more equally, and therefore, an equitable growth strategy, an inclusive one that includes the people.
And that's why I spend a lot of time on empowering the micro, small, and medium enterprises, the micro entrepreneurs who basically defined Indonesia's domestic demand. Why consumer goods products sell very, very well in Indonesia? Because we have resilient, micro, small, medium enterprises space that would able -- that has been able to pretty much absorb all of these products.
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