ADDRESS AT LAUNCH OF THE
JOINT VENTURE BETWEEN
THE COMMONWEALTH BANK AND)
BANK INTERNATIONALE INDONESIA
JAKARTA, INDONESIA
E&O E............
Mr Katz, Mr Foxlee, Mr Widjaja, John McCarthy, the Australian Ambassador to Indonesia, other distinguished guests, ladies and gentlemen.
I am absolutely delighted to be here tonight to formally inaugurate this joint venture
between one of the most successflul and best known private banks in Indonesia. A
bank which of course occupies a special, almost legendary niche, not only in the
finacial history but also the cultural history of my country, Australia, And I am
doubly delighted to have the opportunity because this event takes place at a time when
there has been much turmoil on international financial markets where the ficus have
been on the economnies of the Asia-Pacific region.
I am doubly pleased to have the opportunity of saying a few words, not only about this joint venture, but also a few words about the economic and financial situation in which the world finds itself at present and most particularly this region of the world finds itself at the present.
This joint venture is a vote of confidence by these two organisation in the economic future of Indonesia. And today I delivered on behalf of my Governn vote of confidence in the economic future of Indonesia, I took the oppor tunitY to in my discussion with President Soeharto to remark upon the economic achievemen of this country, Indonesia, under his government to indicate my very strongly held bell that the economic fundamentals of Indonesia are in very good shape, to remark upon what has been achieved in lifting the living standards of the people of lIndonesia over the ast years, and to remin~ d the sometime critics of Indonesia of just how much as been achieved in the face of enormous adversity during that period of time.
I also indicated to the President that the Australian Government would stand ready to
participate as a fiend, a regional mate, a partner, a close neighbour, would stand ready
to participate in any International Monetary Fund facility or arrangement associated
with present economic circumstances in Indonesia. And I did that as an expression,
not only of confidence in the future of the Indonesian economy, but also as an
expression of the goodwill and the sense of partnership and the sense of shared future
and shared destiny that Australia feels with, not only the Government of Indonesia in a
generic sense, but also with the people of Indonesia.
We are not fair-weather friends of the Indonesian people, we are friends and partners
of the Indonesian people for the long haul. We see as we move into the 21 Century a
growing and deepening partnership between Australia and Indonesia in this part of the
world. It still remains the case that the Asia-Pacific region is the fastest growing
economic region in the world. The events of the past few days and few weeks have
not altered that fact and nothing can alter that fact unless those who hold responsibility
in the nations of the Asia-Pacific region over the years ahead squander a great
opportunity to build in the Asia-Pacific region, not only rising living standards for their
people through trade liberalisation and the removal of economic barriers between
people and nations, but also the tremendous political opportunities that this unique
association of people in this part of the world presents to the countries, their people
and their governments.
Australia's friendship with Indonesia stretches back a very long period of time. We
were one of the first Western nations to identify, very openly, with the desire of the
Indonesian people to achieve their independence And through the years we have
made a good friend, a good ally and a close working regional partner of Indonesia.
And that partnership, and that friendship, and that alliance has been given renewed
expression today in the discussions that I have had with the President of Indonesia and
I will be carrying back to Australia his emphatic endorsement of the importance of our
relationship. Now this joint venture is really what the future between our two countries is all about.
And this occasion is about the future, it is about the future of the region, it is about the
future economic co-operation between the people of Australia and the people of
Indonesia. It is about the future attraction of investment from Australia in all parts of
Indonesia. And it is also about our future participation together in the globalised
financial and economic world in which all of us now and forever will live. The
globalised world economy carries with it instantaneous judgements by financial
markets on governments, it also carries with it great opportunities of expansion and
growth and it also carries with it important responsibilities and reciprocal obligations
between all those nations that participate.
And this joint venture is a hard-headed business assessment made by both of the banks.
They have made the decision to come together because they believe it will be good for
their shareholders, they believe it will be good for their customers, they believe
importantly it will be good for their employees and I am delighted to have had the
opportunity in the short time that I have been here to meet many of the employees of the Commonwealth Bank and in, of course, the future joint venture between the two
organisations. So it is, I think in every sense, a great symbolism that today despite some of the
adverse headlines of stockmarket fluctuations and of currency speculation here you
have a rolled-gold commitment by two great organisations in the economic future of
Indonesia. And I think the symbolism of that will resonate throughout the business
community here in Jakarta. And it will also send a very important message back to the
business community in Australia, It will remind the members of the business
community of Australia of the great potential of future investment in Indonesia. And it
is worth recalling just how much that economic partnership has grown the way in
which, over the last few years, the investment of Australian businesses in Indonesia has
expanded as trade barriers have fallen our shared goals and our shared interests in
working together have become more and more apparent.
And can I say, speaking for the Australians present, wherever you may bank, wherever you may invest, wherever you may borrow, you can't really think of yourself as an Australian particularly if you grew up in anywhere remotely connected with the 1950s or 1960s and early 1970s without thinking of those Commonwealth Bank money boxes. And, of course, they weren't boxes they were actually tin, It was part and parcel of growing up in Australia. It was certainly part and parcel of going to a government school in Australia that you were taught from a very early age to drop coins into that Commonwealth Bank money box as it was called. And it has been part and parcel, and I don't think I am giving a commercial against the rivals but what the heck the Commonwealth entered the joint venture so they are entitled to a commnercial from the Prime Minister particularly on an occasion like this.
It is a great Australian institution and of course in coming together with the Bank Internationale Indonesia, which has a formidable reputation as one of the great private banks of Indonesia, it does represent a great marriage, a great partnership. But can I just say again how important it is, reality is important in economics and in life, symbolism is also important in reality and in life. And this has both substance and symbolism. It has the substance of two great organisations coming together and investing in the future of Indonesia, that is the substance. And it also has the symbolism. At a time like this it is saying to the financial community of Indonesia, it is saying to the financial community of Australia and most importantly it is saying to the financial community of the world that two great organisation have enormous confidence in the economy of Indonesia, they have great confidence in the future of Indonesia. And I am absolutely delighted to be associated with the opening of this joint venture. Thank you.
[ Ends]