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Indonesian Finance Minister Sri Mulyani Indrawati (Photo by Shinya Sawai)
Economy

Competition driving change, says Indonesian Finance Minister

But policymakers must not abandon 'losers' from globalization

JUSTINA LEE, Nikkei staff writer | Singapore

SINGAPORE -- While globalization can bring about healthy competition and drive companies to change for the better, it is important not to neglect those who lose out in such competition, said Indonesian Finance Minister Sri Mulyani Indrawati at the Singapore Summit on Saturday.

Mulyani noted that healthy competition from foreign companies can help their state-owned counterparts and governments to become more efficient. She cited the example of Indonesia's banking sector, which, in the past, "always wanted to be protected," but provided poor service to customers and had "no intention to serve them better."

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