Indonesia dreams of joining global economic elite

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Entrepreneur Chairul Tanjung was so dismayed by how Indonesia was blown off course by the Asian financial crisis that he felt his nation needed a big new goal to get back on track - becoming fully developed within decades.

Endowed with rich natural resources and the world's fourth-biggest population, Indonesia has many of the ingredients that could make it one of the world's top economies. But despite posting its fastest growth in more than a decade last year, Southeast Asia's biggest economy still appears stuck in a slower lane compared to the booming economies of Asian neighbours such as India, China and even Vietnam. Seeking to propel Indonesia on a new course and cast off the memories of the Asian financial crisis in the late 1990s, a foundation of executives and senior government officials that is chaired by Tanjung has mapped out a target of 2030 to achieve "developed" status. Describing the plan as a "noble vision", Tanjung told Reuters via email that it could be made a reality "by hard work and collaboration by all of Indonesia's people."

The entrepreneur, who trained as a dentist and started a small business while still at university, now runs a string of firms. He has been ranked Indonesia's 15th richest individual by Globe Asia magazine with a total wealth of $565 million.

The "Visi Indonesia 2030" ("Vision Indonesia 2030") project also has participation from other well-known Indonesian business moguls such as Anthony Salim and James Riady.

The plan - based around improving human capital, optimising management of natural resources and uniting workers, bureaucrats and entrepreneurs - is aiming for Indonesia to become one of the world's five top economies by 2030, with 30 firms in the Global Fortune 500 and an educated, urbanised workforce.

It all sounds great in theory, but cranking up growth in the huge developing nation, where millions live on less than $2 a day, faces formidable obstacles ranging from endemic corruption to a weak legal system, creaky infrastructure and poor higher education. The economy expanded 6.3 % last year, its fastest in 11 years, but still far behind China's more than 11% growth, and India, which grew 9.6% in its last fiscal year.