REPUBLIKA.CO.ID, KENDARI -- Some 80 percent of Indonesia's assets are currently controlled by foreign entities, according to Prof Pratikno, Rector, Gajah Mada University (UGM).

"Without support from all national elements, the assets of this country will sooner or later be controlled entirely by foreign parties," Pratikno said, during a seminar organized by Gadjah Mada University Alumni Association (KAGAMA) here on Saturday.

He pointed out that foreign companies have control of 50 percent of the assets in the banking sector, some 75 percent in oil, gas and coal, 70 percent in telecommunications, and as much as 80-85 percent in the gold and copper mining sector.

"It is only in the plantation and agriculture sector, in a broader sense, that foreign entities control 40 percent. Nevertheless, we must be alert to make sure that not all of our assets are controlled by foreigners," he said.

Pratikno added that there must be more careful policy decisions in maintaining assets which have yet to be controlled by foreign parties.

Indonesia has been an independent state for 68 years, and is rich in natural resources. However, its people remain poor because most of the resources have been dominated by foreign companies, said Pratikno.

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