Indonesia prioritises MSMEs development for economic growth
The development of micro, small, and medium enterprises (MSMEs) is necessary and important to promote Indonesia’s economic growth, said Coordinating Minister for Economic Affairs Airlangga Hartarto.
A corner of Jakarta (Photo: AFP)The minister said the sector plays an important role in economic recovery, with their number growing year on year.
According to him, MSMEs’ contribution was recorded at around 61 percent of the country’s GDP and they employed 97 percent of the total workforce. During every crisis period, the group becomes resilient with an ability to recover well.
The minister emphasised that the Indonesian government is paying serious attention to MSMEs, particularly via promoting them to a wider market to increase their access to financing.
Currently, MSME loans accounted for only 18 percent of the total credit. Indonesian President Joko Widodo has given his directions to increase such percentage by at least 30 percent by 2024.
The minister also believed that MSMEs' competitiveness could be improved through digital innovation. The local government has also provided facilities, including licensing, fiscal incentives, market access, and access to raw materials for the group./.
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