Cooperatives and SMEs Ministry targets new businesses and startups growth

Jakarta, InfoPublik - Cooperatives and SMEs Ministry is targeting to grow new businesses and startups among young people. The ministry engages universities and SME centers eying to boost the number of young entrepreneurs.

Cooperatives and SMEs minister Teten Masduki on Tuesday (11/5) said that the ministry will treat cooperatives, MSMEs, and importers equally by providing same business fields. Therefore, incentives, such as tax deduction, will be offered.

"Legal assistance and mitigation for cooperatives and SMEs from various problems will also be provided. Intellectual Property Rights (IPR) protection and fraud prevention, among others, will be conducted," said Minister Teten.

Indonesia’s cooperatives and MSMEs have considerable potential in leading sectors such as plantation, agriculture, fisheries, fashion, food and beverages, home decor, crafts and tourism, and others.

They would truly be reliable in driving Indonesia's economic growth through employment absorption and foreign exchange increase.

The ministry is determined to improve cooperatives and SME products competitiveness so that they can enter the global value chain and penetrate foreign markets. (Reporter: Putri, Translator: Erik Limantara)