The Cooperatives and Small and Medium Enterprises (SMEs) Ministry of Indonesia is partnering with South Korea to develop an ICT ecosystem aimed at enhancing the capabilities of local SMEs. This collaboration includes a focus on supporting the development of startup enterprises.
During the 2023 Indonesia Korea ICT Business & Content Partnership event, Cooperatives and SMEs Minister Teten Masduki highlighted that Indonesia currently ranks fifth globally in terms of the number of startup companies, with approximately 2,600 startups. The collaboration with South Korea aims at capitalizing on these figures and elevate Indonesian startups and SMEs to an international scale.
The cooperation initiatives focus on creating innovation networks and promoting technology development in key industries, including electric vehicles, smart electronic devices, biotechnology, and food processing. Additionally, seminars will be conducted to enhance the capabilities, competitiveness, and innovation of SMEs through digitalization and technology optimization. Joint workshops will also be organized to establish a framework that enhances business accountability and consumer confidence.
Indonesia will also explore various opportunities for bilateral cooperation, such as organizing business matching programs and engaging in consultations with Korean experts, research institutions, and SMEs.