Millennials Are Source of New MSMEs Creation, Says Bank Indonesia

JAKARTA, KOMPAS.com – Bank Indonesia Governor Perry Warjiyo said millennials would be the source of the creation of excellent entrepreneurs or new micro small and medium enterprises (MSMEs) to improve the nation’s welfare and future economy.

“We can see the progress of millennials in various fields to become emerging entrepreneurs and a new economic power,” Perry said during the opening of Karya Kreatif Indonesia (KKI) or loosely translated as Indonesian Creative Works virtual exhibition series 3 on Friday.

“Millennials who have a strong spirit and high entrepreneurial excellence will also be the source of creating excellent entrepreneurs,” Perry added.

Also read: Finance Ministry Disburses Cash Transfers to 700,000 Indonesian MSMEs

Perry said that millennials who are the productive age population can promote the MSMEs to go global with the help of technology. MSMEs must be creative in understanding the market and developing marketing methods, including digital marketing.

“In the new normal era, digital acceleration is a solution to turn Indonesian MSMEs into new MSMEs as a source of new growth for our economy towards a better Indonesia,” Perry said.

As for the Central Bank, it has synergized with various stakeholders to develop MSMEs through the implementation of three pillars, he said.

The three pillars include corporatization as an effort to strengthen the MSMEs, increasing the ability of MSMEs in creating added value in the digital era, and broadening access to financial services for MSMEs.

“As the nation’s future generation, millennials will be the driving force for new MSMEs today and in the future. Millennials who appreciate domestic products will be huge market potential for our MSMEs,” said Perry.

To promote MSMEs, Bank Indonesia coordinates with government ministries and agencies, MSMEs community, associations, designers, and other related stakeholders to organize KKI which has entered its third session.

Also read: Cash Transfers for Indonesian MSMEs to be Extended to Next Year

In this session, the exhibition promotes MSMEs products to enter the digital market abroad.

The two previous sessions were attended by more than 53,000 visitors and saw the participation of 379 MSMEs in fashion, handicraft as well as food and beverage sectors.

The total sales from the events reached 10.5 billion rupiahs ($740,000), business matching achievement stood at 113.2 billion rupiahs ($7.9 million) and financing reached 4.7 billion rupiahs ($330,000). Out of 16 participating buyers, six came from Singapore, Italy, Australia, Korea, Japan, and China.

(Writer: Fika Nurul Ulya | Editor: Erlangga Djumena)

Source: https://money.kompas.com/read/2020/11/20/113459826/gubernur-bi-milenial-jadi-sumber-penciptaan-new-umkm.