BI outlines five measures to strengthen MSMEs, boost economy

Jakarta Bank Indonesia Governor Perry Warjiyo has reiterated five strategic measures to strengthen micro, small, and medium enterprises (MSMEs) and make them the new backbone of the national economy.

First, there is a need to create synergy between government ministries and agencies to establish MSMEs as a source of economic recovery in the digital era, according to a statement issued by BI in Jakarta on Thursday.

Second, MSME transformation, as we enter the digital era, must be facilitated through structured and systematic government programs.

Third, end-to-end MSME development programs are required, including broader acceptance of Quick Response Code Indonesia Standard (QRIS) as a digital payment channel for MSMEs, as well as interoperability and interconnectivity between e-commerce platforms to facilitate MSME product patents.

Fourth, creativity needs to be strengthened to add value to MSME products along with launching campaigns promoting the use of MSME products.

And fifth, affirmative policies are needed to stimulate demand for SME products in Indonesia, including government budget absorption or utilization, as well as support for Gernas BBI (Made in Indonesia National Movement).

As a manager of the Made in Indonesia National Movement (1st-15th September, 2020), which aims to promote Indonesian arts and creative markets, Bank Indonesia will implement a number of programs.

They include installing and using QRIS at Indonesian arts, creative markets through 46 domestic representative offices; hosting onboarding webinars for MSMEs under the mentorship of Bank Indonesia as well as government ministries and agencies in three regions, namely Java, Sumatra, and Eastern Indonesia; running SME product campaigns at the virtual Karya Kreatif Indonesia (KKI) exhibition 2020; organizing the Nusantara Fabrics Fashion Parade using MSME products; and, campaigning to support stimulus programs for MSMEs.

Bank Indonesia has invited members of the public to visit the virtual KKI 2020 exhibition through the KKI website (

BI will continue to provide an electronic catalogue, which has also been made available through the KKI website.

Moving forward, Bank Indonesia said it will remain committed to developing MSMEs as the backbone of the regional and national economies, while working in synergy with various government ministries and agencies.



Source: Antara News