Start-up companies fail to penetrate neighboring countries: President

Tangerang, Banten (ANTARA News) – President Joko Widodo (Jokowi) said that the Indonesian start-up companies have opportunity to enter the neighboring countries, but there are obstacles to penetrate the neighboring countries markets.

“Our neighbors are very scared of the Go-Jek, they are very scared, they talk to me, so they prevent us from going to the market there,” President Jokowi said in Tangerang City on Sunday night, while attending the fourth anniversary celebration of the Indonesian Solidarity Party (PSI).

The president further said that Indonesia had a rapidly developing creative industry.

“Right now we have four start-up unicorns which are included in the seven biggest start-ups in Southeast Asia, which are owned by young people,” he said, adding that the four unicorns are Traveloka, Go-Jek, Bukalapak and Tokopedia.

Unicorn is the term for start-up companies that are worth more than one billion US dollars or equivalent to Rp13.5 trillion (one billion US dollar is around Rp13,500).

Jokowi also said that Go-Jek had expanded to Vietnam and would soon enter Singapore and the Philippines.

“This is the era of young people who have to make a leap, there is an opportunity here,” he remarked.

Source: ANTARA News