The prestigious award for small and medium enterprises, the SME 100 Awards, has named 29 Indonesian SMEs to be honored as fast growing businesses.
Group publisher and editor-in-chief of SME Magazine William Ng said SME 100 surveyed 2,000 leading small and medium businesses in Indonesia from February to April 2019.
The naming of 29 SMEs as fast growing businesses was based on evaluating criteria, such as income and profit growth, along with business prospects, investments in training, and research and development efforts, Ng said during the announcement of SME 100 Awards in Jakarta on Friday.
This program was created, in collaboration with the Indonesian Chamber of Commerce and Industry (Kadin) and the Indonesia Business Council for Sustainable Development (IBCSD), he said.
According to Ng, the involvement of SMEs in Indonesia can help ensure the country’s economic growth, noting that SMEs continued to grow, despite an unpredictable global economy and tougher market challenges.
Some of the SMEs surveyed by SME 100 recorded income growths of 9.3 percent or Rp55.1 billion, and increases in profits of 23.5 percent to Rp7.1 billion in 2018, fueled by domestic consumption.
"Although those companies winning the Fast Moving Companies awards may not represent all SMEs, they eliminate the myth that business is difficult for SMEs in Indonesia," he said.
Among the companies winning the awards are chatbot provider Kata ai, Kebab franchisor Baba Rafi, wedding and vacation service Weddingku group, platform financial peer-to-peer Investree, digital wallet provider Payfazz, and lifestyle retailer Metroxgroup.
Indonesia is the third ASEAN member state to organize SME 100 Awards, after Malaysia and Singapore.