The MoU aims to drive exports, current account balance, and economic growth, as well as support the country's financial stability and monetary accounts, Industry Minister Airlangga Hartanto noted in a statement received in Jakarta, Thursday.
For the ministry, Airlangga remarked that the MoU will serve as a guideline to boost coordination in terms of regulating the manufacturing industry.
"This MoU is a crucial step for encouraging the industry's national competitiveness in future," he added.
Apart from serving as a guideline for policymakers, the MoU will also function as an entry point for supporting the financial outlay of businesses.
"For micro and small businesses, BI is expected to provide more affordable and competitive interest rates," Airlangga expounded.
The manufacturing industry had been among President Joko Widodo's top priorities since his re-election for second term in office in April 2019.
Two days earlier, President Widodo had met with several ministers to deliberate on the significance of utilizing the latest high tech to back the manufacturing industry.
Five technologies brought up at the limited cabinet meeting were Internet of Things, Artificial Intelligence, Human-Machine Interface, robotics and sensor technology, as well as 3D Printing technology.
Related news: Manufacturing industries register 4.07 percent increase in growth
Related news: Minister upbeat about Indonesia emerging as ASEAN manufacturing hub
Related news: RI, Japan to intensify coop for development of manufacturing sector