Jakarta (ANTARA) - The industry ministry is pushing for bolstering cooperation between Indonesia and South Korea in the economic field, particularly for the growth of startup companies, expected to boost economic growth between both nations amid global uncertainty.

"We want to jointly initiate cooperation between Indonesian and Korean startups and unicorns," Minister of Industry Agus Gumiwang Kartasasmita noted in a statement received in Jakarta on Thursday.

Minister Kartasasmita had earlier also accompanied President Joko Widodo to attend the ASEAN-Republic of Korea (RoK) Startup Summit and the ASEAN-RoK Innovation Showcase at the Busan Exhibition and Convention Center (Bexco).

Kartasasmita remarked that the collaboration to be conducted bilaterally, not only identifies several challenges and opportunities but also aims to build a shared innovation ecosystem that can support growth, sustainability, and also efforts to boost profits for startups and unicorns in both countries and the ASEAN.

"Hence, we laud the implementation of the ASEAN-RoK Startup Expo 2019. We harbor high hopes that the event would facilitate the sharing of information, experiences, and best practices in the preparation of regulations," he expounded.

Furthermore, Kartasasmita believes that the activity would connect relevant stakeholders.

"Hence, it can forge collaboration with one another for the exhibition of innovative technology and products between startups or also include expanding networks among startups, unicorns, and investors," he remarked.

Kartasasmita believes that now is the right time for startups in the ASEAN and Korea to jointly dominate and lead the global startup landscape.

"We want to create startups and unicorns that are bigger, more resilient, and market-oriented," he stated.

The industry minister revealed that in 2013, only 39 startups worldwide were categorized as unicorns. The term unicorn is a startup less than 10 years old and valued at over US$1 billion.

"Six years later, in mid-2019, TechCrunch reported the presence of 452 unicorns and startups around the world, with cumulative valuations reaching US$1.6 trillion. Unicorn growth is very fast in 2018 since within 15 months, over 170 startups around the world achieved that status," he added. Related news: Indonesia, Korea ink MoU to collaborate on capital city relocation
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Translator: Sella P, Azis Kurmala
Editor: Rahmad Nasution
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