Indonesia sets target to establish three new unicorns in 2024

Indonesia sets target to establish three new unicorns in 2024

Acting Director of Informatics Empowerment of the ministry Slamet Santoso. (ANTARA/Arindra Meodia/sh)

The president has targeted (the establishment of) three new unicorns by 2024
Jakarta (ANTARA) - The government has encouraged the establishment of more startups in Indonesia, with a target to set up three new unicorns by 2024, according to the Communication and Informatics Ministry.

"The president has targeted (the establishment of) three new unicorns by 2024," acting Director of Informatics Empowerment of the ministry Slamet Santoso noted here on Monday.

A unicorn company is a startup, with a valuation of over US$1 billion.

In a bid to achieve the target, Santoso remarked that the ministry had launched three programs: SMK coding to teach vocational students to become a computer programmer; 1000 Startups in 16 locations across the country; and the National Selection of Informatics and Telecommunication Products 2020.

According to Santoso, all sectors hold potential for new startups, especially those included in the government's strategic plan and the national medium-term development plan 2020-2024.

The plan has included seven sectors -- agriculture, fishery, education, health, tourism, maritime, and logistical -- as the starting point for the development of startup companies.

"In the past few years, the focus is on tourism, agriculture, and logistical sectors," he stated, adding that other sectors are less attractive for investors.

The Communication and Informatics Minister Johnny G. Plate had earlier stated that there would be one new unicorn company and one decacorn this year.

Currently, Indonesia has four unicorn companies -- Bukalapak, Tokopedia, Traveloka, and OVO -- While Gojek has reached the level of decacorn, a startup with a minimum valuation of US$10 billion.

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