"More of our workforce is absorbed in the informal sector than the formal sector. This means the law (will help) creates MSMEs by easing (the) licensing process. So, many people and millennials can open MSME-scale businesses, ” Emrus Sihombing from Pelita Harapan University (UPH) said in a written statement issued here on Tuesday.
The country's first omnibus law is a strategy of the government and the House of Representatives (DPR) to attract investment and help improve the economy, he remarked.
The ease of licensing will facilitate and provide certainty, and the Online Single Submission for MSMEs facility will also speed up the licensing process, he noted.
The Law on Job Creation will encourage many young people to become entrepreneurs and open their own businesses, he said.
Besides, the law will also help businesses obtain Intellectual Property Rights (HAKI) for their products, he added.
He said he was optimistic about the new law as it would provide a larger stage for MSMEs, hence the Indonesian economy will improve in the future.
“I am sure that Indonesia will become an economic giant in the world, as Indonesia has abundant natural resources in particular,” he remarked.
Related news: Product packaging should hold importance for MSMEs: Pandjaitan
Related news: Ministry highlights extent of COVID-19 pandemic's impact on MSMEs