"I emphasize that we are not a nation that likes protectionism, no, because history has proven that protectionism is actually detrimental," Widodo said while opening the XVII National Working Meeting of the Indonesian Young Entrepreneurs Association (HIPMI) 2021 from the Bogor Presidential Palace on Friday.
Indonesia believes in economic openness and cooperation, the President added and asked entrepreneurs to tap the potential of the domestic market of up to 270 million people.
At the same time, unfair trade practices must be kept at bay, especially if they harm the micro, small, and medium enterprises (MSME) sector, he said.
He then asked ministers in the economic sector to fence off MSMEs so they do not fall victim to predatory pricing.
"Currently, there are many predatory pricing practices. Be careful with this. It can kill the small ones (businesses). I have repeatedly told the Minister, especially the Minister of Trade, that this should be fenced off,” he said.
The Head of State invited the public to endorse and be proud of domestic products, while asking domestic business actors to work on improving themselves.
Domestic producers must create products with competitive prices, quality, good packaging, and in accordance with current market demands, he advised.
"To get to the loyalty of our consumers, there are conditions for domestic products, namely competitive prices, good quality. This is from the manufacturer's side. We must continue to improve the quality, the packaging, improve the design, so that we can follow the trend," he remarked. (INE)
Related news: President emphasizes completion of international agreements by 2020
Related news: Steel import cause of trade balance deficit: Jokowi
EDITED BY INE
Translator: Indra AP, Azis Kurmala
Editor: Suharto
Copyright © ANTARA 2021
