We have also made a storefront for local brands, which is Sarinah. Sarinah, which used to be a history almost forgotten, now we wake her up from slumber. Now, Sarinah (functions) as a showcase for local products
Jakarta (ANTARA) - The State-Owned Enterprises (SOEs) Ministry has informed that SOEs are ready to invest in local brands to promote their advancement.



State-Owned Enterprises Minister Erick Thohir delivered the statement during a public lecture at Darul Ulum Islamic University in Lamongan, East Java on Saturday.



Minister Thohir said that SOEs will invest in local brands because not all products on e-commerce platforms are foreign products.



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He reiterated President Joko Widodo's message emphasizing that the local brands in question contain at least 40 percent of local domestic component level.



Thohir also said that the ministry has developed Sarinah as a showcase for local products.



"We have also made a storefront for local brands, which is Sarinah. Sarinah, which used to be a history almost forgotten, now we wake her up from slumber. Now, Sarinah (functions) as a showcase for local products," he elaborated.



An ecosystem is truly formed once everyone is on board, including stakeholders, policy makers, and youths, he said.



"We have something that we already have, namely gotong royong (mutual cooperation). We already have that basis, so it's not a new foundation or belief. We already have it in our culture," he added.

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Thohir also pushed for investment in local brands created by Indonesian youths.



He informed that his administration has launched the Sembrani Fund to invest in local brands, apart from the Merah Putih Fund, which is focused on startup investment. There would be storefronts for these local brands in Sarinah.



He said he expected the initiative to develop an ecosystem because it is impossible for local brands owned by youths to grow on their own. By including them in a unified ecosystem, local brands can be improved.



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Translator: Aji Cakti, Mecca Yumna
Editor: Fardah Assegaf
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