"South Korea is a country that has become a benchmark in developing Micro, Small, and Medium Enterprises (MSMEs) and start-ups. This can be seen from the highly developed start-up ecosystem in South Korea," he noted in a statement received here on Monday.
The minister recently paid a working visit to Seoul, South Korea, to conduct a bilateral meeting with South Korean Minister of SMEs and Start-ups (MSS), Hong Jong-hak, as well as attend the celebration of five decades of diplomatic relations between South Korea and Indonesia.
According to Masduki, Indonesia, ranked sixth as a country with the most start-ups in the world, could learn a lot from South Korea.
"We really appreciate the South Korean government for establishing a good cooperative relationship with Indonesia. This cooperation is very useful, and we will continue it in the future," he affirmed.
Apart from meeting with Minister Jong-hak, Masduki also visited several start-up incubators in Seoul. He undertook a visit to the TIPS Town, which is an incubator institution initiated by the South Korean Government to facilitate start-ups in obtaining investment from venture capital.
Related news: Cooperation with South Korea could boost MSME competitiveness: Masduki
He also paid a visit to the Seoul Start-up Hub, which is an institution established by the Seoul City Government to support start-up development. The institution provides mentorship and financing programs for start-ups as well as provides technological tools for start-ups to create product innovations according to market demand.
The minister also had the opportunity to visit the INNOBIZ Association office to attend the Interim Reporting Seminar that is one of the agendas in implementing the Knowledge Sharing Program (KSP). The KSP program is one of the collaborative programs currently being developed between his side and the INNOBIZ Association.
One of the INNOBIZ companies he visited was AQUALEX, which is a cosmetic company, and Seoul F&B, which is a company producing food and beverage products.
This medium-scale company uses a smart factory scheme supported by modern equipment and high technology that is capable of producing quality products, he noted.
Masduki is upbeat that the establishment of smart factories or joint production houses in Indonesia would be able to facilitate MSME players in producing high-quality products.
Related news: Indonesian MSMEs eye higher food, beverage exports to South Korea
Translator: Kuntum Khaira R, Resinta S
Editor: Yuni Arisandy Sinaga
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