Jakarta (ANTARA) - The Cooperatives and Small and Medium Enterprises Ministry has continued to exert efforts to expand access to financing and investment to Indonesian startup companies, Minister Teten Masduki remarked in Yogyakarta on Wednesday.

During a discussion held at Gadjah Mada University, as observed from Jakarta, Masduki noted that expanding financing access is essential to assist startup companies in dealing with issues arising during their early days of operations.

Indonesian startups have been relying heavily on financing provided by "angel investors" and venture capitalists to fund their business growth and innovations, he stated.

Masduki remarked that the Kop UKM Ministry has launched the Entrepreneur Financial Fiesta 2024 as an effort to help the development of a suitable ecosystem for startup firms in the country.

"We are aiming to bolster the development of the startup ecosystem through collaboration with domestic and international venture capitals," he stated.

He highlighted that since 2021, his ministry has been striving to enhance the capacity of Indonesian startups by implementing an incubation program that involves 20 incubator institutions from universities and regional governments.

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The program, drawing participation from 351 companies, is meant to assist startups in solidifying their business models, increasing income, and linking with potential partners at the national and international levels, he explained.

"This year, we will continue this program to facilitate at least 180 startups by collaborating with nine incubators," he remarked.

The minister then highlighted that his side is currently aiming to pave the way for establishing more startups in the sectors of agribusiness, aquaculture, green businesses, and technology.

To that end, Masduki urged all financial institutions to take part in facilitating Indonesian startup companies to access the financing schemes they need.

He expressed belief that Indonesia would be able to transform into a developed country by growing its economy and creating more new entrepreneurs.

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Translator: Shofi Ayudiana, Tegar Nurfitra
Editor: Yuni Arisandy Sinaga
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