Minister Teten Wants To Improve Indonesia's Financial Services Industry Through This Cooperation

BALI - Minister of Cooperatives and SMEs (Menkop UKM) Teten Masduki assessed that cooperation with Timor Leste in the MSME sector has the potential to improve the performance of the financial services industry in Indonesia.

As for the Asean Inclusive Business Summit 2023 series, Coordinating Minister Teten met with the Secretary of State for the Timor Leste Cooperative, Arsenio Pereira da Silva to discuss plans for cooperation in developing MSMEs between the two countries.

"(It's very potential), really. We will focus (cooperation) there for financing, in collaboration with many savings and loan cooperatives in NTT. We will widen the KSP going internationally," said Teten when met in the Nusa Dua area, Bali, on Thursday, August 24.

In addition to providing financing facilities, Indonesia will also offer training to MSMEs in Timor Leste.

Teten said that there were three trainings offered to Timor Leste, namely small farmer institutions (small farmers), cooperatives, and product standardization assistance.

As for Timor Leste MSME products, which will be developed are agricultural commodities.

Teten said, by implementing product standardization, MSMEs in Timor Leste will be able to penetrate the domestic and global markets.

Meanwhile, the State Secretary for the Timor Leste Cooperative, Arsenio Pereira da Silva, hopes that Indonesia can work together to provide training and assistance in the field of developing MSME capacity in Timor Leste.

Arsenio said that his party views that Indonesia has made rapid progress in the MSME sector.

Therefore, he hopes that Indonesia can help them to develop the people's economy in their country.

"So, how (Indonesia) trains, especially small businesses in Timor Leste. We need to be of higher quality, so that they can penetrate the market, and they can improve the economy in Timor Leste," said Arsenio.