JAKARTA - Minister of Cooperatives and SMEs Teten Masduki stated that the Micro, Small and Medium Enterprises (UMKM) sector is an economic hero in every crisis that hits.
“MSMEs are not just a bumper. MSMEs have played a role as a dynamist for economic recovery," Teten said as quoted by Antara, Tuesday, May 31.
According to the Coordinating Minister, MSME actors have high courage to face a crisis, unlike big businesses that hold back investment and wait for the economic situation to improve. MSMEs are still gradually in the midst of a crisis and are able to become economic heroes.
At the beginning of the COVID-19 pandemic crisis, MSMEs were said to have succeeded in carrying out digital transformation to e-commerce, increasing by more than 100 percent.
"Once there was a pandemic, the number of MSMEs entering the digital ecosystem rose rapidly from eight million business actors to no less than 19 million MSMEs," said Teten.
The existence of a pandemic is also considered to have led to new innovations from MSME actors, such as the frozen food category from the culinary sector and various health service products.
On that occasion, he said MSME players need to be given flexibility in accessing bank credit considering that the business sector still dominates the economic posture with a percentage of 99.9 percent by absorbing 97 percent of jobs.
Based on the data, the portion of bank credit for MSMEs is still at 19.8 percent.
"You can imagine that our MSMEs are like in South Korea, where there are already many bank loans for MSMEs. Only 19.8 percent of us can absorb 97 percent of jobs and contribute to 61 percent of Gross Domestic Product," said the Coordinating Minister.
Therefore, the government is said to be pushing for a change in perspective on the economic potential of MSMEs.
"This means that we don't just think of MSMEs as a bumper, a subsistence economy, or an economy for household needs," he said.
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