Indonesian Minister of Cooperatives and SMEs Teten Masduki introduced the import substitution policy as one of four tools to strengthen locally made products.The policy, which will allocate 40% of state budget expenditure (APBN) to purchase of domestic products from micro, small and medium enterprises (MSMEs), aims to eliminate import of products from abroad unless necessary.Foreign companies must have a 40% Indonesian product component and collaborate with local economic operators. The export of raw mineral products will also be prohibited, to increase internal processing.The current share of bank credit in Indonesia for MSMEs is only 21%, lower than that of Thailand and Malaysia, where it is above 40%.Other projects concern trading platforms, controlling the flow of imports, controlling trading systems and the competitiveness of MSMEs' domestic products.The minister believes that Indonesia should learn from China's strategy for implementing digital transformation policies, as China has successfully strengthened its digital economy platforms.Link di fonte: https://en.antaranews.com/news/297021/import-substitution-policy-aims-to-strengthen-local-msmes-minister (ICE GIACARTA)

Fonte notizia: Antaranews – 24 October 2023