Cooperatives and Small and Medium Scale Enterprises (SMEs) Minister Teten Masduki expects cooperatives and SMEs to capitalize on digital technology after the digital disruption wave that has reached its third phase, marked by the emergence of Web 3.0.

“Utilization of Web 3.0 includes blockchain-based technology, decentralized finance, and Non-Fungible Token (NFT), and others,” he stated during 2022 National Coordination Meeting for Digital Transformation and Complete Data Collection of Cooperatives and MSMEs, as seen here on Monday.

Efforts to encourage Cooperatives and MSMEs to utilize digital technology would be discussed during the Working Group (WG) 2, which is part of a series of the National Coordination Meeting event.

WG 2 aims to map and prepare digital technology development trends for cooperatives and MSMEs. Thus, it would review the issue of pandemic disruption, potential demographic bonuses, and the wave of digital disruption that had reached the third phase.

“On the other hand, the preparation of digital technology-based entrepreneurship and creativity, which will be dominated by the millennial youth, is also the main aspect of the discussion,” he added.

Several examples of case studies from McKinsey in various countries in responding to various disruptions would be discussed during the WG 2, especially with regard to preparing for the rapidly changing job market.

Minister Masduki stated that at least 23 million jobs would be replaced by digital technology and automation by 2030. Concurrently, 46 million new jobs would be created.

Some 10 million jobs would be of a new kind, he pointed out. Masduki pointed out that several sectors that would benefit from digital technology, include health care, manufacturing, and retail.

WG 2 will formulate the preparation of Indonesia’s young generation with skills and an entrepreneurial mindset to seize this potential.

The WG 1 will discuss the commitment of regional government and stakeholders in ensuring the national movement to employ digital technology, including encouraging the growth of new entrepreneurs and mapping out potentials and challenges.

Furthermore, the development of assistance from each stakeholder in the effort to record digital transformation, the determination of strategic groups to be targeted, as well as the right cross-sectoral synergy model in digital transformation efforts will also be discussed.

WG 3 will discuss cross-ministerial strategies for cooperatives and MSME’s complete data collection, including mapping the role of central and regional governments and all stakeholders in building single cooperatives and MSMEs data-based business as well as optimizing the role of data guardians and data producers at the provincial and district/city levels in filling out and updating MSMEs data.

The meeting involved 1,200 participants, with 200 attending in person and one thousand through online means.

The participants were representatives of various stakeholders, ranging from ministries, institutions, Bank Indonesia, the Financial Services Authority, and local governments, banking and non-bank financing institutions, state-owned enterprises, universities, associations, incubator institutions, communities and digital platform players, such as fintech and e-commerce.

Source: Antara News