Cooperatives and Small and Medium Enterprises Minister Anak Agung Gede Ngurah Puspayoga.(tribunnews/Dany Permana)

Cooperatives and Small and Medium Enterprises Minister Anak Agung Gede Ngurah Puspayoga has said that the government will pay special attention to developing medium-sized businesses in preparation for the competition expected to come with the ASEAN Economic Community (AEC).

The minister said ASEAN member countries needed to cooperate closely in developing medium-sized business. '€œOnly with synergy can medium-sized business owners succeed as we enter the upcoming ASEAN Economic Community,'€ said Puspayoga on Wednesday as quoted by tempo.co.

In order to improve the competitiveness of medium-sized businesses, Puspayoga continued, the government was providing support through a number of channels including by easing access to financing.

'€œInterest rates on loans that used to be 22 percent have now been lowered to 12 percent, and by 2016, they will be 9 percent,'€ said Puspayoga.

Puspayoga spoke about five key strategies for developing medium-sized businesses in ASEAN: increasing productivity by using technology and innovation; increasing wider access to financing; increasing market access by boosting international market share; drafting policies that are conducive to business and entrepreneurship; and human-resources capacity building.

The ASEAN Economic Community (AEC) will be effective from December. (liz/bbn)(+)

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