Indonesia, Timor Leste Sign MoU on MSMEs Cooperation

Jakarta – Indonesia and Timor Leste signed a memorandum of understanding (MoU) on Tuesday, establishing bilateral cooperation to strengthen cooperatives and micro, small, and medium enterprises (MSMEs) for mutual economic benefit.

"We want the two countries to be united in gaining experience in the economic development of the people, MSMEs, and cooperatives because global economic growth is no longer in one country but in the region," said Teten Masduki, Minister of Cooperatives and SMEs, on Tuesday as quoted from Antara.

The MoU outlines plans for capacity building, cooperative partnerships, feasibility studies, and training programs through regional partnerships.

Masduki expressed belief that this cooperation would open wide opportunities for cooperatives and SMEs in both countries to share knowledge, information, and development.

He said that Indonesia and Timor-Leste can explore sectors that can be developed by cooperatives and MSMEs in the future.

"I hope this MoU can be implemented well, and all parties can take advantage of this opportunity well, and if successful, this can be continued for the next MoU period," he stated.

Timor-Leste's Secretary of State for Cooperatives, Arsénio Pereira da Silva, said that the MoU signing followed the earlier meeting between the two countries during the ASEAN Inclusive Business Summit 2023.

He expected that the cooperation could contribute to the development of MSMEs and cooperatives.

"The point is how the two countries can complement each other in the cooperative sector, learn from one another, and grow together, as we are in one region, ASEAN," he said.