Friday, 26 May 2023 05:52

Ministry of Tourism and Creative Economy Expands Indonesian Restaurant Business Overseas

The Ministry of Tourism and Creative Economy (Kemenparekraf), through the Deputy of Industry and Investment, held meetings in the United Kingdom and the Netherlands to strengthen the capacity of Indonesian restaurants in both countries. The meetings, held on May 21 and May 23, 2023, aimed to secure funding to support the Indonesia Spice Up The World (ISUTW) program.

Deputy of Industry and Investment of Kemenparekraf, Rizki Handayani, emphasized the importance of collaboration from various stakeholders to ensure the success of the ISUTW program, where the government will act as a facilitator and regulator, focusing on the targeted, beneficial, and timely implementation of the ISUTW program. The government's priority program aims to promote Indonesian culinary to achieve an export value of USD 2 billion (approximately IDR 29.8 trillion) and activate 4,000 Indonesian restaurants overseas by the end of 2024. The activities during the meetings included the development of financing lists, the introduction of integrated business operational technology with PT ESB, and the inauguration of the Orient Express culinary business in London. Furthermore, there were discussions on the Netherlands' role as an Indonesian culinary center in Europe and discussions with stakeholders and Indonesian diaspora in London and The Hague regarding the Indonesian spice market in both countries to boost the export of Indonesian spices to the European market.

One of the challenges faced by Indonesian culinary businesses abroad is the difficulty in accessing financing for business development due to a lack of financial literacy. To overcome this challenge, Kemenparekraf, through the Directorate of Financing Access, will facilitate Indonesian restaurant entrepreneurs and provide structured and extensive mentoring. The facilitation aims to enable business activities to grow and be ready to obtain financing from potential investors, as well as to increase exports for Indonesian spice businesses.

Currently, one of the programs launched by Kemenparekraf to develop Indonesian culinary business internationally is the Indonesian Restaurant Fundraising (IndoStar). The program utilizes banking financing, fundraising schemes, investment from large businesses, family offices or corporations, and venture capital/private equity. Additionally, there will be guidance and support related to business planning, finance, and investment for culinary entrepreneurs who participate in the program.

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