Jakarta. President Joko "Jokowi" Widodo expressed his admiration for micro, small, and medium-sized enterprises (MSMEs) at the BRI Microfinance Outlook 2024 event held at Menara BRILian in Jakarta on Thursday.

"These small businesses contribute 61 percent to our GDP and provide employment for 97 percent of our workforce," explained President Jokowi.

Additionally, President Jokowi acknowledged the successful branding strategy of "Mama Muda" crab chips, highlighting its added value to the product and its ability to be sold in modern retail outlets.

"Excellent. The branding is well-executed. It doesn't mean I have a preference for 'Mama Muda' (young mom); no, the way the brand is presented is excellent," President Jokowi remarked, greeted with laughter from the audience.

Accompanying President Jokowi at the BRI Microfinance Outlook 2024 were several ministers, including Finance Minister Sri Mulyani, State-Owned Enterprises Minister Erick Thohir, Trade Minister Zulkifli Hasan, and Cooperatives and SME Minister Teten Masduki.

According to Sri Mulyani, the potential spending from the state budget for domestic MSME products is projected to reach Rp 625.7 trillion ($40 billion) in the 2024 budget. Meanwhile, the potential spending from regional budgets (APBD) in 2024 for domestic products amounts to Rp 587.9 trillion.

"The reinforcement of the MSME sector through the state budget underscores the promotion of domestic products," said Sri Mulyani during the BRI Microfinance Outlook 2024 event in Jakarta.

Despite the relatively high contribution of MSMEs compared to ASEAN countries and G20 members, the substantial number of MSMEs has not fully tapped into the export market, with the national MSME export contribution reaching only 15 percent of the country's total exports.

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