Jakarta, 31 October 2023 – The United Nations Development Programme (UNDP) Indonesia and Citibank, N.A., Indonesia (Citi Indonesia) in collaboration with the Ministry of Youth and Sports (Kemenpora), the National Development Planning Agency (Bappenas), the Coordinating Ministry for Human Development and Culture (Kemenko PMK), and British Council are bolstering the youth entrepreneurship ecosystem in Indonesia through the Youth Co:Lab National Dialogue 2023, which has been nurturing talent, fostering innovation, and providing critical support to young entrepreneurs in Indonesia for the past six years.

Based on the Indonesian Youth Statistics survey by Statistics Indonesia (BPS), 19.48 percent of youth in Indonesia become entrepreneurs in 2022. This represents an increase of 1.02 percent from the previous year, reflecting a growing interest and potential among young entrepreneurs in Indonesia.

Young entrepreneurship is one of the driving forces behind economic growth through innovation. However, there are several challenges facing young entrepreneurs in Indonesia, including high business costs, limited access to resources, and insufficient education and support, as well as coordination with local authorities and government. Therefore, sustainable efforts are needed to support young generation of entrepreneurs in Indonesia.

In her keynote speech, Woro Srihastuti Sulistyaningrum, Deputy for Coordination of Quality Improvement for Children, Women and Youth of Kemenko PMK stated that “For Indonesia Emas 2045, Indonesia needs inclusive entrepreneurship development. In this way, young people from poor groups, people with disabilities, both from rural and urban areas, can move together in pursuing new businesses, access resources, and have equal opportunities for existing businesses.”.

Followed by Amich Alhumami, Deputy for Human Development, Society and Culture of Bappenas who emphasize the importance of multi-stakeholder collaboration in optimizing youth development in various areas, including youth entrepreneurship ecosystem. He also invites all parties, through Youth Co:Lab National Dialogue, to continue to commit to and invest in youth for Indonesia Emas 2045”.

Youth Co:Lab National Dialogue serve as a platform for open and constructive discussions among key stakeholders. The dialogue will culminate in a comprehensive policy brief that outlines effective strategies to tackle the pressing challenges facing youth entrepreneurship and focus on issues related to skill development, inclusivity, and access to finance, offering actionable recommendations to drive positive change within the youth entrepreneurship ecosystem.

Puni A. Anjungsari, Country Head of Public Affairs, Citi Indonesia stated, “Entrepreneurship plays a crucial role in bolstering national economic growth. To fully harness this potential, the younger generation, as the successors of our nation, must be provided with ample opportunities and access to emerge as key drivers of the economy through entrepreneurship. This event is a positive platform to foster collaboration among stakeholders to address various challenges faced by youth. This collective effort aims to contribute the government's target entrepreneurship ratio of about 4 percent by 2024. I hope that this initiative will empower youth to further cultivate an environment that supports youth entrepreneurship in Indonesia.”

Sujala Pant, Deputy Resident Representative, UNDP Indonesia, stated, “the National Dialogue this year is convened under the theme of Inclusive Entrepreneurship Ecosystems for Indonesia Vision 2045. The youth of today are the leaders of tomorrow, and there are many ways in which youth can lead, in communities, in businesses, or to become entrepreneurs. it is our responsibility to foster an environment that supports the growth and participation of youth and communities within the country’s entrepreneurial landscape. This would include collective action, access to digital opportunities, and access to finance. And we want to do this for everyone, including those who are usually excluded or not able to benefit from those processes.”

The Youth Co:Lab National Dialogue 2023 attracted over 150 participants from the youth entrepreneurship ecosystem and brought together experts, policymakers, entrepreneurs, and advocates to outline a course toward a more vibrant and inclusive youth entrepreneurship ecosystem. This event encouraged all stakeholders to join in shaping a brighter future for Indonesia's youth entrepreneurs and create a more robust and inclusive ecosystem that empowers the next generation of business leaders.

The Youth Co:Lab National Dialogue 2023 also being supported by British Council Indonesia. Summer Xia, Country Director Indonesia and Director South East Asia, British Council said, "As we celebrate the British Council’s 75th Anniversary in Indonesia this year, we remain fully committed to our mission of fostering connections, trust, and mutual understanding between Indonesia and the UK, creating opportunities for individuals and communities, especially young people who will be future leaders and change makers. As revealed through our Next Generation research and our Creative Social Enterprise study, the youth in Indonesia increasingly regard entrepreneurialism as a compelling avenue for achieving their career aspirations, particularly through the vehicle of Creative Social Enterprise, which presents opportunities for women and young people particularly in society. We at the British Council will continue our work with like-minded partners to support young individuals in realising their dreams."

Previously, with the support from Citi Foundation and the Ministry of Youth and Sports, UNDP and Citi Indonesia organized Youth Co:Lab Indonesia National Bootcamp 2023 with the theme #InclusiveEntrepreneurship. This initiative aims to empower young entrepreneurs from vulnerable and marginalized communities, including women and other minority groups. After intensive training, 10 social business are selected to participate in pitching and business matchmaking, which open access to various of funding to accelerate the growth of their ventures.

About Citi Foundation

The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities. The Citi Foundation's "More than Philanthropy" approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit www.citifoundation.com.

About Citibank N.A., Indonesia

Citibank, N.A., Indonesia (Citi Indonesia) is a full branch of Citibank, N.A., a wholly owned subsidiary of Citigroup, Inc., which is based in New York, United States of America. Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

In Indonesia, Citi was established since 1968 and is one of the country’s largest foreign banks. Citi operates 9 branches in four major cities – Jakarta, Bandung, Surabaya, and Medan. In Indonesia, Citi has a corporate distribution network of around 776 locations in 38 provinces. Citibank N.A., Indonesia is connected to the ATM Bersama and ATM Prima network with more than 197,000 ATM terminals spread across various locations throughout Indonesia.

In 2023, Citi Indonesia received prestigious awards as Best Bank for Sustainable Finance, Best Bond Adviser, Best Social Loan and Digital Bank of The Year from from The Asset Magazine. Citi Indonesia was also named the Best Credit Card, Best Debit Card, Best Wealth Management, 2nd Best Saving Account for Foreign Bank categories and The Trailblazers Bank of Service Excellence by Infobank magazine, as well as Best Foreign Bank by Bisnis Indonesia.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi. To enjoy a digital banking experience, please visit www.citibank.co.id.

Citibank N.A., Indonesia is licensed and supervised by the Financial Services Authority (OJK).

About UNDP

UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries, we help nations to build integrated, lasting solutions for people and the planet. Learn more at undp.org or follow at @UNDP.

About Youth Co:Lab Indonesia

Jointly initiated in 2017 by the United Nations Development Programme (UNDP) and the Citi Foundation, Youth Co:Lab aims to set a common agenda for more than 20 countries in the Asia Pacific region to invest and empower youth in order to accelerate SDGs implementation through leadership, social innovation, and entrepreneurship. Youth Co:Lab was launched in Indonesia in 2018 and provides end-to-end entrepreneurial approach for youth throughout Indonesia. To date, more than 300 entrepreneurs have been supported, of which 57% are led by women., over 1100 youth have received capacity building, and over 17,000 beneficiaries have been reached.

Media Contacts:

Puni A. Anjungsari , Country Head of Public Affairs, Citi Indonesia (Citibank N.A., Indonesia), corporateaffairs.indonesia@citi.com

M. Didi Hardiana, Head of Innovative Financing Lab, UNDP Indonesia, muhammad.hardiana@undp.org