Kemenekraf Strengthens Creative Tech Ecosystem, Partners with East Ventures to Face Global Challenges

The Ministry of Creative Economy and Tourism of Indonesia (Kemenekraf) takes significant steps to strengthen the national Creative Tech ecosystem. Amidst global investment slowdown, the ministry has entered a strategic partnership with East Ventures, a leading venture capital firm in the region. This union aims to propel the creative economy’s growth to new heights. Minister Teuku Riefky emphasized the relevance of the creative economy as a new engine for national growth. He noted that collaboration with industry players and investors is key to success in this direction. The meeting with East Ventures in Jakarta marked the launch of the “Dana Ekraf” program, aimed at expanding funding and investment opportunities in the creative economy. This initiative also supports the country’s development of innovative technologies. Within the “Hexahelix Synergy” concept, cooperation involves engaging government bodies, business, and the innovative ecosystem. This will help overcome challenges related to funding creative projects. Currently, over 75% of East Ventures’ portfolio companies are located in Indonesia. Given the large population and high internet penetration, the country remains an attractive market for digital and tech-oriented startups. With this support, the creation of a significant number of new jobs and the increase in household incomes are planned. Thus, the economic and social impact of the program’s implementation will be significant and comes at such a strategically important time for the country.