Jakarta, Dec. 16 -- Indonesia sees financing based on intellectual property as a key tool to spur innovation and strengthen economic competitiveness, Law Minister Supratman Andi Agtas said, as the government prepares to roll out new credit schemes for small businesses.

Speaking at a cross-ministry focus group discussion on Monday, Agtas said intellectual property, or IP, should no longer be viewed solely as a legal matter but also as a strategic economic asset that can be leveraged to support growth and productivity.

"At the World Intellectual Property Organization General Assembly, I observed that countries implementing IP-based financing are advanced economies," Agtas said in a statement released on Tuesday.

He said 14 countries curr...