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The 12th WIEF has officially open by Indonesian President, focus on SMEs


Photo by Cabinet Secretary

JAKARTA (TheInsiderStories) – Indonesia President Joko Widodo and Malaysian Prim Minister Dato’ Sri Najib Tin Abdul Razak today have opened the 12th World Islamic Economic Forum (WIEF) that will take place from August 2-4 in Jakarta.

Five global leaders attending the opening ceremony like President of Republic Tajikistan Emormall Rahmon, President of Republic of Guinea Alpha Conde’, Prime Minister of Sri Lanka RanilS riyan Wickremenshinghe, Deputy Prime Minister and Minister of Trade of the Kingdom of Jordan Dr Jawad Al Anani and President of the Islamic Development Bank Ahmad Mohamed Ali.

In his keynote address and opening remarks President Widodo stressed it that the Jakarta meeting is very meaningful for the Moslem society to lift up their living. He said, the decentralizing of growth towards the empowerment of small medium enterprises (SME) sector is vital to ensure larger participation of the population in the mainstream economy.

“It is a mantra for growth which aligns directly with our own commitment to developing a thriving modern economy as summarized in our Nawa Cita Nine Priority Program. The only way that our economy can survive in a world with cutting-edge technology at the moment is to embarace change and empower businesses in order to better map the future business landscapes,” President Widodo said.

Recently, SME are the backbone of the Indonesian economy. About 99% of Indonesia’s businesses are SMEs, with more 98% are dominated by micro companies.

These business employ over 107.66 million Indonesian and contribute 60.60% to Indonesia GDP. This numbers are increasing with the emerging of creative industry development throughout the country.

Mr. President added that in order to facilitate the development of SMEs in Indonesia, the government recently issued several economic policies packages to stimulate inclusive economic growth.

Under the current policy liberalization, 19 sub-sectors have been reserve for small-scale enterprises and cooperatives and approximately 62 business areas will only accessible to international investors if they partner with local SMEs.

While the Malaysian prime minister said, the theme of WIEF of this year Decentralizing Growth Empowering Future Business is certainly app considering multiple political economic and security challenges that the world face today including new developments such as the British’s referendum to leave European Union (EU)

According to recent report, the world Moslem economy grew at almost double global rate in 2014 and 2015 the Moslem consumer spending is set to reach 2.6 trillion in 2020.

This, He said, will taking Association Southeast Nation (ASEAN) GDP’s growth was robust at 4.5% last year despite the prevailing global uncertainty and even is expected to grow more higher in 2016.

The combine GDP of $2.6 trillion in 2015 making it collectively the 7th largest’s economy in the world. The regions become the major global hub for the manufacturing and one of the fastest growing consumer markets in the world.

The Moslem consumer spending also rising as demand increases for ethical finance, investment, insurance services, halal food, modest fashion and halal tourism. Even non-Moslem attracted to the Islamic economies underlying.

“The Islamic global Islamic economy is thriving as more Moslems are becoming increasingly active as investors and manufactures, bankers and traders, competitors and suppliers. Even non-Moslems are attracted to the Islamic economy’s underlying social-conscious ethos embodied in the various sectors,” He stated.

Key issues that will disuss in th 12th WIEF include SUKUK for infrastructure financing, integration of halal sectors and Islamic finance, expansion of the global Halal food industry, development of the global modest fashion industry, improving funding access for SMEs, integration SMEs into the digitized trade, building more equity crowdfunding platforms, spurring innovation by linking startups to corporations and inculcating the culture of design-thinking for business.

In addition, the forum will also host session on creative industries, Islamic travel and Halal food markets that will also gain benefit from the fast-growing Islamic economy, which is not limited for the Moslem world.

The 12th WIEF is organized by WIFE foundation and hosted by the Ministry of Finance. Around 2,500 delegates from 69 countries and 152 prominent guests will participate in this year’s forum, including seven world leaders, six minister, 51 forum speakers, 55 speakers at complementary programs.

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Source: The Insiderstories
The 12th WIEF has officially open by Indonesian President, focus on SMEs

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