SMEs invited to World Islamic Economic Forum

Linking Small and Medium Enterprises (SMEs) will be the focus of the 12th World Islamic Economic Forum (WIEF), which extended a formal invitation to Prime Minister Ranil Wickremesinghe yesterday. 

The invitation was handed over to Wickremesinghe by the WIFE Foundation Chairman Tun Musa Hitam. 

The Chairman also encouraged Sri Lankan businessmen to accompany the Prime Minister and insisted the forum was dedicated to promoting the investment interests of participants. 

“Our focus is SMEs and micro business because they are the backbone of the economy for developing countries. We encourage all Sri Lankan companies to apply and if the Government requests it we can even organise a special session dedicated to Sri Lanka,” Hitam told reporters in Colombo after meeting Wickremesinghe.

Small and Medium Scale Enterprises (SMEs) make up a large part of Sri Lanka’s economy, accounting for 80% of all businesses.  

Jakarta will host The 12th World Islamic Economic Forum (WIEF) for the second time, following the successes of WIEF forums that have travelled the globe, including Kuala Lumpur, Islamabad, Kuwait, Astana, Johor Bahru, London and Dubai. This year, the forum will be held at Jakarta Convention Centre from 2 to 4 August. 

Some 2,500 delegates and 60 role players from over 100 countries across the globe are expected to attend the 12th WIEF.

The 12th WIEF aims to further explore the crucial role of micro, small and medium enterprises (MSMEs) in driving economic growth in economies around the world, in line with its theme of ‘Decentralising Growth, Empowering Future Business’. 

Decentralisation of growth empowers MSMEs by facilitating a larger participation in mainstream economy that ensures inclusive economic development, spurs innovation and improves efficiency, giving enterprises the competitive edge to navigate through the ever-evolving business landscape.

Key issues that will be discussed at the 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 MSMEs, integrating MSMEs into the digitised trade, building more equity crowdfunding platforms, spurring innovation by linking startups to corporations, and inculcating the culture of design-thinking for business. 

According to Tun Musa, Indonesia is an ideal destination for the global community to discuss and act upon this year’s theme of ‘Decentralising Growth, Empowering Future Business’. Indonesia is a robust emerging market with strong economic fundamentals and has a huge number of MSMEs that have the potential to unlock more opportunities for the nation as well as the global business community.

Indonesia is also a strong market that is located within ASEAN, which is a key global growth engine in itself. As the country with the largest Muslim population in the world, Indonesia is a potential major player in the rapidly growing Islamic economy.

Organised by the WIEF Foundation and hosted by the Ministry of Finance, in collaboration with the State Secretariat and Ministry of Foreign Affairs, of the Government of the Republic of Indonesia, the 12th WIEF is expected to bring about positive impact to Indonesia and the region. 

It provides an ideal avenue for world leaders, captains of industries, academicians, key opinion leaders and business experts to exchange views and experiences as well as generating fresh insights, and innovative and sustainable solutions to respond to challenges and opportunities surrounding the huge potential of consumer economy, and how it will shape the global business environment.