Halal Value Chain Contributes 23 Percent of RI's Economy
HVC includes agriculture, food, beverage, tourism, and fashion.
REPUBLIKA.CO.ID, JAKARTA -- Central Bank of Indonesia (BI) revealed Indonesia's sharia economy and finance in 2023 continued positive growth. This was driven by the performance of the flagship halal value chain (HVC) sector which grew by 3.93 per cent on an annualised basis.
In the Indonesian Sharia Economic and Financial Review Book (KEKSI) 2023, it was noted that overall HVC's flagship sector supports almost 23 percent of the national economy. Sequentially contributed by agriculture and halal food and drink sectors, Muslim friendly tourism (PRM), and Muslim fashion.
On a global level, Indonesia's exceptional performance also registered a rise in the State of The Global of Islamic Economic (SGIE) ranking to third place this year. The achievement became the centerpiece of the KEKSI Book 2023 which raised the theme of Sharia Economic and Financial Synergy Strengthening National Economic Resilience and Revival and was launched on Monday (26/2/2024) in Jakarta.
Deputy Governor BI Juda Agung projects that in 2024 the exar will grow by 4.7-5.5 percent on an annual basis. “This is supported by the growth of sharia banking financing which is forecast to grow in the range of 10-12 percent on an annual basis,” Juda said on Monday (26/2/2023).
Juda said this is in line with the implementation of various national strategic initiatives such as halal certification obligations under the mandate of the Halal Product Guarantee Act and innovation in the sharia social finance sector. So is the collaboration program between ministries and agencies, as well as the increasingly massive digitization of waste.
Juda confirmed that Bank Indonesia is committed to continuing its policy of developing exar to support economic growth through the development of excellent sectors, in particular the halal food and beverage sector and Muslim fashion. Then also through strengthening the commercial and social finance of sharia.
Then also through the development of the sharia money market, through Sukuk Bank Indonesia (SUKB) and Sukuk Valas Bank Indonesia (SUVNI) instruments. In addition, through the improvement of literacy through the organization of Sharia Economy Festival (Fesyar) in three regions of Indonesia, including Sumatra, East Indonesia, and Java, to the Indonesian Sharia Economic Festival (ISEF) on an international scale and strengthening leadership in international fora.
Meanwhile, Member of the Board of Commissioners of the Financial Services Authority, Friderica Widyasari Dewi also expressed the OJK's support for its commitment to realizing Indonesia's vision of becoming a global halal center of the world. In order to optimize the multiplier effect of the expulsion, Friderica said OJK has specially prepared several programs including the Sharia Financial Literacy and Inclusion Working Group (Pokja LIKS), the Sharia Financial Fair (SYAFIF), the Education Forum and the Sharia Finance Business Meeting for MSME centers (FEBIS), and collaboration with the National Committee for Sharia Financial Economics (KNEKS) and associations and the sharia financial services industry.
Sharia economy plays a major role in improving the utilisation aspect for inclusive economic growth. “For this reason, synergies need to continue to be promoted in order to boost the growing growth of the country's economy with a primary focus on inclusive and sustainable national economic growth,” Arief said.
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