Jokowi: Sharia Economy Is Key to Becoming World's Largest Economy



Laila Afifa

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  • TEMPO.CO, JakartaPresident Joko “Jokowi” Widodo said that sharia economy is a vital key to reaching Indonesia’s vision in becoming one of the world’s largest economies in 2045.

    “The key is sharia economy as to drive the growth of the national economy, a source of people welfare,” said the President in the Bappenas office, Jakarta, Tuesday, May 14.

    He explained that the sharia economy has a huge potential in the global level. The National Development Planning Agency (Bappenas) predicted that the market value of sharia economy in 2023 would reach US$3 trillion or equal to around Rp45,000 trillion.

    “I cannot imagine that number. The State Budget we manage is a little over 2,000 trillion. So this is a huge power that we have to acknowledge and think to take this big piece of the economy,” he underlined.

    Indonesia, Jokowi continued, was still in the tenth position of countries developing sharia economy based on Global Islamic Economy Indicator in 2018, behind Malaysia, Uni Emirates Arab, Bahrain, Saudi Arabia, Oman, Yordania, Qatar, Pakistan, and Kuwait.

    Therefore, generating the potential of sharia economy in this country is a collective task and he expected the country would become the world’s renowned center of sharia economy.

    “Because we are the second largest Muslim country in the world. Sharia economy can alleviate poverty, support social justice, preserve the environment, and it is in line with our current sustainable development program,” he added.

    Jokowi said the government would further promote halal products, focusing on foods, beverages, fashion, tourism, media, recreation, and pharmacy as well as sharia finance, MSMEs (Micro, Small, Medium Enterprises), and digital economy to support sharia economy.

    “I’m so glad many marketplaces offering halal products these days. So we’re not only a consumer but will also become the largest producer of halal goods that will enter other countries,” he noted.


    Read: Prabowo Pledges to Make Indonesia Hub of Global Halal Economy