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Disruptive Change:
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Ministerial Panel

12th WIEF Ministerial Panel Highlights the Important Role of The Private Sector in Regional Economic Integration.

Private sector is essential to bring the efficiency and ability in resources mobilization. This seminar was opened by HE. Sri Mulyani Indrawati, Minister of Finance, Republic of Indonesia, who delivered keynote address which emphasized the importance of economic integration in the regions.
 

Aisha Abubakar, Minister of State, Trade, Industry and Investment of Nigeria, to explain the role of the private sector in regional cooperation. She observed how the private sector brings in efficiency in the allocation of resources, management of projects and the ability to source funds from a variety of places, including Ecobank and the African Development Bank, which can act as partners in providing funding, particularly for infrastructure development in that continent.

With 1.6 billion Muslims in the world, of whom 60% are under the age of 30, consumption within the real sector (food, travel, cosmetics, fashion and media) already counts for some US$ 1.8 trillion. Muslim travel spending is also the third-largest in the world. Governments see a huge growth opportunity for this segment, projected to gain 6.2% per annum in the future.

In case of Indonesia, the role of private sectors is very important in achieving national development goals. One of the Indonesian Government priority is the development of the tourism sector. Government has an ambitions to develop halal tourism as the potential of moslem traveler to be the third largest after China and United States. The strategy in developing halal tourism are increasing the size of halal tourism by mainstreaming halal tourism in the tourism industry as well as increasing the share of halal tourism in the region by enhancing tourist based on geographical and demographical potential of muslim traveler. The private sector will lead the business.

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