WIEF A Success in Bridging 'Disruptive Change' Knowledge

By Zairina Zainudin and Harizah Hanim Mohamed KUCHING (Sarawak), Nov 23 (Bernama) -- The three-day 13th World Islamic Economic Forum (WIEF), which ends today, is a tremendous success as it has effectively bridged the 'disruptive change' knowledge among the participants and prepared them to face the rapid development in the digital economy. The forum, themed ‘Disruptive Change: Impact and Challenges’, proves that it is aware of the situation we are in. It addresses global issues of concern, including the need for innovations and creativity by nation states to overcome the impact and challenges so as to ensure equitable economic prosperity due to disruptive change. Concerns about serious economic implications arising from humanitarian and refugee-related crises, including those that affect the Rohingyas as well as refugees in other parts of the world that require concerted international interventions, were also discussed the three-day forum from Nov 21-23, 2017. The topic on the importance of preserving the inter-linkages between digital economy and the green economy was discussed on the second day of the forum. “The 13th WIEF was a tremendous success and is in many ways our strongest-ever edition. “We intentionally focused on creating concrete opportunities and the action points to truly enable businesses, countries and communities -- a mission that WIEF is in a unique position to deliver,” WIEF Foundation Chairman, Musa Hitam, said at the wrap-up press conference Thursday. The notable recommendations from the various sessions of the forum, among others, included pursuing digital transformation like the state-of-the-art technology to enhance efficiency and productivity in selected sectors such as agriculture, manufacturing, financial services, education and skills development and training. The forum also proposes an enabling environment for the development of Waqf and social finance as important components in the Islamic finance industry as well as foster the development of a halal ecosystem. It also recommends the enhancement of inter-governmental regional collaborations to promote the green economy, particularly green technology and wildlife conservation including species facing the threat of extinction. An appropriate regulatory framework was proposed during the forum to face the disruptive change covering financial technology, blockchain, crypto currencies and others. WIEF serves as a platform that brings together government leaders, captains of industry, academicians, regional experts, professionals and corporate managers to discuss opportunities for business partnerships in the Muslim world. The 13th edition has outperformed the previous discussions of WIEF by attracting 3,249 participants from over 77 countries, which were the most diverse representation of global community in the history of the forum. The first day of the forum saw special addresses by five leaders – Morocco Head of Government, Dr Saad Eddine El Othmani, Comoros Vice President, Djaffer Ahmed Said Hassani, Tatarstan (Russian Federation) President, Rustam Nurgaliyevich Minnikhanov and Indonesia’s Minister of National Development Planning, Bambang Perrnadi Soemantri Brodjonegoro and Islamic Development Bank Vice President, Dr Mohamed Jouin. The highlight of the forum was the presentation by Apple Inc Co-Founder, Steve Wozniak. A special ‘Sarawak Focus‘ Programme covering investment Opportunity in Sarawak Corridor of Renewable Energy. Sarawak State initiatives on Digital Economy and Sarawak as a Premium Tourist Destination was also held during the forum. The forum also saw the signing of 16 memorandums of understandings (MOUs) worth US$2.43 billion (US$1 = RM4.09), the highest-ever commercial value ever achieved in a single edition in the history of WIEF. Prime Minister Najib Razak witnessed the signing of the MOUs, which covered the technology, halal food and energy sectors. Nine of the MOUs were with international organisations. Beyond the commercial value, these MOUs deliver a high impact to the global business community by creating new collaborations, opening new markets and uncovering new ways to capitalise on opportunities presented by a variety of disruptive forces shaping the world today. The WIEF has received an overwhelming interest from countries to host the 14th edition and the organising committee has shortlisted potential hosting country but has yet to be finalise it. — BERNAMA