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Saturday, December 20, 2008

Indonesia to host World Islamic Economic Conference

Jakarta  (ANTARA News) - Indonesia will host the World Islamic Economic Conference (WIEF) here on March 1-4, 2009, the chief organizer said here on Thursday. 

Deputy Chairman of the Regional Representatives Council (DPD), who is also chairman of the WIEF Steering Committee,Irman Gusman, said the WIEF will focus on food security, energy and bottom line business handling of financial crisis. 

"This forum is of vitally importance because Islamic countries, particularly those in the Middle East, are no longer backward," Irman Gusman said. 

He said that countries in the Middle East had surplus funds amounting to US$1.5 trillion which were deposited in a funding facility called Sovereign Wealth Funds (SWF), or Sovereign Welfare Funds (SWF). 

"SWF was set up as a state-owned financial institution to serve as an investment instrument overseas," he said adding that other countries like Singapore, Malaysia and China had also set up similar funding facilities," Gusman said. 

Indonesia is expected to take advantage of the SWF to face the world economic crisis by asking owners of the surplus funds to invest in Indonesia. 

"We can take the advantage of the Beijing-Dubai-New Delhi axis. Here lies our future," he said. 

He said that at present China, India and the Middle East were now leading the front line in settling the global economic problem.

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