Bank Indonesia continues its commitment to fostering inclusive and sustainable economic growth with a focus on the Islamic Economic and Financial Development Programs (EKSYAR). This initiative is part of Indonesia’s broader ambition to become the global epicentre for modest fashion and a leading halal production hub, as outlined in the Indonesia Halal Industry Masterplan (MPIHI).
According to Bank Indonesia, the export value of modest fashion commodities from January to July 2024 has reached USD 632.76 million, marking a 3.38% annual increase. In a bid to support this growth, the central bank is collaborating with several key players, including the Indonesian Ministry of Cooperatives and SMEs, the Indonesia Fashion Chamber (IFC), and the Indonesian Embassy in Paris. These partnerships are integral to the Indonesia International Modest Fashion Festival (IN2MF)., which is being held in conjunction with the global trade fair Who’s Next from 8 to 10 September 2024 at the Porte de Versailles, Paris.
The IN2MF showcases fashion that adheres to sustainable principles and highlights wastra-based designs, aiming to compete on the global stage. Juda Agung, Deputy Governor of Bank Indonesia, emphasised that modest fashion, characterised by its elegant and respectful presentation, is not merely a trend but a global movement reflecting cultural pride and dignity. Agung stressed the need for the modest fashion industry to bolster its contribution to the global economy.
Indonesia’s modest fashion industry has gained significant recognition, currently ranking third globally according to the State of the Global Islamic Economy 2023 report. Looking ahead, Bank Indonesia and its strategic partners are committed to supporting IN2MF’s efforts to expand into international markets and promote Indonesian wastra designs.
A notable development at the Paris event was the signing of a cooperation agreement between the IKRA Council and Printemps Paris. This partnership aims to enhance the visibility of IKRA’s curated products, which will be available at the prestigious Printemps shopping centre in Paris.
The IN2MF Paris event is a precursor to the main IN2MF event, scheduled to take place in Jakarta from 30 October to 3 November 2024, alongside the 11th Indonesia Sharia Economic Festival (ISEF) 2024. This year’s IN2MF has also been held in Kuala Lumpur, Dubai, and Istanbul, with the Paris edition featuring prominent Indonesian designers such as Itang Yunaz, Wignyo, and Dian Pelangi.
