JAKARTA, Indonesia, Oct. 13, 2022 /PRNewswire/ — The Bank of Indonesia (BI), the Ministry of Cooperatives and SMEs of the Republic of Indonesia, and the Indonesian Fashion Chamber (IFC), as part of the Indonesia Sharia Economic Festival (ISEF), officially announced the close of the inauguration of the International Indonesian Modest Fashion Festival 2022 (IN2MOTIONFEST 2022).
The whole ISEF 2022, that includes the IN2MOTIONFEST, was attended by 950 business actors, leading to economic transactions of IDR 27.6 trillion in support of Indonesian economic and creative activities. The IN2MOTIONFEST itself, welcomed more than 5,000 national and international attendees with more than 1,200 looks from 163 designers displayed.
“The development of the modest fashion industry and the IN2MOTIONFEST are the results of working together,” said Ita Rulina, Director of the Department of Economics and Sharia Finance of BI. “The successes of this event have gone beyond our expectations, generating economic benefits to those who contribute to the ever-growing Indonesian fashion industry, especially at an international level.”
SMEs are the key to Indonesia’s economic growth
Indonesia is going through unprecedented times with digital technology bringing increased opportunities. According to the Ministry of Investment of the Republic of Indonesia, there are over 62 million small and medium-sized enterprises (SMEs) in the country. Of these, 98.75% (61.5 million) are micro-enterprises. Developing these small businesses into bigger ones will be essential to Indonesia’s future development.
As Indonesia’s middle class grows, the demand for high-quality fabrics and apparel is also rising. It is expected to grow at a compound aggregate growth rate (CAGR) of 4.23%, reaching US$10.53bn by 2025. The global apparel market, particularly the modest wear fashion industry, hit US$3Tn in 2021 and continues expanding at 5% CAGR.
“We hope to elevate IN2MOTIONFEST from the biggest modest fashion event in Asia in 2022 to the biggest in the world by 2024. By next year, we plan to invite young modest fashion designers from other countries to promote modest fashion across the globe,” said Fixy, Assistant Deputy for Partnership and Market Expansion of the Ministry of Cooperatives and SMEs of the Republic of Indonesia.
The IN2MOTIONFEST is a sustainable collaborative activity with a common goal of developing the national sharia economy and finance, making Indonesia as the center of the world’s halal industry and modest fashion. The Indonesian Ministry of Cooperatives and SMEs, BI, IFC, and ISEF, commit to continuously support the industry and look forward to welcoming creative industry players to next year’s IN2MOTIONFEST.
ISEF is the largest annual event in Indonesia for the Islamic economy and a part of the global Sharia Economic Forum. The organisation combines ideas into applicable initiatives to support the Islamic economy, focusing on developing the sharia economy while maintaining harmony with Indonesian values. For more information, visit IN2MOTIONFEST’s Instagram, Youtube, and ISEF’s Instagram, YouTube, Facebook, and Twitter.