The 5th World Islamic Economic Forum issued the Jakarta Declaration after concluding its session in Jakarta on Tuesday evening.

"We recognized that the recovery from the unprecedented current economic crisis, which has affected all nations, will require a concerted global effort through greater inter-governmental and public-private collaboration," said the declaration.

The declaration said it supports the efforts of the Organization of Islamic Conference (OIC) to accelerate greater regional economic cooperation through the effective implementation of its 10-year Plan of Action, supports the Islamic Development Bank Task Force to promote Islamic Finance and Banking as a viable alternative to the conventional financial system, calls for effective regulations in the global financial industry to mitigate risk and failure, and supports the establishment of Islamic Banking training centers with harmonized standards in order to expand Shariah compliant finance instruments such as micro-credits.

Regarding the food and energy crisis, the declaration recommended delegate countries to reduce regulatory barriers such as food subsidies, which would hinder sustainable food production and trade, to develop policies to ensure a proper balance between food production for human consumption and energy usage, support energy conservation and carbon emission reduction programs, and reinforce efforts for research and development of non-carbon fuels and other alternative energy sources.

Besides, the declaration also recommends delegate countries to promote the development of small- and medium-sized enterprises as the engine of growth in OIC countries, to continue the "Training Program for Women Entrepreneurs"; to assist young Islamic leaders to grow into entrepreneurship positions; and to promote the lifelong education initiatives for effective capacity building within OIC countries.

The forum, with the theme "Food and Energy Security and Stemming the Tide of Global Financial Crisis", opened on Monday and was attended by 1,557 delegates from 38 countries and 87 corporate leaders and non-governmental organization delegates.

During the sessions, Indonesian companies, such as Pos Indonesia, Garuda Indonesia and Pertamina, and East Kalimantan government signed four Memorandums of Agreements with overseas investors and enterprises, worth 3 million U.S. dollars.

The Chinese delegation, led by Vice Chairman of China Council for the Promotion of International Trade Yu Ping, attended the forum. Yu said that the Islamic delegate countries showed huge interests in enhancing cooperation with China in fields of trade and investment, adding that China remained stable within the global crisis.

The next World Islamic Economic Forum will be held in Kuala Lumpur, Malaysia on May 18-20, 2010.