JEDDAH, 28 May — The first Islamic trade fair attracting more than 40 countries will be held next month in Jeddah as a joint effort between the Islamic Development Bank and Jeddah Chamber of Commerce and Industry, the organizers said yesterday.
Makkah Governor Prince Abdul Majeed will officially open the six-day event, from June 14 to 19. The event will bring together exhibitors from member countries of the Organization of the Islamic Conference including traders, businessmen and investors from countries as far as Azerbaijan and Turkmenistan, two former Soviet republics, to Benin and Guinea in West Africa.
The exhibition, the first of its kind ever held by the OIC since its formation more than 30 years ago, also features seminars and business forums and will be held at Jeddah International Exhibition and Convention Center.
IDB President Dr. Ahmad Muhammad Ali said inter-Islamic trade remains very weak.
According to recent statistics, trade dealings among OIC member states total $39 billion. The figure represents just 10 percent of overall OIC trade with the rest of the world, which is put at $390 billion.
The IDB has embarked on a three-year plan to boost trade among its members by one percent annually. The objective is to raise to 13 percent the overall volume of trade among Muslim states by 2003. The increase of three percent will translate into $12 billion of goods exchanged among the countries by the end of the three-year period
“The exhibition is one avenue through which OIC members can seek to increase the volume of trade among their countries. It will allow them an opportunity to introduce their products to new markets, exchange expertise and enter into trade deals,” Dr. Ali said. If Muslim countries were able to raise the volume of their inter-trade by just one percent annually, this will translate into some $4 billion. Unfortunately, even this slight figure setup by Muslim leaders during a summit in Tehran four years ago was not attained.
Majed Al-Qasabi, JCCI secretary general, said such events offer the opportunity to raise the level of inter-Islamic trade.
Amr Dabbagh, chairman of Jeddah Marketing Board, the organizer of the fair, said the participants should use the event to hold seminars and side-meetings to promote their products and probe new markets.
Dr. Ali said trade figures fell short of the desired results and did not reflect the aspirations of Muslims and Islamic countries, or their potential. The bank will seek to help member countries attending the fair to benefit from its services, which include financing, insurance and consultancy.
The event was originally planned for March to coincide with the annual Haj where some two million Muslims from all over the world converged on the holy city of Makkah.
“Each country will have the opportunity to exhibit a range of items, from simple traditional products reflecting heritage and culture to highly-sophisticated state-of-the-art technology,” Ali added. The fair is aimed at providing businessmen and delegates unrivaled access to established and flourishing Muslim economies and to some of the most exciting investment opportunities available in the developing world today. Besides OIC member states the participants include the Karachi-based Islamic Chamber of Commerce and Industry and the Islamic Center for Trade and Development. The participating delegations and company exhibitors have been invited to take part in a series of activities held alongside the event, including three seminars to highlight trade and investment opportunities.