JEDDAH, 22 February — Representatives of more than 40 countries will head to the Kingdom for the first International Islamic Trade Fair here next month. The Islamic Development Bank in cooperation with the Jeddah Chamber of Commerce and Industry is organizing the fair.
The event coincides with the Haj when two million Muslims from all over the world are expected to converge on Makkah.
According to JCCI Secretary-General Majed Al-Kassabi, the fair, set to take place at the chamber's Jeddah International Exhibition and Convention Center from March 18 to 23, offers an opportunity to quickly and effectively raise the level of trade exchange among Muslim countries.
"Each country's stand will showcase a range of items, from simple traditional products reflecting heritage and culture to highly-sophisticated state-of-the-art technology," he 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 the member states of the Organization of the Islamic Conference, the invitees include the Council of Islamic Chambers and the Islamic Center for Trade Development. All the participating delegations and company exhibitors have been invited to take part in a series of activities held alongside the event, including seminars to highlight trade and investment opportunities.
According to recent statistics, trade among OIC member states totals $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.
