MANAMA, 8 February 2005 — A top Malaysian official called on Islamic nations to grab opportunities and expand trade among themselves.
“There are plenty of opportunities that can be utilized in order to develop and further grow trade among Islamic nations,” said Malaysian Minister of International Trade Dr. Rafeeda Aziz.
“We need to grow stronger as a bloc and the potential is there, we just need to use it.”
“The trade movement between members of the Islamic nations is 12.2 percent of total trade compared to other bodies and countries,” she said.
The minister was speaking on Sunday in Manama during the opening of the 11th private sector meeting for the promotion of trade and joint venture investment among Islamic nations. A joint exhibition is held on the sidelines of the conference that was inaugurated on Saturday.
“There are a number of nations that can produce items and products of high caliber and of competitive price.”
“Islamic nations can also provide services based on international standard.”
Rafeeda told representatives of the Islamic nations that there are steps that can ease trade and investment between the nations.
“We need to ease trade by removing certain hurdles such as entry visa and other costly fees. Also financing commercial flights and facilitating the tax procedure.”
“We need to set a standard of products among Islamic nations.”
Bahrain’s Minister of Finance Sheikh Ahmed ibn Mohammed Al-Khalifa said that the Islamic financial and banking industry has boomed over the years.
Member of the Bahrain Chamber of Commerce and Industry Jehad BuKamal said that “critical issues like single Arab and Islamic markets will be discussed by the experts, investors and manufacturers during the trade fair and the investment conference.”
“The private sector has a crucial role in the economic and social development of the Islamic countries and the upcoming events will have a major impact on the future course of action,” he said.
“Although the world is witnessing an explosive trade exchange as a result of the economic groupings become a fait accompli during the past century, yet countries of the Muslim world have not been able to increase this flow except by a mere 12 percent.”
“However, statistics show that trade exchange among these countries during this century has increased by 16 percent so far, and there are predictions that this percentage will reach 25 percent by the end of the current century as a result of the bolstering trade through various trade and economic mechanisms,” he said.
The conference will end on Feb. 9 and brings together top officials from all over the Islamic world including businessmen, banking and government officials.
Both events are organized by the Bahrain Chamber of Commerce and Industry, and supported by Ministry of Commerce and Industry, Islamic Development Bank, Islamic Chamber of Commerce and Industry, Arab Banking Corporation, Batelco, First Islamic Bank, Bahrain TV, CNBC and Islamic Center for Development of Trade.