RIYADH: The intra-regional trade among the Islamic countries reached $878 billion in 2015, Commerce and Investment Minister Majid Al-Qassabi said here on Sunday.
The minister was speaking at the inauguration of the 15th OIC Trade Fair, which was inaugurated by Riyadh Gov. Prince Faisal bin Bandar at the Riyadh International Convention Center and Exhibition on Sunday.
A total of 39 OIC member states took part in the show held with the support of Custodian of the Two Holy Mosques King Salman.
Prince Faisal opened the expo amid senior government officers, diplomats and special invitees from various Muslim countries.
Expressing his hope that this trade volume will be doubled in the next few years, Al-Qassabi said such development will reflect the depth of relations among the Islamic countries.
“Major economic leaps may occur in the economy of all Islamic countries to enhance the volume of trade exchange among them,” the minister added.
He said that he was glad that several products and services are being traded among the OIC member countries and the Kingdom to attract several products and investment from the OIC member countries on the road to the achievement of its 2030 plan.
OIC Secretary General Iyad Madani called on the private sector in the 57 member countries to play a greater role in the light of the global economic activities in different parts of the world.
Citing the need for manufacturing vaccines within the member states , Madani said multinational companies could come in to fulfill these requirements.
Council of Saudi Chambers (CSC) President Abdul Rahman Al-Zamil said this economic, commercial and industrial mass demonstration will give a strong boost to the economic relations, exchange of expertise, transfer of technology and deal-making to achieve mutual benefits and to strengthen the bonds of friendship and cooperation among OIC member states.
Al-Zamil said: “There are low living standards in some of the member countries laden with low income of individuals and rising unemployment rates among young male and female youths. The quality of educational services and the capacity of their institutions, needed for economic and social development should be enhanced to cope with the rising population and low levels of food security.”
He added that the private sector should address the economic challenges facing the world, especially in our Islamic nation; it should urge our governments and people to exert more efforts for greater synergy and cooperation between business organizations and the private sector in Islamic countries.
CSC Secretary General Omar Bahlaiwah, speaking on behalf of Sheikh Saleh Kamel, chairman of the Islamic Chamber of Commerce and Industry, said: “The Kingdom has succeeded in building strong trade and economic relations with the Islamic countries, and succeeded in creating an objective and meaningful partnership for comprehensive and sustainable development for all.”
He added that the private sector has given a clear evidence in developing the economy of the Islamic Countries through fruitful results, such as the implementation of thousands of projects in 49 OIC member states, in the field of infrastructure, with special funding amounting to $500 billion during 1990-2015. These projects included telecommunications, energy, transport and water sectors, in addition to financing the OIC intra-regional trade, with a cumulative value of $25 billion in 2015.
The event is organized by the Ministry of Commerce and the Investment Authority in cooperation with the OIC, the Islamic Center for Development of Trade (ICDT) and the CSC at the Riyadh International Convention Center and Exhibition.
The minister was speaking at the inauguration of the 15th OIC Trade Fair, which was inaugurated by Riyadh Gov. Prince Faisal bin Bandar at the Riyadh International Convention Center and Exhibition on Sunday.
A total of 39 OIC member states took part in the show held with the support of Custodian of the Two Holy Mosques King Salman.
Prince Faisal opened the expo amid senior government officers, diplomats and special invitees from various Muslim countries.
Expressing his hope that this trade volume will be doubled in the next few years, Al-Qassabi said such development will reflect the depth of relations among the Islamic countries.
“Major economic leaps may occur in the economy of all Islamic countries to enhance the volume of trade exchange among them,” the minister added.
He said that he was glad that several products and services are being traded among the OIC member countries and the Kingdom to attract several products and investment from the OIC member countries on the road to the achievement of its 2030 plan.
OIC Secretary General Iyad Madani called on the private sector in the 57 member countries to play a greater role in the light of the global economic activities in different parts of the world.
Citing the need for manufacturing vaccines within the member states , Madani said multinational companies could come in to fulfill these requirements.
Council of Saudi Chambers (CSC) President Abdul Rahman Al-Zamil said this economic, commercial and industrial mass demonstration will give a strong boost to the economic relations, exchange of expertise, transfer of technology and deal-making to achieve mutual benefits and to strengthen the bonds of friendship and cooperation among OIC member states.
Al-Zamil said: “There are low living standards in some of the member countries laden with low income of individuals and rising unemployment rates among young male and female youths. The quality of educational services and the capacity of their institutions, needed for economic and social development should be enhanced to cope with the rising population and low levels of food security.”
He added that the private sector should address the economic challenges facing the world, especially in our Islamic nation; it should urge our governments and people to exert more efforts for greater synergy and cooperation between business organizations and the private sector in Islamic countries.
CSC Secretary General Omar Bahlaiwah, speaking on behalf of Sheikh Saleh Kamel, chairman of the Islamic Chamber of Commerce and Industry, said: “The Kingdom has succeeded in building strong trade and economic relations with the Islamic countries, and succeeded in creating an objective and meaningful partnership for comprehensive and sustainable development for all.”
He added that the private sector has given a clear evidence in developing the economy of the Islamic Countries through fruitful results, such as the implementation of thousands of projects in 49 OIC member states, in the field of infrastructure, with special funding amounting to $500 billion during 1990-2015. These projects included telecommunications, energy, transport and water sectors, in addition to financing the OIC intra-regional trade, with a cumulative value of $25 billion in 2015.
The event is organized by the Ministry of Commerce and the Investment Authority in cooperation with the OIC, the Islamic Center for Development of Trade (ICDT) and the CSC at the Riyadh International Convention Center and Exhibition.
