The Islamic Chamber of Commerce, Industry, and Agriculture (ICCIA) has been at the forefront of promoting vital economic linkages among Muslim countries and the Muslim community residing in other nations. In a recent interactive session hosted by a Karachi-based think tank, H.E. Sheikh Yousef Hasan Khalawi, Secretary General of ICCIA, shed light on the chamber’s endeavors to facilitate economic ties and promote private investments among its members. The session brought together esteemed guests, including former Chief Justice of Pakistan Mr. Justice Gulzar Ahmed, prominent business elites, and representatives from various Consul Generals of Muslim countries.
H.E. Sheikh Yousef Hasan Khalawi emphasized the significant role of trading relations in spreading Islam globally. He noted that through business diplomacy, mutually beneficial relations can be established, benefiting the entire Muslim Ummah. Mr. Khalawi also commended organizations like PCFR for their efforts in fostering mutually beneficial bonds between trading communities within the Islamic world.
Unleashing Economic Potential:
According to recent data from the Organisation of Islamic Cooperation (OIC), intra-OIC trade has been steadily increasing. The trade volume of the OIC Member States increased between 2019 and 2021 by 13% to reach about 4.2 trillion USD due to the resilience of the economies of the OIC countries to the impact of COVID-19. This demonstrates the significant economic potential and opportunities for collaboration within the Muslim world. However, there is still room for growth, as OIC trade only represents a fraction of the global trade market.
Last year, the Secretary-General of the Organization of Islamic Cooperation (OIC), Hissein Brahim Taha, stressed that the organization has set a target of achieving 25% intra-OIC trade among member states by 2025, within the next three years. He added that the amount recorded for trade financing, business insurance operations and support for private sector activities have reached a cumulative amount of US$ 140 billion since the inception of the International Islamic Trade Finance Corporation (ITFC), the Islamic Corporation for Insurance of Investments and Export Credit (ICIEC), and the Islamic Corporation for the Development of the Private Sector (ICD).
The Secretary-General noted that, the staging of the biennial general trade fair and the regular convening of specialized trade fairs represent an important instrument for promotion of trade and services among the OIC Member States, adding that this becomes even more important given the disruptions to trade caused by COVID 19 pandemic, and the global food crises caused by a cocktail of challenges.
Furthermore, the OIC has set a target to increase intra-OIC trade to 25% by 2025, highlighting the commitment to strengthening economic linkages among member countries. Initiatives like the ICCIA play a crucial role in achieving this goal by facilitating private investments, promoting trade exhibitions, and encouraging business partnerships.
Mr. Zubairi, during the session, emphasized the pivotal role of the think tank, Pakistan Council on Foreign Relations (PCFR), in promoting Pakistan’s positive image and acting as a bridge between foreign missions and the Pakistani community. He stressed the importance of joint ventures between Pakistani and Muslim business communities, highlighting the potential for collaboration that ICCIA can facilitate.
The interactive session with H.E. Sheikh Yousef Hasan Khalawi shed light on the vital role played by ICCIA in promoting economic linkages among Muslim countries and the Muslim community worldwide. Through business diplomacy and collaboration, the Muslim Ummah can harness its economic potential and create mutually beneficial relations. The session highlighted the need for continued efforts and collective wisdom to strengthen economic cooperation, fostering prosperity and unity among Muslim nations.
Ambassador G R Baluch, in his concluding remarks, underscored the immense potential for economic cooperation among Muslim countries. He stressed the need for collaboration, cooperation, and collective wisdom at political, economic, and social levels to maximize the benefits for the Muslim Ummah. Ambassador Syed Hassan Habib expressed gratitude and extended a vote of thanks to the esteemed guest and participants for their contributions to the session.
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