The business leaders of member countries of the Organisation of Islamic Conference (OIC) have demanded of their respective governments to remodel their economic and trade policies compatible to the World Trade Organisation (WTO) regime and meet the challenges of the globalisation.
This was stated by former president of the Federation of Pakistan Chambers of Commerce and Industries (FPCCI) Tariq Sayeed, who led the Pakistan business delegation to the OIC Business Forum at Kuala Lumpur on October 8, on his return at a press briefing.
Highlighting the details of the resolution adopted at the conclusion of the forum, he said the business leaders had demanded of the OIC governments to establish Islamic Common Market with the involvement of the private sector to achieve the ultimate objective of economic integration.
Giving details of the meeting, Tariq said the businessmen of the OIC nations had strongly recommended to the OIC governments to enhance the role of the private sector as a real partner of economic development of the OIC member States.
Tariq Sayeed said the forum had called upon the OIC countries to play a more proactive role in business and economic development by taking concrete steps like reducing administrative bottlenecks, enhancing labour laws, facilitating movement of people and capital, and ensuring greater accountability and transparency.
He said the forum also proposed encouragement of intra-OIC investment by facilitating inflow of capital from capital-rich OIC countries to other OIC countries and expediting the co-operation among stock exchanges of the OIC member States.
Tariq Sayeed, who is also a member of Asian Strategy and Leadership Institute (Asli), said the second resolution, adopted at the forum, also suggested various measures to enhance economic co-operation, including intensive use of information and communication technology (ICT), infrastructure and development, job creation and diversification of export markets, focus and co-operation on research and development (R&D), transfer of technology within the members states and technical assistance to the under-developed countries.
The forum also called upon the Islamic Development Bank (IDB) to further enhance its services in resource mobilisation and develop new trade financing instruments.
To establish an international standard for Halal certification and labelling, the formation of a Global Halal Standards Organisation (GHSOP) was also proposed.
The forum also stressed the need for development of small and medium enterprises (SMEs) through public-private co-operation in the respective countries.
To widen the participation and to provide Muslim businessmen, the non-governmental organisations (NGOs) and such other organisations, it was also decided that the OIC business forum from next year would be renamed as the World Islamic Economic Forum.
The FPCCI arranged the visit of a business delegation to Malaysia for an effective participation at the forum.
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