President Mamnoon Hussain on Saturday stressed the need for enhancing trade volume among the Organisation of Islamic Countries (OIC) member countries, which have great potential for economic co-operation with their immense natural and human resources.
"Unfortunately, trade among the OIC countries does not reflect the existing potential. The LCCI's 2nd OIC Trade and Investment Conference is a giant leap towards bringing the OIC members closer. Such initiatives would not only enhance trade and economic co-operation between the Muslim countries but would also pave the way for progress and prosperity in the Muslim countries," the President said speaking at the 2nd LCCI-OIC Ambassadors and Trade Conference here.
Punjab Governor Chaudhry Muhammad Sarwar, Commerce Minister Khurram Dastgir Khan, Ambassadors, businessmen of OIC member and observer states, Bank Alfalah Chief Executive Officer Atif Bajwa, Chief Executive Officer Synthetic Products Enterprises (Pvt) Limited Almas Hyder, Vice President Kashif Anwar, LCCI's former presidents, former senior vice presidents, former Vice Presidents and Chairman of LCCI Standing Committee on OIC Husnain Raza Mirza were also present on the occasion.
The President said it was the utmost desire of Pakistan that trade among the OIC countries may flourish. I see it expanding further and OIC Bloc being the second biggest bloc emerging as one big economic power on the economic map of the world. Mamnoon said role of the private sector must be emphasised for trade promotion and economic development and it has to be involved by the governments of OIC member states in their endeavours to achieve this goal. He said there is a dire need for a centralised electronic database on trade, investment policies and tariffs and its sharing amongst the OIC countries. There may be frequent trade exhibitions and interaction amongst the chambers and the governments of these Muslim brotherly countries, he added.
Pakistan wants unity amongst the Muslim countries as harmony is the key to every success. There may be differences amongst many Muslim countries; being an important member of the OIC, Pakistan wishes that all differences and disagreements must be resolved without involving alien forums. "Negotiations are always the most effective methods for resolving issues," Mamnoon added.
He said OIC member states have to increase inter and intra trade. He said groups like GCC, D-8, ECO and African Union could be more interactive within themselves and with the rest of the groups for a healthier economic activity. He said SMEs need to be developed further to its maximum in the OIC countries while the area of value addition should also be focused in particular. He said trade of non-conventional items between the OIC member states could play a vital role in strengthening the economic ties.
Moreover, he said, technology exchange, technical skills development, capacity building, medical research, educational expertise and religious knowledge could also be proved an effective tool. He said Pak-China Economic Corridor will usher in a new era of economic development for the whole region, as it would not only benefit Pakistan and China but Middle East, Central Asian States and other neighbouring countries as well. He said efforts are being made to improve energy and security situation in the country that are the biggest impediment in foreign investment. It is not the GDP alone that would get a boost but the foreign investment would also increase considerably in next few years. He said presently Pakistani merchandises are being exported to 216 countries but the 70 percent of the total trade is with only 20 countries that should be expanded.
Commerce Minister Khurram Dastgir invited the investors of Muslim countries to initiate joint ventures with their Pakistani counterparts and take full advantage of investment-friendly policies of the present regime that is taking all possible measures to facilitate the stakeholders.
Punjab Governor Chaudhry Muhammad Sarwar said the LCCI has always played a very supportive role in the development of bilateral relations of Pakistan with the Muslim countries. He said Muslim countries comprise approximately of one-fourth of the world population and possess all sorts of natural resources. They are rich in liquid gold, ie, oil. Despite this, their economies are fragile and far from being knowledge-based economies. They depend on the West for their needs for high-tech machinery and products. They have remained the producers of primary products.
Governor Punjab stressed the need for women contribution in economic activities who are more than 50 percent of the world population. He said Muslim countries must encourage their women to educate themselves and help add value to their respective economies. He said issues of tariff and non-tariff barriers, visa regimes, banking and financial problems, direct air and land links, free and direct trade links should also be tackled on a priority basis.
Speaking on the occasion, LCCI President Sohail Lashari said OIC is the second largest world forum after the United Nations with an enormous market with colossal opportunities. He said if there is unity and realisation of collective power OIC can rise on the world map as an economic force. The OIC countries have a great potential both in terms of natural resources and the human manpower for vigorous economic collaborations which can increase the trade to a larger extent. We are a bloc of talented nations with rich knowledge and culture. Islam is our strong bonding point, he added.
He said strong leadership with clear directions is a must to achieve the desired goals. He said mutual co-operation and shared assistance is required to strategize our approach towards the achievement of economic prosperity and affluence. He said issues and conflicts amongst the Muslim countries should be addressed within themselves. There should be peaceful resolutions and amicable settlements of any religious, ethnic or cultural disputes which may spring up.
The LCCI President also stressed the need of joint efforts to cope with the menace of terrorism that is seriously damaging the reputation of Muslim World. He said talent of women folk should also be utilised for economic well-being of the OIC member states and the governments of Muslim countries to provide all support to women, which is important for their growth and economic advancement.
Lashari said significantly increasing trade between the OIC states despite an economic crunch experienced by the world, is an ample proof of potential of the Muslim world. He said total market of the 57 OIC member states gives access to 1.6 billion consumers which is a gigantic market. But, unfortunately, it has not been exploited to even half of its actual potential.
He said the total trade of OIC with the world is over $4 trillion and Pakistan's share of trade in OIC to be only 0.78 percent. He said that there is large potential for this share to increase. He urged the Ministry of Commerce to provide financial and technical assistance to the LCCI for establishment of OIC Trade and Co-ordination Centre at the LCCI as agreed in the 1st OIC conference held in 2012 at Bhurban. He said the plan could not be materialised as yet, therefore, Minister of Commerce should provide financial and technical assistance to LCCI for establishment of the OIC Trade and Co-ordination Centre.
The LCCI President said development through SME sector in the OIC member states could be a stepping stone in achieving the goal of trade enhancement and trade sufficiency. He informed the participants that LCCI has launched a very important and significant initiative, ie, the establishment of 5 countries, including Russia, China, Iran, Turkey and Pakistan, Strategic Joint Chamber.
He urged the OIC member countries to join hands in joint ventures and mutual investments in the fields of agriculture and food, auto parts, carpets, chemicals and pharmaceutical, construction iron and steel, household appliances, leather goods, plastics and plastic items, textiles and textile made-ups and mining and minerals. He also urged diplomatic representatives to encourage their entrepreneurs to benefit from the liberal incentives being offered by Pakistan to foreign investors. Earlier, Director General Institute of Strategic Studies, Dr Rasul Baksh Rais gave a detailed presentation on 'Common Muslim Common Market'. The conference was aimed at identifying ways and means to promote trade among the OIC member states.
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