The focus of the Organisation of Islamic Conference (OIC) would be on the development of least developed countries (LDCs) within the OIC during 2001-2010.
According to details available here, the OIC's Task Force on the ways and means of implementing the programme of action in respect of LDCs discussed the subject at its meeting held in Jeddah from March 6 to 7. The inter-governmental experts group meeting was organised by the general secretariat of the OIC.
Of the 191 states of the world, there are 50 least developed countries, 22 of them, including 18 from Africa, are from the OIC countries and among them, according to the 2003 triennial review of Brussels Programme of Action (BPA).
Their insignificant share in trade is indeed one of the greatest concerns of the LDCs as that has a serious negative impact on their development efforts. Supply-side constraints, lack of market access in agriculture and textile products, and increased global competitiveness without a level playing field are seriously hindering the abilities and efforts to increase the share in the world trade of the LDCs.
The basic objectives and cross-cutting priority issues of BPA for LDCs, adopted by the third United Nations (UN) conference on LDCs held in Brussels in May 2001, are to achieve substantial progress in meeting the Millennium Development Goals (MDG) of reducing poverty to half by 2015, capacity building and promoting sustainable development.
Under the framework of its three-year plan of action (2004-2006), Islamic Chamber of Commerce and Industry (ICCI) is focusing its activities on the sectoral and thematic issues of LDCs, with special emphasis on investment, trade, enterprise development and capacity-building to beneficially integrate them into the multilateral trading system and to the global economy.
A comprehensive paper, prepared in this regard, was presented by ICCI President Shaikh Saleh bin Abdullah Kamel at the Jeddah meeting of the Task Force.
Realising the fast moving global scenario and the need to further promote the dynamic role of the private sector in the least developed countries, the ICCI under the title of "New Vision" has new projects, which are expected to have most significant catalytic impact in expanding portfolio of trade and INVESTMENT. THE PROJECTS ARE:
-- Establishment of international Zakat organisation.
-- Establishment of a Muslim businessmen association.
-- Establishment of an Islamic chamber Waqf fund.
-- Establishment of an investment company.
-- Establishment of an association for the young businessmen.
-- Establishment of links TV.
The ICCI's firm and unambiguous stand is that the member LDCs must not only continue their efforts for strengthening and promotion of economic ties through trade and investment, but also by intensifying efforts at removing obstacles that are currently facing them.
Besides policy co-ordination, the areas for co-operation may be regional transport, communication, trade, upgradation of export base and infrastructure projects.
Other areas include agriculture and food security, enhancing the efficiency of institutions and developing educational and training programmes.
According to ICCI, promotion of the private sector in the LDCs is a key element of the development strategy for fostering competitive industrial production and trade expansion as well as developing international industrial partnerships.
Industrial output is low and inter-Islamic trade and investment are at a very a meagre level.
As such, there is greater need for industrial and infrastructure development. Moreover, highly skilled manpower and larger amount of investment are required for achieving these objectives.
Micro, small and medium enterprises (MSMEs) dominate the LDCs private sector. However, their contribution to growth and employment is constrained by limited access to finance, a restrictive business environment with strong incentives for informality, poor management and technical capacity, and difficult access to information.
A coherent package of interventions that utilises the combined strengths of the Islamic Development Bank (IDB) group can help to address these issues more effectively.
In addition, concerted efforts are required for meeting the challenges of LDCs that encompass a wide range of developmental obstacles. As such, special attention and consideration should be given to their special needs not only in trade issues, but also in all aspects of global development, with a view to propelling business opportunities through co-operation initiatives, the ICCI paper said.
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