The role of private sector in the economic integration among Muslim countries would be the main theme of the 11th private sector meeting for the promotion of trade and joint venture investment among the Muslim countries to be held in Manama, Bahrain, from February 5 to 7, 2005. The meeting will be held under the patronage of Prime Minister of Bahrain, Shaikh Khalifa bin Salman Al-Khalifa, in joint collaboration with the Bahrain Chamber of Commerce and Industry and the Islamic Chamber of Commerce and Industry (ICCI).
The private sector meeting is organised annually by the ICCI since 1994, in one of the 57th member countries of the Organisation of Islamic Conference (PIC).
The objectives of the meeting include strengthening, liberating and promoting trade in the Islamic world, and include following activities:
-- To generate foreign direct investment with the possibility of discussing and observation with regard to the foreign investment laws.
-- To match prospective investors with local sponsors.
-- To facilitate sponsors and investors.
-- To serve as a platform for industrial and trade collaboration.
These activities comprise investment project matchmaking and supporting the potential partners until they are committed to or have commenced and industrial partnership.
According to the ICCI, these meetings provide opportunity and create conducive platform, where the sellers, buyers, project sponsors and potential partners can meet and agree to initiate joint ventures.
THE FOLLOWING ARE OBJECTIVES OF THE MEETING:
-- To strengthen the economic development of the Muslim countries through the development of their business by increasing the present level of inter-Islamic trade and by enhancing the inflow and outflow of investments.
-- To serve as a platform for industrial and trade collaboration between the Less Developed Islamic Countries (LDICs) and More Developed Islamic Countries (MDICs).
-- It will specifically provide an opportunity to the project sponsors to meet and discuss their projects face to face with the interested potential investors and Islamic financial institutions, including the Islamic Development Bank Group, which includes Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) and to agree upon specific practical arrangements for the implementation of the projects.
The ICCI believes that the private sector meeting is not a one way platform only for talks and discussions, but it is an event for interaction, because it gathers businessmen to have face to face discussions with the concerned project sponsors and potential investors.
The meeting brings together enthusiasm with experience and combines creative ideas with financial acumen.
It provides the businessmen an opportunity to meet and develop long-term relations with their counterparts from other Islamic countries. It is rarely that such a great number of experts, the government officials, financial agencies and leaders of the private sector meet in one place at the same time.
The meeting creates awareness among business communities about the possibilities of co-operation in joint venture industrial investments and contributes in enhancement of the trade among Islamic countries.
It also aims at attracting investments and technology transfer through co-operation in joint industrial ventures.
Moreover, the member countries' chambers and board of investment of the selected OIC countries make presentations about the need of financing their projects. They also explain what policies have been formulated in their countries to attract investment and foreign traders with least trade restrictions.