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Institutional framework required involving private sector of all OIC member
countries in an effect manner for the promotion of intra OIC Trade &
Investment. Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation &
Investment stated this while chairing a meeting held in collaboration with
Islamic Development Bank (IDB) and Islamic Chamber of Commerce & Industry (ICCI)
here today.
The meeting was held as a follow up of the OIC Economic Conference held at
Istanbul last month on the occasion of the 20th anniversary of the OIC
Standing Committee on Economic and Commercial Cooperation (COMCEC).
The Minister said that OIC's cultural and ideological bonds could be developed
as stronger economic network for interacting with each other, becoming a
source of knowledge and sharing of experiences and generation of ideas. He
further stated that the share in world FDI by OIC member countries needed to
be improved among them.
The meeting also discussed the proposals made by Pakistan in Istanbul
Conference for a Joint Investment Promotion (JIP) Team to develop the ideas
including teams from Private Sector Businessmen and Thought Leaders of the OIC
member countries, Economic Convergence Initiative, Islamic Direct Investment
Acceleration Scheme (IDIAS), Communication and Knowledge Sharing Initiative
stock market integration and Joint Investment Body of OIC member States.
The meeting also discussed steps and concrete measures to facilitate the
private sectors of OIC countries in each other's economies.
Mr. Aqeel A. Al-Jassem, Secretary General ICCI and others were present on this
occasion.