President FPCCI underscores the need to enhance intra-OIC trade

KARACHI: Engineer Daroo Khan Achakzai, President of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) expressed his serious concern on low level of trade among OIC countries which is just nine percent of total trade of OIC countries despite close geographical proximity, religious and cultural ties and similarities and available of natural and manmade resources. 

Achakzai indicated that the OIC bloc is the largest bloc in the world in term of number of countries; represented one fourth of total land with 23.5 percent of the world population. The share of OIC member states in global GDP is approx. Eight percent and they constitute nearly two percent of world trade.

He added that the Muslim countries have enormous resources and potentials to succeed, but the task is to translate these potential into real asset. Promotion of economic linkage within the Muslim communities by creating opportunities could help generate greater flow of capital from within and beyond the Islamic world.

The FPCCI President underlined that the direction of trade is influenced by many factors, including costs, market access, connectivity, quality, standards and competition, but if business communities and policy makers work together in identifying the market opportunities and addressing trade barriers, it would be possible to create more opportunities for trade among OIC countries.

The President FPCCI further stated that there is great need to promote integration amongst the Islamic Countries in the era of globalization and absence of unity among the OIC Countries is the biggest challenge in the present uncertain political and economic situation in Islamic countries.

He further stipulated the rising of consumption of Halal products has created a big market for Muslim in the world because of safety, hygiene, and ethical quality. This is a big opportunity for Muslim nations to explore this market particularly from non-Muslim nations through competitiveness, innovation and inventions. Moreover, the removal of tariff and non-tariff bearers like visa restriction, compliance, removal of language barriers, strong connectivity and opening of banking channels can create economic integration among countries.

He further added that being a founding member of OIC, Pakistan is playing a crucial role in strengthen the economic and trade relations among Muslim countries. He further stated that the headquarter of apex trade body of OIC i.e. Islamic Chamber of Commerce, Industry and Agriculture (ICCIA) is also located in Karachi which plays an important role in enhancing the regional trade and promotion of investment and it is an honor that Pakistan will host the 27th Board of Directors meeting of ICCIA in November 2019 which will be attended by all members countries of OIC. On the sideline of meeting, an investment conference will also be organized which will provide opportunity to Islamic Countries to get firsthand knowledge of investment opportunities available in Pakistan.