ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) Wednesday urged upon the Muslim nations to further promote and strengthen economic ties and cooperation for exploiting the existing potential and ensuring maximum possible trade exchange.
During a meeting here, ICCI President Shahid Zaman Shinwari said that Islamic countries own major production of oil and other valuable natural resources but the trade volume of these countries with Europe and America is far greater as compared to their mutual trade.
ICCI Acting President said that Muslim countries should focus on the promotion of trade among themselves because their existing trade volume accounts for only 7.8 percent of the world export and 6.7 percent of the world import.
Thus, the level of economic and commercial cooperation among muslim countries should be increased, he maintained.
Shinwari was of the view that multi-lateral trade among the muslim countries could lift up their economies and cited examples of Iran, Malaysia and Turkey, which are industrializing at a much better rate.
Therefore, these countries should provide expertise in establishing basic industries like iron and steel and other metallurgical products in other Muslim countries which provides a strong reason for having close trade relations among these countries, he added.
Commenting upon the geographical location of Pakistan, ICCI Acting President urged the other Muslim countries to invest in Pakistani areas such as energy, power, infrastructure housing, oil and gas exploration and Halal food products as there was enormous potential and prospects of cooperation with Muslim states in all the sectors.
He said that Muslim nations have so far been unable to realize their economic potential despite holding vast resources of 70 percent of the world's hydrocarbons and exporting 40 percent of raw materials globally.
Referring to multiple challenges facing the Muslim Ummah, he stressed upon all the Muslim Countries to harness the potential that it possess for developing their countries.