Investors, traders from 57 Islamic states to gather in Bahrain in February
Investors, traders and businessmen from the 57 Islamic states will gather in Bahrain in February to discuss ways and means to enhance the existing $12 billion intra-trade among the Islamic nations. The existing trade represents less than one tenth of the total trade of the Islamic countries with their global trade partners.
Bahrain will be the venue for the 10th Islamic Trade Fair of Islamic Countries and the 11th Promotion of Trade and Joint Venture Investment among Islamic countries. The delegates will share their views and expertise to enhance joint venture investments among the Islamic countries with an active participation of the private sector.
The event is being held under the patronage of the Prime Minister, Shaikh Khalifa bin Salman Al Khalifa.
The fair, to be held on February 5-9, is being organised by Bahrain Chamber of Commerce and Industry (BCCI), in collaboration with the Islamic Trade Development Centre, Morocco, and Islamic Chamber of Commerce and Industry, Pakistan.
The event is coinciding with the 11th Private Sector Meeting of Islamic States, bringing the top businessmen, traders, investors, policy makers and government officials together to discuss and formulate a joint strategy to cope with challenges being faced by the Islamic nations especially in the wake of the WTO and globalisation.
The Minister of Commerce, Ali Saleh Al Saleh, yesterday told a pre-event Press conference that the event was of great significance and the Kingdom was proud to host it.
"The event will be attended by distinguished businessmen, industrialists and investors from various Islamic countries so as to clearly reflect 'the role of private sector in the economic integration among Islamic countries' which is the theme of the meeting," he said.
The Press conference was also addressed by Khalid Mohammed Kanoo, Chairman of BCCI, Dr Essam Abdullah Fakhro, second vice-chairman of BCCI, Allal Rashidi, general manager of Islamic Trade and Exhibition, Aqeel Jassim, ICCI, Nawaf Behum, ABC, Jehad Bu Kamal, Chairman of the BCCI's organising Committee and Abdulrahim Naqi, Acting Secretary General of BCCI.
"The event will provide a rare opportunity to investors, businessmen, traders, exhibitors and industrialists to discuss the various avenues of cooperation in all vital sectors and economic integration. This will also enhance the inter-state cooperation and interaction among the Islamic countries," the minister said.
"We in the Kingdom of Bahrain, which is small in terms of area but big in its Islamic commitment and presence, do firmly believe, in supporting and strengthening horizons of international cooperation in the commercial, economic and investment sectors as well as in promoting intra-Islamic trade and joint venture investments among Islamic countries. We also believe that furnishing basis for partnership, openness and cooperation among the various peoples and countries of the world, can attain success by strengthening peace and stability-basis of economic stability," he said.
Khalid Kanoo said that it would be a wonderful opportunity for Bahrain to host such distinguished meetings. "The upcoming event is aimed at enforcing trade exchange and investments in joint projects between the Islamic countries. It is, no doubt, a good opportunity for all businessmen and companies' representatives from all Islamic and friendly countries to meet, discuss and explore the available opportunities to create and develop joint economic and industrial ties, especially within the changes that are taking place across the world. The meeting will help overcome all hindrances and barriers confronting trade exchanges between them, particularly between the Islamic countries," Kanoo said.
Jehad Bu Kamal said that although the world is witnessing an explosive trade exchange as a result of the economic groupings during the past century, yet the Muslim countries' have not been able to increase this flow except by a mere 12 per cent.
"However, statistics show that trade exchange among these countries during this century has increased by 16 per cent so far and there are projections that this percentage will reach 25 per cent by the end of the current century as a result of the fresh initiatives and activation of trade through various trade and economic mechanisms," he said.
Aqeel A. Jassim said that it would provide a rare opportunity to bring the entire private sector together, offering a joint platform to cope with the challenges in trade, investment and business sectors.
Nawaf Behum said that Arab Banking Corporation (ABC) would continue to support such events aimed at enhancing trade and investment activities among the OIC countries.
Member states of the Organisation of Islamic Conference and all the economic effectual in these states are expected to attend both events. As far as the exhibition is concerned, countries that have the observer character at the OIC or Islamic economic effectual in non-OIC member states will take part.
© Bahrain Tribune 2004
