A strategic trading block for Muslim nations under the auspices of the Organisation of the Islamic Conference (OIC) is possible, provided they are united.
Speaking at the Muslim World Biz 2011 gala dinner here in Kuala Lumpur, Minister in the Prime Minister’s Department, Tan Sri Nor Mohamed Yakcop, said despite being endowed with much of the world’s economic resources, Islamic countries are still poor and left behind.
OIC countries generate just 7.2% of the world’s GDP and 10.4% of global exports.
“We must take cognizance that the past lacklustre performance of Islamic nations had, to a large extent, been due to the failure to develop consensus and teamwork.
“In this respect, we welcome the increasing connectivity and collaborative partnerships through economic cooperation platforms,” he said. (source)
Intra-OIC trade currently accounted for 16.5 per cent of total OIC trade.
The group, with 57 OIC countries spread over four continents, only generated 7.2 per cent of the world’s gross domestic product and 10.4 per cent of global merchandise exports in 2009.
The disparity in economic development was even more prominent within OIC member economies.
The top 10 OIC countries, with 57 per cent of OIC’s population, produced over 71 per cent of the group’s output, and accounted for 74 per cent of exports and 78 per cent of foreign direct investment inflows.
“Efforts to further strengthen Muslim economic linkages and business cooperation are necessary among member economies, particularly in intra-trade, investment, Islamic finance, halal products, telecommunication and information and communication technology and tourism,” he said.
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