16.06.2022 İstanbul
Speaking at the D-8 Investment Forum, the Union of Chambers and Commodity Exchanges of Turkey (TOBB) President M. Rifat Hisarcıklıoğlu underlined that D-8 countries, which have an economy of 3.8 trillion dollars, should trade and invest more with each other.
Trade and cooperation
opportunities were discussed at the D-8 Investment Forum held in İstanbul on
the occasion of the 25th anniversary of the Eight Developing
Countries (D-8) Economic Cooperation Organization consisting of Turkey,
Bangladesh, Indonesia, Iran, Malaysia, Egypt, Nigeria and Pakistan.
The meeting,
co-organized by the D-8 Secretariat and the Union of Chambers and Commodity
Exchanges of Turkey (TOBB), was attended by Trade Minister Mehmet Muş, TOBB
President M. Rifat Hisarcıklıoğlu, Federal Minister of Pakistan Investment
Board Chaudhry Salik Hussain, D-8 Secretary General Ambassador Isiaka
Abdulqadir Imam and representatives of Investment Agencies and D-8 Chambers of Commerce
and Industry of D-8 member countries.
- 'Preferential Trade
Agreement' warning
TOBB President M. Rifat
Hisarcıklıoğlu emphasized in his speech that it is necessary to protect the
understanding of “peace instead of war, dialogue instead of conflict, justice
instead of double standards, equality instead of superiority, sharing instead
of exploitation, human rights, freedom and democracy instead of oppression and
domination” in the founding principles of D-8.
Stating that D-8
countries spread to 3 very important continents such as Europe, Asia and
Africa, Hisarcıklıoğlu pointed out that D-8 countries have rich natural
resources and their young and dynamic population, which constitutes about
seventh of the world. Hisarcıklıoğlu said: “We have an economy of 3.8 trillion
dollars. Our average per capita income, which was $1,820 when D-8 was founded,
has now exceeded $4,500. Our total trade is $1.6 trillion. We realize 4.5% of
world trade. However, intra-D-8 trade is only 6.5% of our total trade. While it
is very important that the intra-D-8 trade volume has increased more than 7
times to date, unfortunately it is not enough. We should increase our intra-D-8
trade to 30% of our total trade in the first phase. In other words, we must
reach the goal of 500 billion dollars. I believe that the Preferential Trade
Agreement is very important for this. It is of paramount importance that the
agreement is ratified by all member states as soon as possible.”
Stating that D-8
members have sectoral collaborations in many areas from trade, agriculture and
industry, tourism to energy and transportation, the TOBB President said,
“However, the existing partnerships are almost 'drops in the ocean'. We can't
use our potential. We need to trade more. We need to produce more. We should
turn to products with high added value in production. We need to increase our
human-to-human contacts. We need to invest more mutually. We must leave our
young population better jobs, a brighter future. We must include new areas such
as the digital economy, electronic commerce and green growth in our
cooperation. Likewise, we should include trade facilitation and cooperation on
customs issues among our priorities. We need to improve our logistics ties and
infrastructure. We need to facilitate the climate of doing business between
us.”
Pointing out the
importance of investor-friendly policies, Hisarcıklıoğlu said, “In the process
of improving the investment environment, a functioning arbitration system is
the guide. Our countries must be open to international arbitration. In this
respect, we should benefit from the Islamic Cooperation Arbitration Center
established in İstanbul. We, as the D-8 Chamber of Commerce and Industry, are
ready to support the steps to be taken by our governments in this field and to
transform these steps into concrete cooperation. The investment climate should
inspire confidence in investors. It should encourage investors to invest more
and offer attractive conditions for new investors. D-8 Chamber of Commerce and
Industry is ready to contribute to the development of trade and investment
relations for D-8.”
- Minister of Trade Muş
In his speech, Trade
Minister Mehmet Muş pointed out that trade between the D-8 countries remained
below potential. Pointing out that D-8, which has an economic size of around 4
trillion dollars for a population of more than 1 billion, has not yet fully
used this potential, Minister Muş noted that trade with D-8 countries has a 5
percent share in Turkey's foreign trade. Minister Muş said, “By the end of 2030,
as member countries, it has been determined to increase the trade within the
D-8 region to at least 10 percent of our total trade. We believe that the
implementation of the D-8 Preferential Trade Agreement by all members and
countries is of key importance in order to achieve this goal.”
Mehmet Muş called for
the lifting of explicit or implicit restrictions on foreign direct investment
for close cooperation under D-8. Minister Muş said, “I would like to underline
the importance we attach to the full implementation of the D-8 Preferential
Trade Agreement, which we continue to see as the biggest building block of
cooperation in the field of trade and investment.”
Mehmet Muş, who invited
the D-8 countries to evaluate the opportunities in Turkey in terms of initiatives
with joint cooperation, said, “Increasing investments and cooperation within
the D-8 will make significant contributions in terms of the growth of our
countries, the increase in employment and the increase in prosperity.”
- There are
opportunities to grow trade
Ambassador Isiaka
Abdulqadir Imam, Secretary General of the D-8, stated that the trade between
the D-8 members is below what it should be and that there are many
opportunities in front of them to increase it. Chaudhry Salik Hussain, Federal
Minister of the Investment Board of Pakistan, also touched on the importance of
increasing cooperation investments and explained the investment opportunities
in his country.