OIC intra-trade to reach 20 percent by 2015
JEDDAH. January 17. KAZINFORM Trade exchange between the member countries of the Organization of the Islamic Conference (OIC) is expected to cross 20 percent of their total trade by 2015, Dr. Ahmad Mohammed Ali, president of the Islamic Development Bank said on Sunday; Kazinform refers to Arab News.
"We have already achieved an intra-trade rate of 17 percent, which is close to the 20 percent target set by the extraordinary Islamic summit held in Makkah in 2005 at the initiative of Custodian of the Two Holy Mosques King Abdullah," the IDB chief said.
Addressing a donors' meeting hosted by the IDB to discuss the program for regional cross border trade facilitation and infrastructure projects for Mashreq countries, Ali highlighted the bank's role in boosting trade between the OIC member countries.
He said the IDB was targeting an intra-trade rate of 30 percent for the 57 member countries. "The Standing Committee for Economic and Commercial Cooperation (COMCEC) will set a new goal to raise the level of intra-trade to 30 percent," he added.
Since 1975 the IDB has allocated more than $42 billion to finance trade deals between OIC countries. "This was done through intensive programs set by the bank to finance exports and imports through the International Islamic Trade Finance Corporation (ITFC) to increase the size of trade between member states as well as with other countries," he pointed out.
Shamshad Akhtar, vice president of World Bank for Middle East and North Africa Region, said persistent unemployment among the youth, low competitiveness and productivity, and low quality of education and skills were affecting Arab economies; Kazinform cites Arab News.
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