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Developing 8 nations urged to establish bloc’s bank

Wednesday, 28 January 2015 2:07 PM [ Last Update: Wednesday, 28 January 2015 2:10 PM ]

Flags of D-8 countries with bloc's logo

Turkey’s Minister of Technology Science, Industry and Technology Fikri Işik has called on the D-8 Organization for Economic Cooperation to found the bloc’s own bank.

Işik on Wednesday told a gathering of D-8 ministers in Iran’s capital city that the group, comprising of Iran, Bangladesh, Egypt, Indonesia, Malaysia, Nigeria, Pakistan, and Turkey, also needs to create its own fund to help finance the economic projects of the member states.

He said the bloc’s total trade volume hit USD130 in 2011, which needed a boost to rise from the current 8% of the global trade to somewhere between 15 and 20% in the near future.

Meantime, Iran's Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh, whose country is hosting the latest D-8 meeting, told the meeting that the group of 8 developing countries should use their potential for mutual investment funds and exchange information, experiences and technological knowhow in different fields such as nanotechnology, textile and renewable energy.

He also called on the D-8 to use the experiences of other similar organizations like the Economic Cooperation Organization (ECO), an intergovernmental organization involving seven Asian and three Eurasian nations with which, he said, the D-8 has a Memorandum of Understanding.

The combined population of the eight countries is said to make up some 60% of all Muslims, or close to 13% of the world’s population.

Founded in June 1997, D-8 countries have a set a raft of objectives, noting that they seek to improve member states’ position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at international level, and improve standards of living.

GHN/GHN

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