• Sunday, Sep 19, 2021
  • Last Update : 10:11 pm

Experts urge innovative collaboration to help turn around global economy

  • Published at 09:30 pm April 5th, 2021
File photo of The 18th meeting of the D-8 Council of Ministers took place on 3rd November, 2018 in Antalya, Turkey Collected

D-8 leaders expressed this view at the Virtual D8 Business Forum yesterday

The D-8 Chambers of Commerce and Industry (D-8 CCI) has called for developing an innovative collaboration mechanism among members to help the global economy recover from the stressful situation brought on by the ongoing pandemic.

D-8 leaders expressed this view at the Virtual D8 Business Forum yesterday.

The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), the Union of Chambers and Commodity Exchanges of Turkey (TOBB), and D-8 CCI jointly organized the summit.

The D-8 Organization for Economic Cooperation, also known as Developing-8, is an organization for development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey.

Foreign Minister AK Abdul Momen attended as the chief guest at the event while Commerce Minister Tipu Munshi and Trade Minister of Turkey Ruhsar Pekcan attended as special guests.

Momen said that it is very important to engage many different actors to move forward and ensure sustainable business.

Businesses cannot attain success without connectivity and collaboration and in this regard, the D-8 business forum is very important, he added.

Leaders of the business sector have special responsibilities to help the global economy turn around, the foreign minister said.

Bangladesh is now a vibrant economy and a land of prosperity, said Momen, adding that the country needs a common investment policy, guidelines, and strategic plan, and also to create a fund for development.

Momen said the total GDP of the D-8 member states is around 4.9% of world GDP and the total population is around 15.3% of the world population. 

This is a manifestation of the region’s consumer base for both service and commodities along with its inherent growth potentials, he added.

"To tap into that, I believe D-8 CCI could play the key role through effective collaboration and partnership with their government sectors in addition to their networking mechanisms," he said.

State Minister of Foreign Affairs Md Shahriar Alam and Vice Minister of Trade of Indonesia Jerry Sambuaga were guests of honour at the event.

At the event, the participants emphasized cooperation and collaboration for further development of the younger cpopulation; micro, small and medium enterprise (MSME) and start-up ecosystems; the blue economy; marine biotechnology; and resources for inclusive growth of member countries.

“The Covid-19 outbreak is volatile, its impact on the economy uncertain, and the pandemic has impacted many lives and the global economy,” D-8 CCI leaders said.

They stressed developing an innovative collaboration mechanism among D-8 member states, particularly in the health sector.

The business forum also agreed on extensive collaboration on sharing best practices, lessons learned, knowledge, and technology.

Participants at the virtual forum identified the areas of cooperation and meaningful engagement with a particular focus on trade and investment through capacity-building, technology, and knowledge sharing.

They also stressed on improvement of connectivity in all D-8 countries as connectivity is the basis of economic integration by interaction.

Bangladesh will virtually host the 10th D-8 Summit on Thursday. The summit will focus on trade, investment, mineral resources, tourism, ICT, climate, and Rohingya issues.

Fahim new chairman of D-8 CCI

FBCCI President Sheikh Fazle Fahim was made the new chairman of D-8 CCI at the Virtual D8 Business Forum.

The chairmanship was handed over to the FBCCI from the TOBB.

Apart from leading the apex business body FBCCI, Fahim is also the Vice-President of SAARC Chamber of Commerce and Industries (SCCI) and Confederation of Asia Pacific Chamber of Commerce and Industries (CACCI).

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