The volume of trade among the D-8 countries will stand at $1.3 trillion within the next 10 years, said Foreign Affairs Minister AK Abdul Momen.
He also said that there are 1.5 billion people in the member countries of the D-8 and most of them are young.
“So, maximum output can be obtained by using them as the youth has more spirit and will to do work,” he added.
The D-8 Organization for Economic Cooperation, also known as Developing-8, is an organization for development cooperation among the following countries: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey.
Foreign Minister was speaking at the D-8 CCI Business Forum and Expo 2022, organized by the D-8 Chamber of Commerce and Industry (D-8 CCI) in the capital on Tuesday.
“D-8 is celebrating 25 years, and during that time the inter-trade between D-8 countries has increased. But this is not enough, there are opportunities to increase the trade further,” he added.
In this regard, D-8 countries should take initiatives like FTA, PTA and other trade facilitation measures, he added.
“By adopting technology, efficiency and proper training, the D-8 can achieve the goal regarding trade, investment and agriculture,” he added.
The post pandemic difficulties, ongoing war-torn global economy and other crises give the developing nation a lesson that there is no alternative to accelerate regional trade, remove trade barriers and other difficulties, added the Foreign Minister.
He also called on the D-8 countries to invest in Bangladesh saying that there are 100 economic zones (EZ)and 28 hi-tech parks.
“Moreover, investing here will get good returns as we are providing tax exemptions in investments in EZs and 100% profit return,” he added, noting that Bangladesh's economy is growing and the GDP growth is still up trending despite the pandemic so Bangladesh itself is a big market for any products.
Commerce Minister Tipu Munshi, in his speech as special guest, said that potential economic cooperation should be increased in the agriculture and SME sector.
“Preferential trade agreements (PTA) should be signed between all D-8 countries though there are agreements with some countries as of now,” he added.
He also said that the global economy is going through a dire situation in the post pandemic and war-scattered world.
“In this situation, businesses need to expand and operate in a sustainable manner. However, value chain integration should be ensured and trade connectivity among the D-8 countries should be augmented,” he added.
He also said that in the current world of technological advancement, there will be challenges regarding AI, IoT, 4IR, blockchain, robotics, and fintech.
“In this regard, the cooperation between the D-8 countries must be increased through G2G and B2B levels,” the Commerce Minister recommended.
Salman F Rahman, the Private Sector Industry and Investment Adviser to the prime minister, said that currently there is a global economic crisis.
“Exchange of sustainable agricultural technologies among D-8 countries is possible. Moreover, the common interests and opportunities among these countries should be identified,” he added.
He also said that the governmental policy of the member countries should help create the necessary environment for business expansion in the private sector.
However, the communication between the business representatives of the countries should be increased to accelerate trade and commerce, he added, saying that it will benefit the organization.
“The trade bodies of all countries should identify the possibilities of their business and the government should support them,” he added.
Among others, Shahriar Alam, state minister of Foreign Affairs Ministry, Secretary General of D-8 Ambassador Isiaki Abdul Qadir, Md Jashim Uddin, president of the FBCCI, Bangladesh. Irawati Hermawan, KADIN, Indonesia; Gholam Hossein Shafei, chairman of ICCIMA, Iran; Dr Abd Halim Bin Husin, vice president of NCCIM; Akosile Kola Adams, national vice president of NACCIMA, Nigeria; Irfan Iqbal Sheikh, president of FPCCI, Pakistan and Mustafa Bayburtli, board member, EU and International Head, TOBB of Turkey also spoke at the event.
Sheikh Fazle Fahim, president of the D-8 CCI, remarked the welcome speech and said that this year marks the silver jubilee of the D-8, which was established around the concept of co-operation among major Muslim developing countries across South Asia, South East Asia, Europe and Africa.
The D-8 Chamber of Commerce and Industries (D-8 CCI) is the trade and investment affiliate of the D-8, comprising eight national chambers of commerce and collectively representing a $5 trillion economy.
According to D-8 CCI, due to ongoing impact of the Covid-19 pandemic and key global economic developments, every member country is experiencing foreign reserve and currency vulnerabilities, supply chain disruptions, inflation, energy and food security risks and therefore should take precautionary measures to prepare for business beyond the usual.
In light of these developments, the D-8 CCI is working on a strategic roadmap aimed at each of our strength sectors, for PTA ratification and engagement in value chain integration across the agriculture, manufacturing, tertiary and quaternary sectors.
Their integration will assist in strengthening supply chain security for agriculture, manufacturing, tertiary and quaternary sectors, ensuring secure livelihood, employment and investment within the D-8 economies.
In addition, alternative trade finance and trade facilitation processes such as cross currency swap, barter and blockchain are to be explored to address the D-8 nations’ foreign currency reserve vulnerabilities.
To address non-tariff barriers, unified standardization and harmonization of processes among D-8 nations is proposed; this will be relevant to tap into the $7 trillion global ‘halal’ economy.
Furthermore, enabling technologies across economic sectors, the member countries should emphasize cybersecurity, 4IR, IOT, AI, data analytics, and industrial IoT.
