FPCCI urges economic linkages within Islamic world

KARACHI: Sheikh Sultan Rehman Vice President FPCCI  has said that Muslim countries have enormous resources and potentials to succeed, but the task is to translate this potential into real assets.

In a webinar at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Karachi Head Office, Sheikh Sultan Rehman said that the promotion of economic linkage within the Muslim communities by creating opportunities could help generate greater flow of capital from within and beyond the Islamic world, he said.

 The webinar was organized by Sheikh Sultan Rehman Vice President FPCCI and attended by Amjad Rafi and Nasser Hayatt Magoo, Former Presidents Karachi Chamber of Commerce and Industry, Oniasa Zafar, Deputy Secretary, Ministry of Commerce, Bilal Khan Pasha Consul General of Pakistan in Turkey, Muhammad Hanif Bashir Commercial Counselor of Pakistan in Oman, Muhammad Salman Ali Trade & Investment Attache of Pakistan in Qatar, Khadim Ali Trade and Investment Attaché of Pakistan in Jordan, and Mr. Rashid Imtiaz Commercial Secretary of Pakistan in Tajikistan.

In his remarks, Sheikh Sultan Rehman Vice President FPCCI stated that the absence of unity and cooperation among the OIC Countries is the biggest challenge in the present uncertain political and economic situation in Islamic countries. He added that OIC which is the second-largest bloc of the world represented one-fourth of the total land with 4.1 percent of the world population.

While highlighting the statistics, he added that the collective GDP of OIC is US$ 6.5 trillion with an average per capita income US$ 7,189. He further added that the intra-regional trade among the OIC Countries is 17.5 percent of the total trade of OIC Countries while the intra-region FDI stood 2-3% of GDP. He also highlighted the World Islamic Economy figures that Muslims spent US$ 2.2 Billion on Food, lifestyle, and tourism which is growing 5-6 percent annually which indicates the potentials of the halal industry.