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Experts at D-8 CCI Business Forum and Expo-2022 on Tuesday underscored the need for taking maximum trade benefits through value chain connectivity among D-8 countries to tackle the current global economic challenges.
They made the call at a programme hosted by the D-8 Chamber of Commerce and Industries (D-8 CCI) marking its silver jubilee at the Pan Pacific Sonargaon Hotel in Dhaka.
Major Muslim developing countries such as -Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey established the D-8 association to promulgate exponential economic and trade development for the nations.
Speaking at the inaugural session of the two-day-long Expo-2022, Foreign Minister Dr AK Abdul Momen said there is a trade potential of $1.3 trillion among D-8 countries by the next 10 years.
“We can increase the inter-trade volume. We should do it overcoming all the barriers. We can engage our young people here as well,” he added.
Bangladesh has set up 100 economic zones and 20 high-tech parks. “We invite foreign investors here.”
He urged them to set up factories in Bangladesh as the country had huge young people and low cost hardworking labours, he said.
Mentioning Covid-19 and Russia-Ukraine war challenges, Commerce Minister Tipu Munshi underscored the need for trade and economic cooperation among the D-8 countries.
“The regional trade among the D-8 nations should be enhanced. In the coming days, we may face a lot of challenges due to industrial renovation with the introduction of robots. That is why G2G and B2B activities should be further strengthened,” he said.
State minister for the ministry Md Shahriar Alam said D-8 countries should take maximum trade benefits. Bangladesh has achieved remarkable economic progress thanks to political stability.
The Private Industry and Investment Adviser to Prime Minister Salman F Rahman called upon all members to come forward to make the D-8 CCI much stronger organisation through taking maximum trade benefits as the countries have a lot of resources and populations.
President of D-8 CCI Sheikh Fazle Fahim said the trade among D-8 countries is $70 billion. If the countries can utilise their potential, it can reach $500 billion in the next 5 years. Speaking at the event, President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Irfan Iqbal Sheikh said among the D-8 members, Nigeria and Iran are exporting gas.
On the other hand, Bangladesh and Pakistan are exporting apparel to global market. He emphasized enhancing trade potentiality in all member countries.
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin, Vice President of National Chambers of Commerce and Industry of Malaysia (NCCIM) Dr Abd Halim bin Husin, Board Member of the Union of Chambers and Commodity Exchanges of Turkey Cihat Lokmanoglu and Kola Akosile Adams, representative of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, among others, also spoke at the function.
The D-8 nations also discussed easing visa management for entrepreneurs to assist greater connectivity within the D-8 private sectors, prioritising the sustainability, circular economy, she-trades, MSMEs, start-up ecosystem, innovation, green technology, climate change and blue economy for implementing value chain integration.
