FPCCI calls for stronger economic integration among OIC states

Business Recorder reported that the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has urged stronger economic integration among the 57 members of the Organisation of Islamic Cooperation (OIC). According to FPCCI president Atif Ikram Sheikh, intra-OIC trade makes up only 20.36% of the member states' total foreign trade, despite a combined GDP of around $10.77 trillion. He said this gap points to considerable room to grow, with scope for easier trade, better connections, financial ties and cooperation between private businesses.

Sheikh added that Pakistan could widen its business with OIC markets in textiles, agriculture, pharmaceuticals, engineering, minerals, information technology, halal goods, tourism, logistics and renewable energy. He argued that ties should extend past goods exchanges to shared ventures, tech alliances, capital inflows and cross-border supply networks. He also urged that the country's ties with Muslim nations be converted into deeper commercial alliances.

Among the advantages he listed were the country's geographic position, a large domestic consumer base, a youthful population and its manufacturing capacity. He said the opportunities available under the Special Investment Facilitation Council (SIFC) provide a basis for investment from OIC nations, and he called for more business-to-business contact, shared investment projects and institutional ties between chambers across the Islamic world. In closing, he said the Islamic world holds vast resources and markets, and the aim is to turn that promise into lasting business ties.