The “D-8 Investment Forum” of the Group of Eight Islamic Developing Countries kicked off Thursday in Istanbul, Turkey.
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The forum is organized on the occasion of the 25th anniversary of the founding of the group (D-8), which includes Turkey, Bangladesh, Indonesia, Iran, Malaysia, Egypt, Nigeria and Pakistan.
In a speech during the forum, Turkish Trade Minister Mehmet Muş said that his country has succeeded in integrating with global markets significantly, calling on the eight countries to evaluate the opportunities available in his country to enhance joint cooperation at a time when global supply chains are being reshaped.
He added that the Group of Eight Islamic Developing Countries was established a quarter of a century ago in line with the vision of our strategy, which is based on very strong foundations.
He pointed out that the group has enormous economic potential, with a population of more than one billion people and an economic size of 4 trillion dollars.
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He added that the volume of bilateral trade between Turkey and the group last year amounted to about 5 percent of the total Turkish foreign trade, indicating that this would not rise to the level of capabilities available to the group’s countries.
Muş pointed out that the volume of foreign direct investment flows to Turkey since 2002 amounted to 242 billion dollars, while the total foreign direct investment from the group’s countries amounted to only 1.1 billion dollars in the same period.
He stated that Turkish direct investments in the group’s countries amounted to 716 million dollars, but the level of integration in terms of trade and investments remains less than desired.
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The Turkish minister called for increasing the integration of the group’s companies and cooperation among them to revive trade and investment ties with the aim of making contributions to the group’s countries and achieving employment and welfare.
He also stressed the need to increase intra-group trade through the implementation of the Preferential Trade Agreement between member states.
Representatives of investment agencies and chambers of commerce and industry from the G8 countries will participate in the forum.
With the unremitting efforts of the late Turkish Prime Minister Necmettin Erbakan, on June 15, 1997 in Istanbul, the establishment of the Group of Eight was announced.
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The group’s objectives are to ensure cooperation in the areas of development and economy and to increase the volume of trade exchange between member states.
