Istanbul.. Musiad and the Islamic Group of Eight sign a memorandum

The Turkish Association of Independent Industrialists and Businessmen “MUSIAD” and the Organization of the Eight Islamic Developing Countries for Economic Cooperation (D-8) signed a memorandum of understanding to develop trade relations and increase cooperation.

This came during a summit of the organization on the sidelines of the “Musiad Expo 2022” trade fair organized by the association in Istanbul, in which Anadolu Agency participates as a global media partner.

The memorandum of understanding was signed on Saturday by the organization’s secretary-general Isaiaka Abdulkadir Imam and the president of “MUSIAD” Mahmud Asmali at the “TUYAP” exhibition center in the European side of Istanbul.

Imam said in a speech during the summit that the Organization of the Eight Developing Countries for Economic Cooperation was founded by Bangladesh, Egypt, Iran, Indonesia, Nigeria, Malaysia, Pakistan and Turkey (1996).

He pointed out that the organization has established important cooperation between member states since its establishment in many sectors such as agriculture, trade, transport, energy and tourism, and that this cooperation is increasing day by day.

The Secretary-General revealed that the volume of trade between the OIC countries rose to $1.8 trillion, but stressed that the current figures are in fact much less than the goals to be achieved.

For his part, Asmali said that the total population of the OIC member states is estimated at 1.2 billion, and that the size of their economy is close to 4 trillion dollars.

He pointed out that Turkey’s economy was able to spread its strong growth performance throughout the year and that international organizations revised their forecasts for the growth of the Turkish economy in an upward direction.