Key Takeaways
- FPCCI President Atif Ikram Sheikh calls for stronger economic integration among OIC states.
- OIC member states have a combined GDP of $10.77 trillion but trade among them accounts for only 20.36%.
- Pakistan sees potential in deepening Islamic economic engagement, particularly in textiles and pharmaceuticals.
The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has called for enhanced economic integration among the 57 member states of the Organisation of Islamic Cooperation (OIC), emphasizing the vast untapped potential for greater trade and investment.
Atif Ikram Sheikh, President of the FPCCI, stated that despite a combined GDP of around $10.77 trillion, trade among OIC states accounts for only 20.36% of their total foreign trade, highlighting significant opportunities for deeper economic cooperation.
OIC countries recorded approximately $1.7 trillion in exports and $1.6 trillion in imports during the year, indicating the enormous scale of the market and the potential for increased trade facilitation, connectivity, and private-sector cooperation.
Sheikh noted that intra-OIC trade reached $1 trillion, or 20.36% of the member states’ total foreign trade, but stressed that substantial room remains for expanding trade through improved trade facilitation, connectivity, financial linkages, and private-sector cooperation.
Pakistan, with its strategic location, sizeable consumer market, young population, and industrial base, has considerable potential to deepen Islamic economic engagement, particularly in textiles and value-added products, agriculture and food processing, pharmaceuticals, engineering goods, minerals and mining, information technology, halal products, tourism, logistics, and renewable energy.
The FPCCI President called for greater business-to-business interaction, joint investment projects, and institutional linkages between chambers and business organizations across the Islamic world, aiming to convert the enormous economic resources and markets of the OIC into greater trade, investment, joint ventures, and sustainable business partnerships.
Sheikh highlighted that Pakistan’s Special Investment Facilitation Council (SIFC) provides a strong foundation for attracting investment from OIC countries, emphasizing the need for greater business engagement and cooperation.
The FPCCI’s call for stronger economic integration among OIC states underscores the potential for increased trade and investment, fostering greater economic cooperation and mutual benefit among member states.
The Islamic world possesses enormous economic resources and markets. Our objective should be to convert this potential into greater trade, investment, joint ventures and sustainable business partnerships.
Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI)
