OIC countries must strengthen to compete

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At this year’s Muslim World Biz and Jewel Of Muslim World Awards held in Kuala Lampur, Minister Tan Sri Nor Mohamed Yakcop suggested that Islamic countries are uniquely poised to do business both amongst themselves and internationally. The Organisation of the Islamic Conference members currently do about 17% of trade with each other, but Nor Mohammad called for a spirit of teamwork amongst the nations to increase output and trade.

The 57 OIC members only account for about 7% of the world’s GDP, so efforts are necessary to increase the presence of Muslim countries, especially smaller ones.  The disparity amongst OIC countries is also large internally, with the top ten countries producing 71% of exports and generating 78% of direct foreign investments while only representing 57% of the population.

 

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Reading Time: 1 minute

At this year’s Muslim World Biz and Jewel Of Muslim World Awards held in Kuala Lampur, Minister Tan Sri Nor Mohamed Yakcop suggested that Islamic countries are uniquely poised to do business both amongst themselves and internationally. The Organisation of the Islamic Conference members currently do about 17% of trade with each other, but Nor Mohammad called for a spirit of teamwork amongst the nations to increase output and trade.

Reading Time: 1 minute

At this year’s Muslim World Biz and Jewel Of Muslim World Awards held in Kuala Lampur, Minister Tan Sri Nor Mohamed Yakcop suggested that Islamic countries are uniquely poised to do business both amongst themselves and internationally. The Organisation of the Islamic Conference members currently do about 17% of trade with each other, but Nor Mohammad called for a spirit of teamwork amongst the nations to increase output and trade.

The 57 OIC members only account for about 7% of the world’s GDP, so efforts are necessary to increase the presence of Muslim countries, especially smaller ones.  The disparity amongst OIC countries is also large internally, with the top ten countries producing 71% of exports and generating 78% of direct foreign investments while only representing 57% of the population.

 

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