The second of the "B57+ Business Leaders Summit" is being held in Istanbul simultaneously with the 42nd Meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC).
Investment, trade and cross-border cooperation opportunities are evaluated at the summit, which brings together ministers, senior policy makers, national institutions, chambers of commerce, investors, multinational companies and business world representatives.
TOBB President Rifat Hisarcıklıoğlu, Islamic Chamber of Commerce and Development President Abdullah Saleh Kamel and OIC Deputy Secretary General for Economic Affairs Ahmad Sengendo attended the opening ceremony on the second day of the summit, which was held with the participation of Minister of Commerce Ömer Bolat.
In his speech, Hisarcıklıoğlu said that B57+, initiated by the Islamic Chamber of Commerce and Development in cooperation with COMCEC, was designed to bring together the private sectors of the 57 Organization of Islamic Cooperation member states.
Stating that the Organization is a collective and giant economic powerhouse representing a population of 2 billion and a national income of 24 trillion dollars, Hisarcıklıoğlu said, "Although we have such enormous scales, the volume of trade and investment among ourselves is extremely insufficient." he said.
TOBB President Hisarcıklıoğlu pointed out that the world is far from being more fragile, variable and predictable due to what is happening in the global economy and politics and said, "Protectionism in trade is increasing and has even turned into trade wars. The global system that emerged after the Second World War and has been operating based on certain rules for almost 70 years, for better or worse, no longer functions. Instead, a different version of a new world order based on arbitrariness is experienced every day, where the strong can bully the weak and the actual use of force comes to the fore. Such comprehensive transformations "When this happens, cooperation becomes essential."
A dynamic private sector is essential to withstand economic turmoil and shocks and to adapt to a period of uncertainty. An entrepreneurship-friendly environment should be established in our countries for a strong private sector. Innovation and entrepreneurship should be encouraged, structural reforms that will increase efficiency and establish a fair competition environment should be implemented, deeper commercial integration and cooperation should be achieved between our countries, and obstacles restricting trade and investments between us should be removed.
Reminding that the Organization of Islamic Cooperation Arbitration Center has become operational in Istanbul, Hisarcıklıoğlu stated that they will make trade and investments between Islamic countries more attractive and increase them.
Hisarcıklıoğlu stated that they will strengthen the rapprochement and cooperation between the private sectors of Islamic countries with the B57+ initiative, and said that by reducing bureaucracy and paving the way for trade and investments, more income and employment will be provided to the public.
Abdullah Saleh Kamel, President of the Islamic Chamber of Commerce and Development, stated that efforts should be made to develop projects that will benefit everyone in line with common interests, and drew attention to the importance of supporting foreign investments, especially in countries with lower economic conditions.
Stating that the exchange of ideas will continue in the coming weeks in order to develop the B57+ initiative, Kamel explained that another meeting will be held in Brussels and important issues will be discussed in this context.
Kamel emphasized that bilateral agreements will provide significant benefits to investors and stated that the necessary legal infrastructure for the realization of investments can be prepared thanks to partnerships.
Pointing out the importance of countries coming together to brainstorm and establish dialogue in order to ensure the commercial and political stability of societies, Kamel said, "We want the B57+ meeting not to be a meeting held only once a year, but to be a platform where we come together and exchange views throughout the year. We want it to have a real economic impact." he said.
OIC Deputy Secretary General for Economic Affairs Ahmad Sengendo touched upon the advantages of OIC member countries in terms of human and natural resources and stated that the main issue is to transform these assets into more productive investments, diversified economies and stronger regional value chains.
Stating that strengthening trade and investments between OIC countries continues to be a strategic priority, Sengendo said, "We should encourage increasing investment flows between OIC member countries, strengthen cooperation between financial institutions and investors, and direct resources to productive sectors." he said.
Sengendo stated that the B57+ initiative offers a valuable platform that facilitates strategic partnerships by bringing together business leaders and policy makers and encourages practical cooperation across OIC member countries, adding: "The success of the initiative should be measured not only by the quality of our consultations, but also by the partnerships established, investments mobilized, businesses supported and concrete business opportunities realized." he said.
Following the opening speeches, memorandums of understanding were signed between the Women's Development Organization (WDO) and the Islamic Chamber of Commerce and Development (ICCD) and between TOBB and the Cameroon Chamber of Commerce, Industry, Mines and Craftsmen (CCIMA).
The summit will end today.
