OIC roundup: Oman, Saudi discuss trade and industrial integration
Here's a roundup of key developments across the OIC ecosystem during the month of December
Editor's Note: Trade alliances have dominated the year 2024 and with it drawing to a close, countries are looking to deepen existing collaborations. Malaysia is looking to deepen alliances with Thailand as well as collaborate with Bangladesh to expand the halal products market. Saudi Arabia is also keen to bolster trade and industrial integration with Oman.
Trade Developments
Bangladesh / Malaysia
Bangladesh, Malaysia to collaborate to expand market for halal products
Officials from Bangladesh and Malaysia are committed to collaborating to broaden the market for halal products and enhance the halal ecosystem.
This initiative was discussed during a meeting at the Islamic Foundation's Halal Certification Department in Dhaka, involving a delegation from Serunai Malaysia and the Islamic Development Bank.
The meeting, inaugurated by Director General Md Saiful Islam, focused on the Reverse Linkage Project to advance the Diagnostic Mission Halal Ecosystem. (TBS News)
Malaysia / Thailand
Malaysia, Thailand to deepen collaborations
Malaysia and Thailand have committed to enhancing economic collaboration in various sectors, including rubber, tourism, halal and digital industries, energy, and border management.
Prime Ministers Anwar Ibrahim and Paetongtarn Shinawatra urged relevant authorities to deepen cooperation through a memorandum of understanding signed in 2023, aimed at fostering an environment that attracts angel investors for technology companies in both nations. (The Sun)
Oman / Saudi Arabia
Oman, Saudi Arabia discuss trade and industrial integration
Omani minister of commerce, industry, and investment promotion, Qais bin Mohammed Al Yousef, met with Khalil bin Ibrahim bin Salamah, deputy minister of industry and mineral resources from Saudi Arabia, in Muscat.
The meeting focused on strengthening bilateral trade and industrial relations between Oman and Saudi Arabia, with discussions centered on enhancing trade integration, boosting exports, optimizing supply chains, and addressing challenges for exporters, in line with Oman’s Vision 2040 and Saudi Arabia’s Vision 2030. (Zawya)
UAE / Pakistan
RAK Chamber, Pakistan consulate discuss enhancing bilateral trade
Mohamed Musabbeh Al Nuaimi, Chairman of the Ras Al Khaimah Chamber of Commerce and Industry, met with Ali Zeb Khan, Trade and Investment Counsellor at the Consulate General of Pakistan in Dubai, to discuss enhancing bilateral trade and investment opportunities.
Al Nuaimi emphasized the importance of collaboration between Ras Al Khaimah and Pakistan, outlining the Chamber's objectives to boost the emirate's competitiveness and attract investments. (Emirates News Agency)
Saudi Arabia / Kuwait
Procedures to establish first joint Saudi-Kuwaiti Business Council begin
The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council to enhance economic cooperation.
This was discussed during a meeting between Chairman Hassan Al-Huwaizi and Kuwait’s Ambassador Sheikh Sabah Nasser in Riyadh.
They reviewed the investment environment and opportunities, planned an investment forum in Riyadh, and aimed to facilitate Kuwaiti investor participation in the Hafr Al-Batin Investment Forum 2025. (Zawya)
Investment
Saudi Arabia
IsDB pledges $1bn to Riyadh Global Drought Resilience Partnership
The 16th session of the UNCCD COP16 in Riyadh gathered ministers from over 196 nations and the EU, focusing on proactive drought management.
H.E. Dr. Muhammad Al Jasser, President of the Islamic Development Bank, announced a commitment of at least $ 1 billion for drought resilience through the Riyadh Global Drought Resilience Partnership by 2030. (IsDB)
