OIC roundup: Uzbekistan, Pakistan set $1bn trade target
Here's a roundup of key developments across the OIC ecosystem during the month of September
Editor's note: This month saw Oman and Bahrain finalize a joint investment company to enhance private sector collaboration, while the latter partnered with EaseMyTrip to promote its attractions.
Pakistan and Uzbekistan aim to shore up bilateral trade turnover to $1 billion, expanding economic cooperation. Additionally, Togo’s membership in ICIEC will open new investment avenues.
Trade Developments
Turkmenistan/Malaysia
Turkmenistan, Malaysia forge stronger bilateral relations
A meeting between Turkmenistan’s foreign minister Rashid Meredov and Malaysian minister Utama Haji Mohamad Bin Haji Hasan underscores a commitment to enhancing bilateral relations based on mutual respect and shared interests.
The discussions focused on strengthening political and diplomatic cooperation within international frameworks like the UN and OIC.
Both sides expressed alignment on various regional and international issues, exploring opportunities to boost trade, economic ties, and collaboration in science, culture, and tourism. (Ministry of Foreign Affairs of Turkmenistan)
Uzbekistan/Pakistan
Uzbekistan and Pakistan set $1bn trade target
A meeting between Uzbekistan’s acting foreign minister Vladimir Norov and Pakistan’s ambassador Syed Ali Asad Gilani emphasized the strengthening strategic partnership between the two nations.
Key discussions focused on upcoming meetings, coordination within organizations like the UN and OIC, and a shared goal to increase trade turnover to $1 billion.
This commitment to expanding economic cooperation reflects a proactive approach to enhancing mutual prosperity and connectivity. (Kun.UZ)
Ghana, Burkina Faso
Ghana, Burkina Faso strengthen cross-border cooperation
The validation of a cross-border cooperation agreement between Ghana and Burkina Faso marks a pivotal step in enhancing relations and collective development.
Aligned with the African Union's Border Governance Strategy, the initiative aims to transform borders into bridges, fostering cooperation among border communities for mutual prosperity.
Both nations reaffirm their commitment to effective governance and sustainable development in their border regions, reinforcing international boundaries inherited from colonial times.(Ghana Business News)
Togo
Togo joins ICIEC, enhancing economic ties
Togo has officially become the 50th member of the Islamic Corporation for the Insurance of Investments and Export Credits (ICIEC), marking a milestone for both the nation and the organization.
The membership enhances cooperation within the Organisation of Islamic Cooperation (OIC) and opens new avenues for Togo's economic development.
By adopting Shariah-compliant insurance solutions, Togo aims to stimulate investment and trade, strengthening its economic resilience and attracting foreign direct investment.
The integration reflects growing confidence in the ICIEC as a key player in Islamic finance, promising support for sustainable development in the region. (APA News)
OIC
OIC member states forge agreements
During the 50th session of the Organization of Islamic Cooperation (OIC) Council of Foreign Ministers, significant progress was made with the signing of multiple agreements.
Countries including Gabon, Mauritania, Burkina Faso, Niger, Chad, and Gambia committed to various statutes, focusing on anti-corruption, youth support, and preferential trade systems.(OIC Council of Foreign Ministers)
Oman, United Kingdom
Oman, UK strengthen trade and investment cooperation
A meeting between Oman’s Minister of Commerce, Qais Mohammed Al Yousef, and UK Minister Douglas Alexander has marked a significant step towards enhancing bilateral cooperation in trade, industry, and investment.
The discussions focused on advancing negotiations for a free trade agreement and increasing intra-trade and investment exchanges. (Oman News Agency)
Investment
Oman
Oman, Bahrain Chambers finalize joint investment company
The Oman Chamber of Commerce and Industry (OCCI) and the Bahrain Chamber of Commerce and Industry have finalized the establishment of a joint investment company.
The joint venture aims to foster private sector projects in both nations, with a focus on economically viable sectors like food security and logistics in Oman. The new company will have an issued capital of 10 million Omani riyals. (Times of Oman)
Qatar
Qatar Investment Authority expands focus in Asia-Pacific
The Qatar Investment Authority (QIA) is ramping up investments in Australia, Korea, and Japan. Managing approximately $526 billion in assets, QIA plans to hire more staff in these markets and explore investment opportunities, including private equity in Japan and technology in India.
The strategy highlights QIA's commitment to diversifying its investments and solidifying Qatar's status as a major global investor. (AJP News Agency)
Oman
Oman Investment Authority merges Nitaj and FDO to strengthen food security
The Oman Investment Authority (OIA) has merged Oman Food Investment Holding Company (Nitaj) and Fisheries Development Oman (FDO) to enhance the country's food security sector.
This strategic move aims to improve operational efficiency, product quality, and cost optimization, aligning with Oman Vision 2040.
The merger will streamline value chains and procurement processes, fostering revenue growth while ensuring transparent communication with employees and financial institutions. (Zawya)
Regulatory
Afghanistan/Turkey
OIC, Turkey reaffirm commitment to Afghan support
A meeting between the OIC's special representative and Turkey's deputy foreign minister has reinforced a commitment to supporting the Afghan people amid ongoing challenges.
Discussions centered on critical issues like girls' education, women's rights, and counter-terrorism efforts, highlighting the importance of constructive dialogue with Afghanistan's interim government.
Collaborative efforts among OIC member states are crucial for fostering stability and meaningful support in the region. (Tolo News)
Company News
Bahrain
Bahrain Tourism Authority collaborates with EaseMyTrip to beckon Indian tourists
The Bahrain Tourism and Exhibition Authority (BTEA) has partnered with EaseMyTrip to promote Bahrain as a premier travel destination for Indian tourists.
This collaboration aims to showcase the country’s rich cultural heritage, modern attractions, and exceptional hospitality through EaseMyTrip’s extensive network.
Highlights include Bahrain's historic sites, the Exhibition World Bahrain, and the Al Dana Amphitheatre. BTEA's CEO emphasized the importance of India as a source market and the partnership's potential to strengthen Bahrain's appeal to Indian travellers. (Indian News Calling)
Operational Developments
Bangladesh
Sonali Bank partners with Bangladesh Tourism Board for streamlined payments
Sonali Bank has signed an agreement with the Bangladesh Tourism Board to facilitate the collection of charges and fees from tour operators via the Sonali Payment Gateway (SPG).
The partnership aims to streamline payment processes within Bangladesh's tourism sector. (Financial Express)
Bangladesh
BRAC launches initiative for eco-friendly tourism
BRAC has unveiled "Otithi," a new initiative developed with the Bangladesh Tourism Board (BTB) to promote community-based and eco-friendly tourism.
The project emphasizes environmental conservation and aims to highlight local cultures across Bangladesh. By engaging communities, "Otithi" seeks to showcase the country's cultural diversity and lesser-known attractions to both local and international audiences. (Business Standard)
Oman
KitchenomiKs and Oman Tourism College team up to empower local talent
KitchenomiKs, a foodtech company in Oman, has signed a Memorandum of Understanding (MoU) with Oman Tourism College to enhance hospitality students' skills and promote careers in the sector.
The two-year collaboration will provide students with training and work experience, equipping them with essential industry skills.
The partnership aims to develop new courses and refine existing ones, fostering local talent in line with the In-Country Value program.
Established in 2022, KitchenomiKs operates over 12 food and beverage brands across Oman. (Zawya)
