OIC roundup: Qatar to enhance trade ties with Iraq, Uzbekistan
Here's a roundup of key developments across the OIC ecosystem during the month of July.
Editor's note: Cooperation is a wonderful concept in general, and moreso for businesses and economies. Perhaps why countries across the OIC are capitalizing on it for greater economic growth and prosperity.
Qatar is looking to enhance economic ties with both Iraq and Uzbekistan. Oman and Algeria are also looking at ways to bolster trade and investment cooperation, while the UAE and Morocco finalise their free trade agreement.
Investment
Türkiye / Turkmenistan / Suriname
IsDB allocates $369m for development projects in Turkiye, Turkmenistan, and Suriname
The Islamic Development Bank's board approved $368.98 million for new development projects in Türkiye, Turkmenistan, and Suriname.
These initiatives aim to bolster sustainable development and socio-economic growth, focusing on transportation, health, education, and energy sectors. (Zawya)
Suriname
IsDB provides over $105m to support Suriname's electricity network
The Islamic Development Bank (IsDB) Group provided $105.7 million to support the electricity network in Suriname, which struggles with growing energy demand and limited capacity.
The IsDB Group is funding the project, which includes four main components and is scheduled for completion in the third quarter of 2028. (Zawya)
Trade Developments
Oman / Algeria
Oman, Algeria discuss enhancing investment, trade cooperation
Oman's Minister of Trade, Qais bin Mohammed Al Yousef, and Algeria's Minister of Trade, Tayeb Zitouni, held a videoconference to explore ways to boost investment and trade cooperation.
They agreed to encourage companies to enhance partnerships and transfer technology, aiming for long-term collaboration. (Zawya)
Qatar / Iraq
Qatar, Iraq to enhance economic, trade ties
Qatar's Minister of Commerce, Sheikh Mohamed bin Hamad bin Qassim al-Thani, and Iraq's Minister of Commerce, Atheer Daoud Salman al-Ghurairi, co-chaired the seventh session of the Qatari-Iraqi Joint Committee for Economic and Trade Cooperation in Baghdad on July 7-8.
The session underscored mutual efforts to enhance bilateral cooperation, economic partnerships, and joint mechanisms.
Sheikh Mohamed praised the strong relations between Qatar and Iraq, highlighting their role in deepening economic, trade, and investment cooperation. (Gulf Times)
Qatar / Uzbekistan
Qatar, Uzbekistan discuss ways to enhance trade ties
Mohammed bin Ahmed bin Twar Al Kuwari, First Vice Chairman of the Qatar Chamber, held a video call with Rasulov Dilshod Ozodovich, Deputy Chairman of the Uzbekistan Chamber of Commerce and Industry.
They discussed key sectors for potential investment and the activation of agreements between the chambers of commerce in both countries.
The meeting attended by officials from both countries focused on enhancing bilateral trade and economic cooperation.
(The Peninsula)
UAE / Kuwait
UAE, Kuwait discuss economic cooperation
UAE Minister of State for Foreign Trade Dr. Thani Al-Zeyoudi met with Kuwaiti officials to discuss enhancing economic and trade cooperation between the two countries.
He held talks with the Kuwaiti Consul General in Dubai and Northern Emirates, Ambassador Ali Al-Thaidi, and the Chairman of the Kuwaiti Business Council in Dubai and Northern Emirates, Dr. Firas Al-Salem.
They explored ways to boost bilateral cooperation and exchanged views on investment opportunities across various sectors. (Zawya)
UAE / Morocco
UAE, Morocco finalise CEPA agreement
The UAE and Morocco have finalized a Comprehensive Economic Partnership Agreement (CEPA).
The deal aims to boost trade and investment between the two countries by eliminating tariffs, reducing trade barriers, and improving market access for services. (Zawya)
Pakistan / Kuwait
Pakistan, Kuwait agree to promote trade relations
Pakistan and Kuwait have agreed to strengthen bilateral trade relations through increased cooperation.
The two countries aim to foster a more integrated economic partnership, focusing on business-to-business and government-to-government initiatives.
Pakistan has expressed keen interest in collaborating on various projects with Kuwait, while the latter has shown support for expanding trade relations. (Zawya)
Regulatory
Saudi Arabia
Green Climate Fund Approves Islamic Development Bank as GCF Accredited Entity
The Islamic Development Bank (IsDB) has been approved as an Accredited Entity by the Green Climate Fund (GCF).
This milestone signifies the bank's capacity to manage climate-related projects and access the world's largest climate fund.
As a key player in the fight against climate change, the IsDB will now be able to support developing countries in achieving their climate goals. (IsDB)
