MC

 

Saudi Arabia proposed the formation of a working group to review and update the strategic plan of the COMCEC, as well as to set up priorities and to develop performance indicators to ensure the implementation of the objectives of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation "COMCEC".

The Thirty second session of the above mentioned committee kicks off today in Istanbul, Turkey, to discuss economic and trade cooperation among the member states of the Organization of Islamic Cooperation. This important event held under the patronage and attendance of the President of the Republic of Turkey Mr. Recep Tayyip Erdogan, and His Excellency the Secretary General of the Organization of Islamic Cooperation, Dr. Yusuf Bin Ahmed Al-Othaimeen.

During this conference, His Excellency the Minister of Commerce and Investment, Head of the Saudi Delegation, Dr. Majid bin Abdullah Al Kasabi stressed in his speech the importance of forming a working group to review and update the strategic plan of the COMCEC, to set up priorities and to develop performance indicators in order to ensure the implementation of the committee’s objectives, adding that the challenges, facing the Islamic Nation, requires activating and expanding the role of such committee. 

H.E. said that the most important goals of the COMCEC include addressing the economic challenges, as well as the contribution, rendered by the Member States, in the development efforts, also the development and dissemination of knowledge, the exchange of expertise and the best practices, building a common understanding, and bringing closer the policies adopted by the Member States. 

From this perspective, and due to the major economic challenges, comes the role of the COMCEC Committee, as one of the most specialized committees in the field of multilateral economic and trade cooperation among the Member States. 

H.E. Minister of Commerce and Investment pointed out the importance of selecting the topic of this session "Developing Strategies for Islamic Finance in the Member States," which is one of the vital issues. The participants hope that these debates and discussions, taking place during the meetings period, would bear fruits and practical initiatives that would benefit all Member States.

 

H.E. the Minister added, we look forward that the topics of the COMCEC future sessions would keep abreast with the financial and economic developments experienced by our countries. In this regard, the topics that could be proposed for the next sessions are:  Services Trade, Industrial Integration among the Member States and Enhancing the Role of Free Trade Zones in the Member States. 

H.E. Minister of Commerce and Investment concluded his speech by talking about the importance of future planning to ensure prosperity and welfare for the coming generations. In that regards, the Kingdom of Saudi Arabia has drawn the features of a broad plan for economic reform and development under the title "The Saudi Vision 2030," which is a vision of the present for the future, based on three pillars: The Arab & Islamic Depth, Investment Power, The Importance of Strategic & Geographic location. This vision is designed to enhance the Arab, Islamic and international integration.

Meanwhile, the Thirty Second Session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation "COMCEC" has kicked off today in Istanbul, where the agenda includes discussing the report of the Committee's Strategy and its implementation, as well as creating and developing strategies for Islamic finance, also the Ten Year Work Program of the Organization of Islamic Cooperation, besides examining the global economic developments, and enhancing the size of Intra-Regional Trade among the Member States of the Organization of Islamic cooperation, in addition to enhancing the role of the private sector regarding the economic cooperation, also developing the transport and tourism sector, and increasing agricultural productivity and the sustainability of food security, more over giving special attention to poverty alleviation.