Economy, Domestic Economy

D-8 Summit Opens in Tehran

D-8 Summit Opens in TehranD-8 Summit Opens in Tehran

The fourth D-8 ministerial meeting began in Tehran yesterday with the aim of consolidating and strengthening cooperation in terms of industry and small & medium enterprises (SMEs) among the member states.

Industry ministers and other high ranking officials and experts from the member states, as well as representatives from the private sector and local/international organizations are taking part in the 3-day meeting, which is  hosted by Iran's ministry of industry, mine and trade in collaboration with  Trade Promotion Organization (TPO).

The participants are expected to discuss the formation of new working groups for SMEs (small and medium-sized enterprises), energy and technology.

D-8, also known as Developing-8, is an organization that seeks to develop cooperation among member states that include Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

The establishment of D-8 was officially announced through the Istanbul Declaration of the Summit of Heads of State/Government on June 15, 1997.

The objectives of D-8 are to improve member-states’ status in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at the international level and improve standards of living.