Economy, Domestic Economy

Public, Private Sector Collaboration Urged in D-8 Meeting

Public, Private Sector Collaboration Urged in D-8 MeetingPublic, Private Sector Collaboration Urged in D-8 Meeting

Through collective and united collaboration between private and public sectors, the D-8 member countries can increase their foreign trade volume to $500 billion by 2018, said the secretary general of D-8 Organization for Economic Cooperation, Ali Mohammad Mousavi, as part of his inaugural address in the Fourth D-8 Ministerial Meeting on Industrial Co-Operation in Tehran on Monday.

 “There is no doubt that this meeting provides an opportunity for the D-8 member states to promote their economy and industry,” Mousavi was quoted by IRNA as saying.  D-8, also known as Developing-8, is an organization for development cooperation among the member states namely Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

The member states’ industry ministers, senior officials, and representatives from the private sector and local/international organizations are taking part in the three-day meeting, hosted by Iran’s ministry of industry, mine and trade in collaboration with Trade Promotion Organization (TPO).

During the event, expert-level talks will be held on different sectors such as auto-industry, machinery, cement, steel and iron, agricultural industries, textile industry and textile fabrics, food industries, petrochemical industry, electronics and information technology.

  Private Sector Participation

The secretary-general of D-8 Federation of Chambers of Commerce and Industry, Farzad Mehrani also addressed the inauguration ceremony and urged the governments to “facilitate active involvement of the private sectors in economic activities.”

Mehrani called for providing incentives and priorities to the private sector in banking, customs regulations, investment opportunities and transportation costs to encourage their participation in economic activities.

Addressing the meeting on Monday, deputy minister of Industry, Mine and Trade, Mohsen Salehinia  called on member states “to redefine industrial cooperation among D-8 countries,” adding that one of the main objectives of the current meeting is to “ implement the previously-reached decisions.”

The D-8 formally started its journey through the Istanbul Declaration of the Summit of Heads of State/Government on June 15, 1997.

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