Turkish minister invites D-8 countries to develop car brand

TEHRAN - Anadolu Agency

DHA Photo

Turkish Industry Minister Fikri Işık has called on his counterparts from the D-8 group of developing countries to participate in creating a joint venture car brand.

Speaking at a D-8 industry ministers’ summit in the Iranian capital Tehran, Işık said the total volume of bilateral trade between member states had doubled between 2000 and 2011, but the aim was to increase this figure to 20 percent of overall global trade by 2018. Total trade among member states was $130 billion in 2011.

“We need to reflect this cooperation between member states with solid projects and move it to further levels. [As Turkey] we have started a domestic car project, and I invite member states to take more initiatives to develop our cooperation,” he added.

Turkey has been considering a project to create a national car brand since 2010, partly aimed at boosting exports and thus reducing the current account deficit, a major headache of the Turkish economy.

Meanwhile, D-8 Secretary General Seyed Ali Mohammad Mousavi said task force meetings held prior to the ministers’ summit, with the participation of private and public sector representatives from member states, were “very positive.”

“With joint investments and projects, we can significantly contribute to the development of our economies. But we can’t do it without the participation of the private sector,” Mousavi said.

The D-8 is an organization that aims to foster cooperation between Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey and to improve member states’ visibility and status in the global economy.