Int’l Business Forum calls for development

ISTANBUL - Anatolia News Agency

More than 5,000 business people from 86 countries attended the International Business Forum, organized by MÜSİAD, a local business association. DAILY NEWS photo, Emrah GÜREL

There is a significant opportunity for Islamic countries to develop their economies in the wake of recent developments in the Middle East and North Africa, according to the final declaration of the 16th International Business Forum (IBF), which was organized last week by the Independent Industrialists’ and Businessmen’s Association (MÜSİAD).

MÜSİAD hosted more than 5,000 international business people from 86 countries, and more than 30 ministers from 20 countries, at the 14th International Fair and 16th IBF, which were jointly held between Oct. 11 and 14 in Istanbul.

“We have realized the largest meeting of the Islamic business world to date. We thank God for that,” MÜSİAD President Nail Olpak told Anatolia news agency. “This year’s meeting was organized on a 45,000 square meter indoor space, up from 23,000 square meters last year. I cannot imagine next year’s figure. It seems like we will double it next year.”

Islamic countries should act together in a coordinated manner to make their voices heard in the global economic and political arena, the declaration said, adding that IBF was a valuable platform for each of the countries to proceed quickly on the path to development, bringing together business people, academics and policy-makers and enabling the efficient distribution of knowledge.

The IBF board has identified several subjects to study for the development of Islamic countries.

Accordingly, Islamic countries should implement an industrial cluster strategy by providing sectoral and regional incentives, benefiting from global technological knowledge through technology transfers, and developing joint institutional infrastructures and financial resources, the declaration said.