D-8 Organization for Economic Cooperation aim to develop cooperation among member states in trade, development, tourism
The Developing Eight (D-8) Organization for Economic Cooperation focused on increasing income from tourism of member countries in 2023.
The organization was established in the wake of the Istanbul Declaration at the summit of member states and heads of government held June 15, 1997, in the Turkish metropolis under the leadership of late Prime Minister Necmettin Erbakan.
The Istanbul-based organization aims to increase the prosperity and peace of its eight member states Türkiye, Nigeria, Egypt, Pakistan, Indonesia, Iran, Malaysia and Bangladesh.
Member states have a total population of 1.2 billion and a 14% share in global trade.
The organization continued to work under Bangladeshi chairmanship to improve cooperation among member states to address issues in areas such as tourism and funding shortages in 2023.
Tourism cited as key area to realize economic cooperation
Secretary General Ambassador Isiaka Abdulqadir Imam told Anadolu that the year was very active with many sectoral meetings, especially with the D-8 Commission meeting.
“We hosted two meetings, one in Istanbul and another one in Bangladesh,” said Imam, noting that D8 signed a series of decisions in meetings in February and October.
Pointing out the importance of the Tourism ministerial meeting in Pakistan in August, Imam said: “Tourism is one of our key areas,” as it ensures economic cooperation between member states.
Imam noted that Türkiye generated more than $20 billion in tourism revenues from January to June, and he believes the turnout poses an example to member states.
Imam said D-8 is undertaking cooperation efforts in areas in addition to tourism, and is trying to establish its barter trade system to reduce the effects on foreign exchange reserves.
He said the group signed a Memorandum of Understanding with a private company in Türkiye, and a meeting with stakeholders will soon be held.
Imam noted that it is working to establish the D-8 Center for Progressive Economy in Malaysia, and it signed an agreement with the Malaysia-based Al-Hidayah Group to establish an economic and financial center in the country for the purpose.
Highlighting the importance of e-commerce, Imam said the organization intends to “pursue e-commerce very aggressively to connect three continents, especially entrepreneurs and people.”
Lack of funding, representation pose biggest challenge
Imam addressed challenges the organization faces, including the inability to hold the D-8 Trade Ministerial meeting, which it intends to hold as soon as possible.
Imam cited the lack of funding to finance projects as the most important challenge and said the group is working to establish a D-8 Development Fund to overcome the obstacle, with some leaders making proposals for the establishment of a D-8 Bank.
Imam underlined the lack of representation of the organization even after 26 years since the organization’s inception.
It signed a Memorandum of Cooperation to overcome the challenge with the support of Anadolu and Türkiye’s national broadcaster, Turkish Radio and Television Corporation (TRT), said Imam.
He announced the change of chairmanship of the organization in 2024.
“Bangladesh currently chairs the organization, although its chairmanship will end in April 2024, and after that, because we go in the alphabetical order, Egypt will most likely assume chairmanship,” he said.
“As for the next summit to be held, I currently do not know where it will be, however, it will take place in 2024,” he added.
Source: aa