ICCD and ICIEC signed MoU for cooperation in the area of trade and investment development in common Member States
Islamic Chamber of Commerce and Development (ICCD) and the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) signed an MoU for cooperation in the area of trade and investment development in common Member States.
The agreement was signed by H.E. Yousef Hasan Khalawi, Secretary General of the Islamic Chamber of Commerce and Development (ICCD), and H.E. Oussama KAISSI, Chief Executive Officer of the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) at the ICCIA Headquarters in Karachi, Pakistan on 16th December 2022.
The MOU aims to strengthen and extend the cooperation between the two parties for the furtherance of their respective mandates. The parties anticipate that their cooperation will encompass a number of specific areas.
According to this MOU, the parties stand ready to cooperate in exploring the possibility of promoting intra-OIC trade; attracting investments into member countries; supporting green and sustainable financing; and developing Halal industry worldwide. In conformity with their respective responsibilities, activities, and organizational requirements, both parties agreed to make reasonable efforts in organizing conferences, seminars, and workshops for the development and promotion of trade and investment, for the private sector of the Member States. The parties will consult each other for the purpose of developing specific instruments for the implementation of the
cooperation activities contemplated in this MOU.
The MOU signing ceremony was held in the presence of the business and diplomatic community, Mr. Eyyup Yildirim, Commercial Attache, Turkish Consulate General in Karachi, Dr. Mirza Ikhtiar Baig, Honorary Consul of the Republic of Yemen in Karachi and Chairman, Baig Group of Companies, Dr. Irfan Bukhari, President & CEO of EXIM Bank of Pakistan and Mr. Amjad Rafi, Chairman Pakistan-Turkiye Joint Business Council & Senior Member of FPCCI as well as other members of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI).
As an affiliated Institution of the Organization of Islamic Cooperation (OIC), the ICCD is considered the Private Sector representative for 57 Member OIC Countries, through their National Chambers / Federations / Unions of Commerce & Industry as well as Muslim business communities in non-OIC countries. In view of the global economic challenges and opportunities, the ICCD has developed a strategic plan to implement its objectives and to empower MSMEs. It seeks to strengthen closer collaboration in the economic, commercial and other relevant fields, through three major tasks; (1) Acting as an engine for mobilizing investment, (2) Policy making
related to private sector and (3) Development of private sector and its related representatives (Chambers of Commerce).
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a multilateral institution and a member of the Islamic Development Bank Group, having its Headquarters in Jeddah, Kingdom of Saudi Arabia. ICIEC was established to enlarge the scope of trade transactions and encourage the flow of foreign direct investments to its Member States by providing (re)insurance cover against commercial and non-commercial in accordance with the principles of Shari’a.