Islamic Chamber lauds economic policies of Pakistan

Lahore : The Federation of Pakistan Chambers of Commerce and Industry on Wednesday said Islamic countries should join hands to ensure rapid progress which will lift masses out of poverty.

Despite efforts and unmatched natural resources, Muslim countries are falling behind rest of the world as far as economy, scientific development, academics and social progress is concerned, said Abdul Rauf Alam, President FPCCI.

Talking to Saleh Abdullah Kamel, President Islamic Chamber of Commerce, Industry & Agriculture (ICCIA) in Konya, he said that despite vast natural resources and youth population, Islamic world is making little contributions.

He said that Muslim countries have failed to realise their true potential which calls for sustained efforts for rapid social and economic development of our people for which identification of factors hindering growth is a must.

Abdul Rauf Alam said that we make 23 percent of the world’s population and 21.7 percent of the world’s land mass with GDP of around seven trillion dollars which is only eight per cent of the globe’s GDP.

Pakistan is the second largest Muslim country in terms of population but it ranks eighth within the Islamic world in terms of size of the economy but its ranking will improve soon due to CPEC and enabling policies, he said, adding that the non-oil GDP of the Islamic world is a paltry four percent of the world GDP.

He called upon the investors to explore Pakistan which is offering matchless opportunities to the foreign investors.

Saleh Abdullah Kamel, President Islamic Chamber having 58 nations as members lauded the economic policies of Pakistan and hoped that country will progress as the law and order situation has improved.

Islamic world should put forth new ideas and innovative research to break the economic inertia which is hindering economic development, he said.

He accepted invitation by Abdul Rauf Alam to visit Pakistan and attend the meeting of ECO Chamber schedule on December 20.

Chairman Coordination FPCCI Malik Sohail and Atia Nawazish Ali, Assistant Secretary General of the Islamic Chamber were also present in the meeting.