INTRA-TRADE AMONG ISLAMIC COUNTRIES SET TO GET A BIG BOOST SHARJAH
The UAE’s trade with the rest of the OIC countries has witnessed tremendous growth in the past five years, and the OIC Expo presents an opportunity to give a further fillip for intra-trade among Islamic countries, according to senior officials attending the show that got under way today (April 24) at Expo Centre Sharjah.
H.H. Sheikh Sultan Bin Mohammed Bin Sultan Al Qassimi, Crown Prince and Deputy Ruler of Sharjah inaugurating the 13th OIC Expo at Expo centre Sharjah
The 13the edition of the show was inaugurated by H.H. Sheikh Sultan Bin Mohammed Bin Sultan Al Qassimi, Crown Prince and Deputy Ruler of Sharjah.
The intra-trade among member countries has touched US$ 550 billion in 2009 and this is in for a 20 per cent rise by 2015. The UAE has been a key player in OIC intra-trade and the country’s trade with member countries stands at 27 per cent of its total foreign trade, stated UAE Economy Minister Sultan bin Saeed Al Mansouri recently.
UAE's imports from the OIC member countries account for 16 per cent of the country’s total foreign trade, while exports to these countries stood at 36 per cent and re-exports at 56 per cent.
The opening ceremony of the Expo was attended by Mr. Ahmed Mohammed Al Midfa, Chairman of the Sharjah Chamber of Commerce & Industry (SCCI), Mr.Hussein Al Mahmoudi, Director General, SCCI ,Mr. Saif Mohammed Al Midfa – Director-General of Expo Centre Sharjah, officials of OIC member countries, government departments, and members of trade associations. The show will conclude on Friday, April 29, 2011.
H.H. Sheikh Sultan Bin Mohammed Bin Sultan Al Qassimi, Crown Prince and Deputy Ruler of Sharjah at one of the stands after inaugurating the 13th OIC Expo at Expo centre Sharjah
The show is held under the patronage of His Highness Dr Sheikh Sultan bin Mohammed Al Qassimi, Member of the Supreme Council and Ruler of Sharjah.
“By hosting the two OIC events, the UAE has shown that it firmly supports all efforts that aim at enhancing social and economic co-operation among OIC member countries and at strengthening the private sector’s role in increasing the volume of intra-trade activities and boosting investment in several arenas,” said Mr Ahmed Mohammed Al Midfa.
“The show is considered to be one of the most important economic events this year and it provides a dynamic platform to member countries to benefit from the vast opportunities that are on offer. It will also help tackle challenges thrown up by the global economic crisis, which has affected the volume of trade and investment all over the world, and, in one way or the other, the Islamic countries too,” added Mr Ahmed Mohammed Al Midfa.
H.H. Sheikh Sultan Bin Mohammed Bin Sultan Al Qassimi, Crown Prince and Deputy Ruler of Sharjah at the The 14th ‘Private Sector Meeting for the Promotion of Trade and Joint Venture Investment among Islamic Countries’ that is being held alongside the 13th OIC EXPO.
The 14th edition of ‘Private Sector Meeting for the Promotion of Trade and Joint Venture Investment among Islamic Countries’ is being held alongside the show from April 24-26.
The OIC Expo, which takes place every alternate year, has come to Sharjah for the second time. It was first held in the Emirate in 2002.
“With a 1.4 billion-strong consumer market and combined imports worth billions of US dollars, OIC member states have much to gain by enhancing transaction between their traders, manufacturers and investors,” said Mr Saif Mohammed Al Midfa.
“The show will help build effective public-private partnership mechanisms for capacity building, through enhanced networking, entrepreneurial mentorship and information exchange between and among trade policy-makers, promotion agencies, relevant multilateral organizations as well as private sector partners,” Mr Saif Mohammed Al Midfa added.
Though several hundred companies from all the OIC member countries and observer states are participating in the OIC Expo, China, Egypt, Indonesia, India, Kuwait, Malaysia, Morocco, Sudan, Thailand and several other Islamic countries are having a large participation at the show.
Leading companies like , National Paints , Emirates Airlines and RAK Investment Authority are among the more than 40 establishments that are taking part from the UAE.
The show is featuring all kinds of commodities and services, including industrial, consumer, electronics, and agricultural, household, raw materials, processed & semi-processed goods.
The show will be open from 10 am to 8 pm daily and from 4 pm to 8 pm on Friday. Entry and parking are free.
The OIC Expo is organised by the Islamic Centre for Development of Trade and the Sharjah Chamber of Commerce & Industry under the theme "Economic partnership and sustainable development".