Pakistan’s FPCCI calls for stronger economic integration among OIC states

Despite a combined GDP of around $10. 77 trillion, trade among the 57 member states of the Organisation of Islamic Cooperation (OIC) accounts for only 20. 36% of their total foreign trade, highlighting significant untapped potential for deeper economic integration, the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) said on Saturday. The figures were shared by Atif Ikram Sheikh, President of the FPCCI, while emphasizing the need to promote Islamic economic integration through bilateral and multilateral cooperation, read a statement. He also called for the transformation of Pakistan’s relations with the Islamic world into stronger trade, investment and business partnerships. Sheikh said that the 57-member OIC represents a vast economic market spread across four continents, with a combined GDP of around $10. 77 trillion in 2025. OIC countries recorded approximately $1. 7 trillion in exports and $1. 6 trillion in imports during the year, highlighting the enormous scale of the market and the opportunities available for greater economic integration. He noted that intra-OIC trade reached to US$ one trillion i. e. 20. 36% of the member states’ total foreign trade. However, the figures also demonstrate that substantial room remains for expanding trade among OIC countries through improved trade facilitation, connectivity, financial linkages and private-sector cooperation. The President FPCCI said that Pakistan has considerable potential to deepen Islamic economic engagement with OIC markets, particularly in textiles and value-added products, agriculture and food processing, pharmaceuticals, engineering goods, minerals and mining, information technology, halal products, tourism, logistics and renewable energy. He stressed that the focus should not remain limited to conventional trade but should increasingly include joint ventures, technology partnerships, investment and regional value chains. Sheikh said Pakistan’s strategic location, sizeable consumer market, young population, industrial base and investment opportunities under the Special Investment Facilitation Council (SIFC) provide a strong foundation for attracting investment from OIC countries. He called for greater business-to-business interaction, joint investment projects and institutional linkages between chambers and business organisations across the Islamic world. “The Islamic world possesses enormous economic resources and markets. Our objective should be to convert this potential into greater trade, investment, joint ventures and sustainable business partnerships, ” he added.

Read full story on Business Recorder