Plea to integrate economies of Islamic world

KARACHI: Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), has called for greater business-to-business interaction, joint investment projects and institutional linkages between chambers and business organizations across the Islamic world. He emphasized the need to promote Islamic economic integration through bilateral and multilateral cooperation and transform Pakistan’s relations with the Islamic world into stronger trade, investment and business partnerships, stressing that the upcoming FPCCI Islamic Economy Summit with Diplomats on 7th October 26 at the Federation House in Karachi would provide an important platform for this purpose. He said that the 57-member Organisation of Islamic Cooperation (OIC) represents a vast economic market spread across four continents, with a combined GDP of around US$10. 77 trillion in 2025. OIC countries recorded approximately US$1. 7 trillion in exports and US$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 one trillion dollars, 20. 36 percent 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 of 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. Atif Ikram 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 said the FPCCI Islamic Economic Summit will bring together diplomatic missions, commercial representatives, government institutions, financial organizations, chambers of commerce and leading business representatives to identify practical opportunities for trade, investment and joint ventures. Atif Ikram Sheikh emphasized that FPCCI intends to use the Summit to develop practical and actionable proposals for strengthening Pakistan’s economic relations with OIC countries and to pursue their follow-up with the relevant ministries, institutions, diplomatic missions and private-sector stakeholders. “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. Copyright Business Recorder, 2026

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