WIEF can help hasten intra-trade in OIC

19 May 2010 , By The Star

The World Islamic Economic Forum (WIEF) can be the platform to accelerate intra-trade among Organisation of Islamic Conference (OIC) countries and achieve the OIC’s growth target of 20% or US$250bil by 2015, said Deputy Prime Minister Tan Sri Muhyiddin Mohd Yassin.

“This WIEF platform can play a significant role in boosting intra-trade among OIC countries.

“The intra-trade between the OIC countries grew to 16.7% of the total exports of OIC countries last year from 13.6% in 2006,” he said in the keynote address of the opening of the pre-forum and exhibition of the 6th WIEF yesterday.

Muhyiddin said US$3.4bil worth of business deals were signed at the WIEF last year.

The 6th WIEF pre-forum sessions focuse businesswomen and young leaders’ network forums.

“The WIEF young leaders forum is important as the population of the Muslim world is getting younger with around 65% of the population now aged 30 years and below. And in a few decades these young people will assume positions of leaderships in various facets of Muslim society,” he said.

On the challenges facing young men and women in business, Muhyiddin said a major hurdle would be access to funds, especially in “social entrepreneurship”.

“May the forum participants use this platform to deliberate on the viability of a private sector-led ‘social entrepreneurship foundation’ that is similar to the one already set up in Western countries, but this one will cater for the needs of Muslim social entrepreneurs,” he said.

WIEF Young Leaders Network (WYN) chairman Datuk Seri Nazir Abdul Razak said the network scholarship and internship programmes had gained momentum since their establishment in 2006.

“For 2010, we have secured offers from prominent global names like Coca-Cola, CIMB Group and Sime Darby. Our internship programme has received 200 applications from universities across the Muslim world in 2009,” he said. Nazir said these programmes’ aims were beyond placing bright people in universities and organisations.

“It’s also about facilitating the movement of young Muslims across the world and the building of networks which are associated with inter-migration of people and knowledge,” he said.

The 6th WIEF, with the theme “Gearing for Economic Resurgence”, will be officially opened today with the keynote address delivered by Prime Minister Datuk Seri Najib Abdul Razak.

The three-day forum starting yesterday will look at the role of Islamic banking and finance in paving the way for a more stable global financial system.

WIEF Foundation chairman Tun Musa Hitam said Islamic banking was gaining ground as a beacon of financial stability in the post financial crisis era. The Islamic financial services industry has grown at an annual rate of 15% and was worth US$1 trillion last year - five times higher than in 2003.