D-8 CCI Business Forum & Expo 2022 promotes value chain integration between member nations
The D-8 CCI Business Forum and Expo 2022, hosted by the D-8 Chamber of Commerce and Industries (D-8 CCI) commenced proceedings at the Oasis Hall of the Pan Pacific Sonargaon Hotel, Dhaka, today.
The event which will be held between the 26-27 July 2022, focuses towards creating a strategic roadmap that will enable Value Chain Integration between D-8 member nations and propagate exponential economic and trade growth for all nations.
This year marks the silver jubilee of the D8, which was established around the concept of co-operation among major Muslim developing countries across South Asia, South East Asia, Europe and Africa.
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Commerce Minister Tipu Munshi, Private Industry and Investment Adviser to the prime minister Salman Fazlur Rahman, State Minister of foreign affairs Md Shahriar Alam and D-8 Secretary General Isiaka Abdulkadir Imam.
Sheikh Fazle Fahim, president, D-8 CCI said, the D-8 countries together compose a $5 trillion economy with diverse strengths in primary, secondary, tertiary and quaternary sectors. Trade between the D-8 countries is $70 billion. It is possible to reach $500 billion in the next 5 years if the countries can utilise their potential.
"We will talk about how to ensure energy and food security during a crisis. We will focus on ways to engage the private sector in this regard," Fazle Fahim also said.
As a response to economic uncertainties and risks arising from the fallout of the Covid-19 pandemic and key global developments, the D-8 CCI is developing a strategic roadmap, for PTA ratification and engagement in value chain integration across the agriculture, manufacturing, tertiary and quaternary sectors.
This year's D-8 CCI Business Forum and Expo 2022 will explore the possibilities around building Value Chain Integration between Bangladesh and the seven other member countries of the D-8 – Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkiye.
The roadmap and its strategies will be discussed during the General Assembly on Day 1 of the event and presented to the ministerial on Day 2, subsequently being proposed to the trade and commerce ministries from respective countries, after the event, reads a press statement.
Key aspects of the proposal include:
• Employing value chain integration in the long run to mitigate supply chain volatility with pegged price guarantees and ensure secured livelihood, employment and investment
• Alternative trade finance and trade facilitation processes such as cross currency swap, barter and blockchain to address foreign currency reserve vulnerabilities
• Unified standardization and harmonisation of processes to address non-tariff barriers
• Easing the D8 visa regime for entrepreneurs to assist with greater connectivity within the D8 private sectors, contributing towards greater intra D8 trade and flow of investments
• Mapping contingencies for the D8 Comprehensive Economic Cooperation Agreement (D8CECA) to assist in long term D8 value chain integration, mitigating risks contributing towards global stagflation
• Enabling technologies such as Cybersecurity, 4IR, IOT, AI, Data Analytics and Industrial IOT across economic sectors
• Sustainability, circular economy, she-trades, MSMEs, start-up ecosystem, Innovation, Green Technology, Climate Change and Blue Economy also identified as priority areas for implementing value chain integration
