Islamic countries need to benefit from globalization, increase inter-trade

Member countries of the Organization of Islamic Conference (OIC) should seek ways to benefit from the globalization process, said Badreddine Allali, general manager of the Islamic Center of Trade Development in Casablanca on Wednesday.

Addressing the opening session of a seminar on "trade and investments among OIC countries, economic stabilization and structural reforms in OIC countries," Allali said that increasing economic liberalization and the gradual dismantling of customs barriers are forcing OIC countries to identify factors that would help them benefit from the new international economic environment and reduce the adverse effects of globalization.

He further insisted on the need to develop inter-Islamic trade and promote foreign investment, since trade between Islamic countries only accounts for 10 percent of their total trade, which represents 5 percent of world trade.

The Islamic world's share in its own direct investments only reaches 4 percent, he said.

The seminar, to wind up Friday, brings together experts from member countries and from the OIC specialized institutions.

Topics include the present situation and perspectives of trade and investments, foreign direct investments, structural adjustment policies enforced in islamic countries and their impact on industrialization, competitiveness, external trade and investment flow.