Azernews.Az

Cooperation between businessmen from Islamic countries contributes to the convergence of economies and development of trade relations, head of Turkey's Independent Industrialists and Businessmen's Association (MUSAID) Nail Olpak has said.

Olpak was speaking at the opening ceremony of the 16th International Business Forum (IBF) Congress and the 14th International Fair in Turkey. The events are being organized as part of a meeting of the Organization of Islamic Cooperation (OIC) permanent committee of economic and trade cooperation and taking place on October 11-14.

Olpak noted that the Turkish economy grew 10.3 per cent in the first half of 2012, amid a recession in many other countries. Turkey's overall export increased 10.8 per cent over eight months, while it grew by 123 per cent with other OIC countries.

He said the development of trade and economic relations among the OIC countries started in the past 10 years and continues.

Some 5,000 delegates from 86 countries joined the forum. Turkey's main purpose is to reach an export volume of $500 billion by 2023 and conduct of such business meetings is very important for agreements and future projects.

735 companies, including 565 Turkish ones, are represented at the exhibition. Officials and businessmen from Islamic countries are participating in the events organized by the Turkish Ministry of Economy and MUSAID. These are taking place with the participation of Turkish Prime Minister Recep Tayyip Erdogan, Minister of Economy Zafer Caglayan and economy ministers from other countries.

Egypt's Investment Minister Osama Saleh, Malaysian Minister of International Trade and Industry Dato Sri Mustapa bin Mohamed, President of the Islamic Development Bank Ahmed Mohamed Ali and Moroccan Prime Minister Abdelilah Benkirane are taking part in the forum as well.