Skip to main content

Iran pledges €50m to D8 fund

Tehran Times Economic Desk

TEHRAN – The secretary general of the developing eight countries (D8) stated that Iran has vowed to allocate 50 million euros to create an investment fund for the organization.

The Mehr News Agency quoted Dipo Alam as saying in Tehran on Sunday that Iran is the first country to make such a commitment.

He said that 930 million people live in the D8 countries, creating a huge market. Proper planning would enhance trade between the members, he added.

Alam pointed out that the market of D8 countries could include other countries as well.

He added that in 2006 trade between the member states stood at $35 billion, but it is currently around $68 billion.

The secretary general explained that transactions between the 8 developing countries account for 3.3 percent of world trade, adding that the figure is projected to reach 10-15 percent in the next few years.

Iran, Bangladesh, Egypt, Indonesia, Malaysia, Nigeria, Pakistan, and Turkey are the D8 member states.

Following the “Conference on Cooperation for Development”, on October 22, 1996, and after a series of preparatory meetings, the establishment of D8 was announced officially by the Summit of Heads of State in Istanbul, on June 15, 1997.

The objectives of D8 are to improve developing countries' positions in the world economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at the international level, and provide better standards of living.

----------Creating an atlas of D8 capacities proposed

The Iranian industry minister called on the organization to create a workgroup to identify and prepare an atlas to show the capabilities and needs of D8 members, Islamic Republic of Iran Broadcasting (IRIB) reported.

Ali-Akbar Mehrabian also recommended establishing common brands among the members, building a joint car for use in all Islamic countries, introducing the countries private sectors to one another and making endeavors towards easing monetary and banking relations between the states.

----------Industrial achievements fair opened

On the sidelines of the D8 meeting Iran opened a fair of its industrial capabilities, IRINN news agency reported.

Foreign visitors showed interest in this fair featuring electronics, automotives, textiles, petrochemicals, non-ferrous minerals, foodstuff, healthcare and agricultural products.

Some 400 domestic and foreign guests have been invited to the conference.

The D8 countries include Iran, Bangladesh, Egypt, Indonesia, Malaysia, Nigeria, Pakistan and Turkey.

Following the “Conference on Cooperation for Development”, on October 22, 1996, and after a series of preparatory meetings, the establishment of D8 was announced officially by the Summit of Heads of State in Istanbul, on June 15, 1997.

The objectives of D8 are to improve developing countries’ positions in the world economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at the international level, and provide better standards of living

Comments

Popular posts from this blog

Pakistani firm whose chemicals were used to kill US troops seeks subsidy for Indiana plant

By Jennifer Griffin, Justin Fishel
Published March 22, 2013


A Pakistani fertilizer maker whose chemicals have been used in 80 percent of the roadside bombs that have killed and maimed American troops in Afghanistan is now seeking U.S. taxpayer subsidies in order to open a factory in Indiana. 
The request appears to be on hold pending further review, but the situation has stirred outrage in Congress, where some accuse the Pakistani government of halting efforts to clamp down on the bomb-making. 
For the past seven years, the U.S. government has known that the raw material calcium ammonium nitrate, or CAN, is making its way across the border into Afghanistan where the Taliban use it to fuel their most deadly weapons, namely the improvised explosive device. IEDs have long been the number one killer of U.S. and coalition troops. 
The material largely comes from Pakistani fertilizer maker the Fatima Group. But the Pakistani government has stymied attempts by the Pentagon to stop the flow of the…

Menon meets Karzai, discusses security of Indians

Kabul/New Delhi/Washington, March 5 (IANS) India Friday said that the Feb 26 terror attack in Kabul will not deter it from helping rebuild Afghanistan as National Security Adviser Shivshankar Menon met Afghan President Hamid Karzai in Kabul to review the security of around 4,000 Indians working in that country.

Menon, who arrived here Friday morning on a two-day visit, discussed with Karzai some proposals to bolster security of Indians engaged in a wide array of reconstruction activities, ranging from building roads, bridges and power stations to social sector projects.

The Indian government is contemplating a slew of steps to secure Indians in Afghanistan, including setting up protected venues where the Indians working on various reconstruction projects will be based. Deploying dedicated security personnel at places where Indians work is also being considered.

Menon also met his Afghan counterpart Rangin Dadfar Spanta and enquired about the progress in the probe into the Kabul attack in…

Revathi from Karnataka got selected in Civil Services

Miss. Revathi from Karnataka got selected in the civil services became IAS. Above is the picture of her house. She is the role model for everyone. Let's congratulate her.