ECONOMY
Ihsanoglu calls for creation of private sector-led intra-OIC clusters to achieve economic transformation in OIC Member States
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Istanbul, Turkey - Several proposals have been made on modalities for increasing economic productivity in OIC Member States through support for private innovation, entrepreneurship and increased role of the Private Sector. These proposals were proffered during the OIC Forum on Public Private Partnership and Development of the Small and Medium Enterprises (SMEs) in OIC Member States, held on 3 December 2011, on the sidelines of the Second Global Summit on Entrepreneurship, which took place in Istanbul on 3 - 6 December 2011. The Forum was organized by the General Secretariat of the Organization of the Islamic Conference in collaboration with the Governments of Turkey and the United States of America. In his keynote speech, Prof. Ekmeleddin Ihsanoglu, the OIC Secretary General outlined the numerous OIC initiatives on promotion of the role of the Private Sector and SMEs for the socio-economic transformation of OIC Member States in such areas as investment promotion and human capacity development. He called for the creation of special forums for cooperation between public officers and private sector operatives, in order to increase knowledge-sharing and facilitate free flow of goods and services across OIC borders. He also called for the creation of Private Sector-led intra-OIC clusters in such areas as agrofood processing, transportation and logistics, manufacturing and services. The Forum, which was attended by scores of senior Private Sector captains with particular interest in promoting commercial relations with the OIC Member States, was also addressed by Dr. Cevdet Yilmaz, Minister of Development of Turkey, and Mr. Rashad Hussain, Special Envoy of the USA to the OIC. Following interventions and presentations, the Forum made a set of recommendations aimed at creating enabling environment for the Private Sector Development, especially for the promotion of entrepreneurship in the OIC Member States. Foremost among these recommendations are promoting public private partnership and closer cooperation with international organizations for increased technological and funding support for the SMEs development and collaboration with the Private Sector in OIC Member States; and creating a networking mechanism among technology and business incubators in OIC Member States. The Secretary General participated in the Session on the New Interaction Areas Brought About by Globalization, the Role of States and International Organization in Fostering Global Entrepreneurship, where he enumerated the core activities of the on-going initiatives for cooperation among OIC SMEs as the creation of a favorable policy and regulatory environment, strong and sustainable institutions providing financial assistance, and improved market access. Others include employment generation for women and youth, rural development and social safety nets, and acquisition of appropriate technology. The Second Partnership Summit is an initiative by the Administration of President Barack Obama to promote economic cooperation and partnership between the United States of America and the Islamic World through developing entrepreneurial spirit among communities in the OIC Member States. While the inaugural Summit was held in Washington in 2010, the third edition would be held in the United Arab Emirates in 2012.
the OIC Journal www.oic-oci.org Sept - Dec 2011