Here’s a roundup of key developments across the OIC ecosystem during the first week of December.
Leading the pack is GCC’s largest economy, which sealed a cooperation agreement with Malaysia to foster halal industry growth. On a corporate level, Saudi and Turkish companies penned several agreements to bolster trade ties. The Qatari-Saudi Business Council is also reviewing avenues to strengthen trade and investment collaboration.
Trade Developments
Saudi and Turkish companies, as part of the Saudi-Turkish Business Council, signed eight trade agreements aimed at enhancing trade and investment ties between the two countries. The agreements were formalized during a round table attended by officials, including the Governor of the Saudi Standard, Metrology, and Quality Organization Dr. Saad Bin Othman Al-Kasabi, Turkish Minister of Trade Dr. Omar Bolat, and representatives from the Federation of Saudi Chambers of Commerce. (Saudi Press Agency)
The Halal Products Development Company (HPDC), a subsidiary of the Public Investment Fund (PIF), has entered into a cooperation agreement with the Halal Development Corporation (HDC) in Malaysia to foster the growth of the halal industry on both local and international fronts. The agreement, signed during the Halal Expo London 2023, outlines collaboration in exchanging information and experiences related to successful practices and business models in the halal sector. (Saudi Gazette)
The Qatari-Saudi Business Council convened to explore avenues for enhancing trade and investment collaboration on the sidelines of the Made in Qatar 2023 exhibition. Chaired by Sheikh Khalifa bin Jassim al-Thani, Chairman of Qatar Chamber, and Hamad bin Ali al-Shuwaier, his Saudi counterpart, the meeting included council members from both countries. (Zawya)
Pakistan and Türkiye emphasized the crucial need to finalize the implementation of the Trade Preferential System among the Member States of the OIC (TPS-OIC) agreement on December 4. Both nations stressed the importance of establishing a clear and achievable deadline for this strategic move. (APP Digital)
ESG Developments
In a significant development at COP 28, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group, formalized a collaboration with GE Energy Financial Services (GE Vernova) through a Memorandum of Understanding (MOU). The agreement is geared towards enhancing sustainable development and climate action across ICIEC’s 49 member states. (ICIEC)