Middle East

We want to improve halal industry, says Organization of Islamic Cooperation chief

Author: Thu, 2018-05-10 23:51

JEDDAH: Secretary-General of the Organization of Islamic Cooperation (OIC), Yousef Al-Othaimeen, has underlined the OICs keenness to cooperate with Russia to bolster trade and investment, including encouraging trade and finance and boost the Halal industry as well as rural and agricultural development.
Addressing the launch ceremony of the 10th International Economic Summit entitled Russia-Islamic World: Kazan Summit 2018, hosted by the Republic of Tatarstan, Al-Othaimeen called for the coordination of executive and legislative mechanisms to facilitate business deals.
He also called for the liberalization of visa processes between OIC member states and the Russian Federation, highlighting that the volume of trade between Russia and OIC member states rose from $34.6 billion in 2014 to $42.5 billion in 2016.
Al-Othaimeen explained that OICs many activities, which aim to spread Islamic financial products and youth work, have largely benefited from the increased interaction between the organization and Russia.
He pointed out that Islamic finance assets are projected to increase 7 percent by 2022 after reaching $1.6 trillion in 2016.
Tatarstan President Rustam Minnikhanov received OIC Chief Yousef bin Ahmad Al-Othaimeen at his house in the capital Kazan on Thursday.
He thanked the OIC and expressed his appreciation for its tireless efforts to improve OIC-Russian relations and for its valuable contributions in the Islamic world.
Minnikhanov and Al-Othaimeen agreed to strengthen the existing cooperation in the fields of trade, finance, Halal products, and capacity building.

Main category: Saudi ArabiaTags: Saudi ArabiaOrganization of Islamic Cooperation (OIC)

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