Iran pledges €50m to D8 fund

March 1, 2010

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