DOHA, Qatar Malaysia has proposed the development of a Muslim Direct Investment (MDI) scheme in the Organization of the Islamic Conference (OIC) in an effort to boost economic development among member countries.
Prime Minister Dr. Mahathir Mohamad, in making the proposal, said under the plan Muslim investors in capital-rich countries should be encouraged to invest in Muslim countries with the know-how and technology but lacking in capital.
Entrepreneurs in these two types of countries can also team up to invest in resource-rich Muslim countries which lack both capital and skills, he said, when addressing the Ninth OIC Summit here on Sunday.
Dr. Mahathir represented the Asian group at the summit.
He said that given the importance of trade in economic development, it was high time OIC member countries enhance trade and economic cooperation among themselves and break trade barriers against each other.
The easing of trade, he said, would create a big market comprising Muslim countries that would attract Foreign Direct Investment (FDI).
Properly managed, he said the investment can contribute to the countries' development.
A well-planned program can be developed to promote Muslim Direct Investment in OIC member countries, he said.
Dr. Mahathir said that for FDI and MDI to be attracted and industries to be established in Muslim countries, there was a need for the investment environment to be attractive.
Dr. Mahathir also said the OIC had to make a serious effort to ensure that globalization became an effective instrument for the development of all Muslim countries and the ummah or Muslim community.
Should the OIC redefine and refocus itself to be in keeping with the times, the Islamic Ummah over the next 20 to 30 years may be able to adjust to the globalized world and the information age.
It is our bounden duty to ensure that this will happen. While we should never let the sufferings of the Palestinians and other Muslims be sidelined or forgot, we must not let our long-term objectives be dimmed, he said.
(IRNA)