The first meeting of industry ministers of the developing eight Islamic countries (D8) will be held in Tehran from February 27 to March 2

The first meeting of industry ministers of the developing eight Islamic countries (D8) will be held in Tehran from February 27 to March 2.

The event is aimed to utilize capacities in order to increase the influence of D8 countries in global industry, Iranian Industries and Mines Minister Ali-Akbar Mehrabian said, IRINN news network reported.

He expressed hope that the summit will take a huge step in enhancing cooperation and consolidating economic relations among the member states in fighting global threats.

The Iranian official further expressed hope that the meeting will bring about higher living standards in D8 countries and will have positive results in Iran’s industry sector.

The D8 members include Iran, Bangladesh, Egypt, Indonesia, Malaysia, Nigeria, Pakistan and Turkey.

The combined population of the eight countries is about 60 percent of the Muslim people, or close to 13 percent of the world’s population.

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.

Around 400 domestic and foreign guests have been invited to the event.

Pakistan and Iran will Boost Bilateral Trade Ties

On the event, Pakistan and Iran will discuss bilateral trade, and confirmed that both countries are interested in further boosting bilateral economic and business ties, especially development and strengthening of industrial relations.

Iranian Ambassador Mash’allah Shakeri discussed this in a meeting with Federal Industries and Production Minister Mir Hazar Khan Bijarani in Islamabad on Wednesday.

The minister said Pakistan and Iran had very good industrial relations on government-to-government basis but “we need to promote these in our private sectors. Chambers of commerce of both countries can play a key role.”

On the other occassion, Iranian Foreign Affairs Minister Manouchehr Mottaki told BERNAMA, Malaysia’s national news agency, that the Preferential Trade Agreement (PTA), Customs Cooperation Agreement and Visa Agreement signed provided rooms for future cooperation. The agreements also allowed for expansion between member countries, added the minister.

The D8 member countries cooperate in various areas, especially trade and economy. The PTA, signed in Bali in 2005, will be a catalyst to boost D8 intra trade which stands at 1.2 trillion U.S. dollars when it comes into force. Mottaki said D8 member countries had targeted an increase of intra trade from 5 percent of the total global trade to 15 to 20 percent by 2018. The D8 meeting will discuss the action plan of the Ten-Year Roadmap aiming to encourage greater economic cooperation and resources mobilization between member states.

News Source: Tehran Times, IRINN, BERNAMA, D-8

The large delegation of Turkish businessmen accompanying a recent presidential visit to Bangladesh was the proof of the importance of Bangladesh to Turkey. Turkey and Bangladesh pledged to increase the trade volume to exceed 1 billion dollars

Turkey’s private asset management firm RHEA has offered a US$1-bn conditional loan to Bangladesh for winning infrastructure deals, Reuters reports.

RHEA also pledged a $5 million donation for health care and educational projects in Bangladesh if the government gives work orders to Turkish builders for building flyovers and bridges.

Turkish President Abdullah Gul (pictured) traveled to Bangladesh with a group of Turkish traders to announce the offer.

“The loan will be forwarded only when the government agrees to allow Turkish builders to construct the infrastructures,” Annisul Huq, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) told reporters.

The stance of the Bangladesh government was not known immediately on the pre-condition for the loan, but Reuters reported that finance ministry officials said the government might accept the offer because it is eager to build flyovers in Dhaka and elsewhere.

Gul, the first Turkish president to visit Bangladesh since 1999, arrived in Dhaka on Friday February 12, with an entourage of some 180 people, mostly businessmen and entrepreneurs.

Reuters notes that Turkey, frustrated by the slow progress of its bid to join the European Union, has seeking for new markets for its growing economy.

News Source: ICON review, D-8.

1.    INTRODUCTION
The information contained herein is for the benefit and reference of delegates of the 1st Ministerial Meeting on Industry and 5th WGIC of D-8.

2.    MEETING INFORMATION
2.2    Date and Venue:

The venue of the meeting is at the “Iranian Center for International Conference”
Address: Shahid Bahonar St. Shahid Aghaei St. Tehran-Iran
Telephone:     +98 21 22802670 /+98 21 22802669
Fax:         +98 21 22802668
E-mail:  icic@ipis.ir

Esteghlal Hotel has been dedicated for lodging participants.
Address: Crossroad of Vali-E-Asr & Chamran Exp-way, Tehran-Iran
Telephone:    +98 21 22 66 00 11 - 25
Fax:        +98 21 22 6600 41
Reservation Fax: +98 21 22 66 00 31
Reservation Email: reservation@esteghlalhotel.com

The dates of the 5th WGIC are February 28 and March 1, 2010 and the date of the 1st Ministerial Meeting is March 2, 2010.

2.4    Secretariat Contact Information

All enquiries and communications may be directed to the following addresses:

For substantive matters as well as Registration and Accreditation:
Ms. Aryamehr Mahmoudian,
Tel: +9821 88898083
Mob: +98 912 387 4473
Email: am.mahmoudian@yahoo.com

For logistical requests
Mr. Hasankhan
Tel: +9821 88889236
Mobile: +98 912 136 2023
Email: info@idro-fairs.com

For Transportation, Accommodation, Medical Facilities and Conference Facilities
Mrs. Dolat : +9821-88889236- 88791748-88797584
Email: info@idro-fairs.com
Mobile: +98 9126394853

Secretariat Desk
The secretariat will be located at the “”Iranian Center for International Conference”. The secretariat will be operational from 12.00 noon on February 27, 2010 until 12.00 noon on March 3, 2010.

A Help Desk would also be available in Esteghlal Hotel.

3. REGISTRATION AND ACCREDITATION

Registration forms are attached as Annex F & Annex G. The duly completed form has to be submitted by e-mail or fax to the Registration Secretariat.  Accreditation passes for all participants will be issued upon registration. Please ensure that accreditation passes are worn at all times. For security reasons, participants may not be allowed into venues without proper identification.

4. Hospitality

4.1. The Government of the Islamic Republic of Iran will extend hospitality to the D-8 Member States on the following basis:

a) Minister plus two, from 1^st to 3^rd March, 2010.

In case of absence of the Minister, the Ministry of Industry and Mines of the Islamic Republic of Iran will extend her hospitality to the Head of delegation, only.

b) Head of Delegation to the Senior Experts’ Meeting plus one, from February 27 to March 3, 2010.

4.2. Hospitality includes hotel accommodation. It will not include tobacco, IDD calls, faxes and other services within the hotel.

4.3. The cost of accommodation prior to or after the above dates and any additional expenses will be the responsibility of each delegation.

5. Accommodation

5.1. For other members of each delegation (Officials, Accompanying Delegate, private sectors, security, etc.) accommodation will be arranged at special rates at Esteghlal Hotel.

It is strongly recommended to make your reservation as soon as possible.

6. Transport Arrangements

6.1. A Chauffeur-driven car will be provided to each Minister/Head of the Delegation to the Ministerial Meeting upon his/her arrival at the Imam Khomeini International Airport.

6.2. Appropriate transport arrangements will be made in respect of the accompanying members of each Ministerial delegation.

6.3. Appropriate transport arrangements will be made for other members of the official delegations on their arrival/ departure.

7. Dinner hosted by the host

In her capacity as Host, the Ministry of Industries & Mines of the Islamic Republic of Iran will host a dinner for all delegates.  The venue will be decided and informed in due course.

8. LANGUAGE

All meetings will be conducted in English.

9. MEDICAL FACILITIES

Please contact the Hotel Reception or Secretariat if medical assistance is required.

10. OFFICE FACILITIES

Office facilities and telephone/facsimile are available at the Hotel and participants are to be responsible for all costs incurred there. Services provided include Internet access, facsimile and photocopying services.

11  GENERAL INFORMATION

A. CLIMATE

Tehran located in the northern part of the Iran, on a high, sandy plateau, has a population of about 7,000,000. The city has a temperate climate with hot summers; and cold winters. Average temperature of Tehran in February-March is 12 °C.

B. TRANSPORT

Hotel can assist to rent sedans and minivans for participants at their own expense.

C. CURRENCY

The currency used is Rial. Currency exchange services are available at the airport, hotels and banks which accept major currencies. The currency exchange is approximately 10,000 to USD (as of January 9, 2010.).

D. CREDIT CARDS

Credit cards are not accepted in Iran except by some shops and private banks. In regard to settlement of hotel accommodation charges, may it request delegates to have sufficient cash with them.

E. PRAYER TIMES

Prayer times in Tehran on February 28 and March 2, 2010:

The two-day visit of President Abdullah Gul to Bangladesh, the first by a Turkish president in 13 years, marks a constructive engagement in bilateral relations was required to consolidate bonds of friendship and to open avenues of opportunity between two countries.

The visit of the Turkish President Abdullah Gul to Bangladesh, which was the first by a Turkish president in 13 years, is likely to open a new chapter in the excellent relationship between the two countries based on common historical, religious and cultural traditions. It created opportunities for expansion of economic and commercial ties between the two nations. The importance of this visit can be seen through the Turkish president’s broad ranging discussions with Bangladesh important economic stakeholders and the country’s strategic planners. This was facilitated by the large economic delegation that accompanied the president, and also the presence of several Turkish members of parliament.

The relationship between the two countries reached a new height with the Turkish recognition of Bangladesh soon after independence. Both the countries are members of the D-8 Organisation for Economic Cooperation, a group of eight developing countries. Bangladesh and Turkey have formed a Joint Economic Commission (JEC) and the Turkey-Bangladesh Chamber of Commerce and Industry (TBCCI) with the objective of promoting commercial, economic and social relations.

Bangladesh can greatly benefit from its relations with Turkey, which is now the 15th largest economy in the world and the 6th largest in Europe. According to official sources, the present trade volume between the countries is limited to around US$500 million per year. This can be increased through comprehensive commercial and economic cooperation. The third JEC meeting held in Istanbul last November examined ways to expand the volume of annual trade to more than one billion USD within three years.

The Turkish President is reported to have noted that the present level of economic and commercial relations between the two countries is far from reflecting the potentials. Bangladesh and Turkey should explore the potential fields of cooperation. Turkey may import increased volume of world-class Bangladeshi products like pharmaceuticals, jute and leather goods and garment at competitive prices. Power generation, textile, information and communication technology are some of the sectors where Turkey may find it profitable to invest. Bangladesh should provide policy and infrastructural support to encourage investment, and should prepare to fully utilise the potentials for expanding the ties with Turkey for the growth of the economy.

Indonesia’s economy grew at the fastest pace in a year last quarter as lower interest rates and government stimulus measures spurred consumer spending

Indonesia’s economy grew at the fastest pace in a year last quarter as lower interest rates and government stimulus measures spurred consumer spending.

The southeast Asia’s largest economy expanded 5.4 percent in the three months to Dec. 31 from a year earlier after gaining 4.2 percent in the third quarter, the statistics office said in Jakarta earlier this week. The median forecast in a Bloomberg News survey of 18 economists was for a 5 percent increase.

Asian economies from China to Vietnam are picking up speed after policy makers boosted spending and slashed borrowing costs to counter the global recession. Credit Suisse Group AG said Indonesia and other countries in the region are less vulnerable to sovereign risks than some European nations as Asian debt levels are lower and more sustainable.

“Indonesia’s financing situation compares favorably to many of its regional and rating peers, not to mention the weak links in the European Union,” Cem Karacadag, an economist at Credit Suisse in Singapore, said before the report. “The government’s financing situation is manageable and Indonesia’s creditworthiness is gradually but steadily improving.”

The Indonesian government’s financing requirements will be about 4 percent of gross domestic product this year, less than half of those of India and the Philippines, and less than a quarter of those of Greece, Portugal, Spain, and Turkey, according to Credit Suisse estimates.

Relatively Risk Free

Asia is “relatively risk free” from contagion from Europe as the region’s governments mainly use domestic markets to fund their deficits and debt levels are within sustainable limits, CIMB Investment Bank Bhd. said in a Feb. 8 report.

Indonesia’s economy expanded 4.5 percent in 2009, according to today’s report. GDP shrank 2.4 percent in the fourth quarter from the previous three months.

Indonesia has fared better than its neighbors during the global slump as it relies less on exports and consumer confidence has been buoyed by the most stable political climate since the ouster of former president Suharto in 1998.

“For Indonesia, the risks have nothing to do with politics,” Nikhil Srinivasan, who helps manage about $30 billion as Singapore-based chief investment officer for Asia and the Middle East at Allianz Investment  Management, said in an interview in Jakarta before the report. “The only worry is making sure they push infrastructure so that growth can be more than 5 percent.”

Consumer Confidence

The Jakarta benchmark stock index increased 87 percent last year and the rupiah gained 16 percent, the best performance from an Asian currency outside Japan, as foreign funds sought to take advantage of Indonesia’s strengthening economy.

Growth in Indonesia’s $514 billion economy has been supported by rising consumer confidence, which according to a central bank index rose in January to near the five-year high recorded in July 2009 when President Susilo Bambang Yudhoyono was elected to a second term.

Yudhoyono, 60, has pledged to double spending on roads, seaports and airports to $140 billion over the next five years, part of his push to deliver economic growth of at least 6.6 percent by the end of 2014.

Car Sales

Consumer spending is also benefitting from low inflation, said economists including Alexander Eric Sugandi from Standard Chartered Plc. in Jakarta. Inflation slowed to a decade low of 2.78 percent last year.

Indonesian car sales rose to 148,598 units in the fourth quarter from 140,585 a year earlier, according to data from Indonesia’s Car Association. Sales may increase to between 550,000 and 600,000 this year from 486,061 in 2009, according to Joko Trisanyoto, PT Toyota Astra Motor’s marketing director.

PT Krakatau Steel, Indonesia’s largest producer of the metal, expects sales to increase by 20 percent to 19 trillion rupiah ($2 billion) this year due to possible demand from government infrastructure projects, Irvan K. Hakim, marketing director of the company, said on Feb. 8.

Indonesia’s central bank cut its benchmark interest rate by 3 percentage points between December 2008 and August last year to shield the nation from the global recession. The policy rate has since been maintained at 6.5 percent.

The Philippine economy expanded 1.8 percent in the fourth quarter of 2009 from a year earlier and China’s GDP increased 10.7 percent.

Indonesia’s “economic upswing remains on track, with domestic demand leading the way,” said Ashira Perera, an economist at Capital Economics Ltd. in London.

Upbeat About 2010 Exports

Meanwhile, the Indonesian Ministry of Trade has raised its target for non-oil-and-gas exports this year, with Deputy Trade Minister Mahendra Siregar saying on Tuesday that he is optimistic they will grow by 7 percent to 8.5 percent.

“The target we’ve set up is in coherence with the visible economic recovery, which increases demand from other countries,” Mahendra said.

In early January, Trade Minister Mari Elka Pangestu said she expected 2010 non-oil-and-gas exports to grow by 6 percent to 7.5 percent this year.

Muchtar, the head of the ministry’s research and development agency, noted that the new target would mean lifting the target for overall exports.

“When the trade minister set the non-oil-and-gas export target at 6 to 7.5 percent growth, the overall export growth target was set at 5.1 percent, so with the increased target, the overall export target would be boosted as well,” Muchtar said.

PT Bank Internasional Indonesia chief economist Juniman said non-oil-and-gas exports accounted for more than 80 percent of total exports in 2009. Juniman said the total export target for 2010 could increase by 0.4 percent to 5.5 percent as a result of the higher target for non-oil-and-gas exports.

However, he said the target for non-oil-and-gas exports would only be achieved if the country stopped relying on its traditional export markets such as the United States, Japan and Europe. The government should try to develop new markets in the Middle East and Africa, he said.

Source: Bloomberg, the Jakarta Post, D-8.

the Government of the Islamic Republic of Iran had ratified the "Multilateral Agreement among D-8 Member Countries on Administrative Assistance in Customs Matters" in 15 December 2009

Another progressing step in consolidating the cooperation among D-8 member states has been reached recently through the ratification of “Multilateral Agreement among D-8 Member Countries on Administrative Assistance in Customs Matters” by the Government of the Islamic Republic of Iran in 15 December 2009. The Instrument of Ratification has been forwarded to D-8 Secretariat as the Depositor in February 9th, 2010.

The said agreement seek to refine cooperation among member countries in the scope of exchange of information, capacity building, administrative assistance, transit facilitation and Custom Data Bank (CDB). The agreement also spells out the special instance of assistance regulated among the member countries, such as the information relating to customs offences, surveillance, joint-control, particular export-import types of information, as well as the assistance in the recovery customs claims.

D-8 is currently on the right track to accelerate its cooperation schemes among memberstates. Another of the most significant agreement to be entered into force is the D-8 Visa Simplification Agreement, to which 4 member countries (Iran, Pakistan, Turkey and Malaysia) have officially ratified.

This is the second ratification after that of the Republic of Indonesia, which had officially ratified the agreement in 2008.

The Agreement shall enter into force 90 days after the deposition of instrument of ratification of five (5) Member States of D-8.

D-8 encourages the rest of member countries to accelerate the ratification of this agreement which shall allow the promotion of Custom Cooperation and facilitates intra-trade to increase its volume from currently 3% of the total trade with the world to 15% within the next 10 years, which is in line with the targets emanated in the D-8 Roadmap 2018.

Egypt is optimist to reach 5% growth this year, despite repercussions of the global crisis that negatively affected the world in 2009

The Egyptian government is expecting growth rates to rise to 6% during the coming fiscal year, after rates tumbled to 4% last year during the global financial crisis.

During the World Economic Forum sessions in Davos, Switzerland, minister of trade Rachid Mohamed Rachid said that while the road to full recovery from the economic turmoil would be difficult, pre-crisis growth rates should be reached during the fiscal year that begins July 1.

“We want 5% growth this year. Starting the next year, we can have momentum enough to get to 6%-plus, which will put Egypt back on foreign investors’ maps and create a country where investments would flourish,” Rachid said.

The minister stressed that despite repercussions of the global crisis that negatively affected the country’s top foreign currency earners, focusing efforts on internal trade had been crucial in reaching an ‘impressive’ 4% growth rate in 2009.

“Local market activity is quite positive, especially in the area of construction that has an impact on consumption, employment and manufacturing,” he said.

Tourism, Suez Canal revenues and remittances from abroad are Egypt’s three main sources of foreign currency. These were all hampered during the first half of 2009, but figures announced by the Egyptian Information and Decision Support Centee showed notable improvements in the second half of the year. Revenues from the Suez Canal, for example, reached $389.7 million in December, an increase of 6.6% compared with the previous month.

Rachid’s predictions come as a report issued by Merrill Lynch & Co. — one of the world’s leading financial management and advisory companies — listed Egypt among the top 10 countries whose economies were not severely damaged by the global financial crisis. The problem for millions of Egyptians, however, is that economic growth has not trickled down to the working class. More than 40% of Egyptians live on $2 a day or less and barely keep pace with inflation.

Turkish Prime Minister Tayyip Erdogan (R) and Iranian Foreign Minister Manouchehr Mottaki pose before a meeting in Ankara February 2, 2010. (Reuters photo)

Iranian Foreign Minister Manouchehr Mottaki and Turkish Prime Minister Recep Tayyip Erdogan have held talks in Ankara this week that focused on the expansion of ties between Iran and Turkey. Mottaki traveled to the Turkish capital on Tuesday to attend the 21st meeting of the Iran-Turkey Joint Economic Commission and met Erdogan after his arrival, Iranian Press TV reported.

Iranian Foreign Minister reaffirmed the importance of transporting Iranian natural gas to Europe over Turkey, calling for joint investments.

“Opening new phases in the South Pars Natural Gas Fields, solving issues regarding a sales agreement and the establishment of a joint refinery are important projects,” Mottaki said.

During the meeting, the Iranian foreign minister highlighted the importance of the agreement between Iran and Turkey to set up joint industrial towns and said the move could lead to a great enhancement in their bilateral relations.

The Turkish prime minister said that relations between the two countries are already at an excellent level.

Erdogan noted that trade between Iran and Turkey surpassed $10 billion last year and stated that the two countries are determined to increase it to $30 billion.

Speaking to reporters in Ankara ahead of a Joint Economic Commission (KEK) meeting, Turkish State Minister Cevdet Yılmaz said the government is committed to working to improve relations with its neighbor Iran and that mutual gas transfer projects were a driving force behind such efforts.

Yılmaz said his government’s attempts to improve ties with Iran aim to render the 21st century “the golden age” of Turkish-Iranian relations by carrying them from the field of energy to larger areas with a spillover effect, which in turn will bring about peace and prosperity to the entire region. Mottaki agreed with Yılmaz’s remarks, claiming that both countries are on the verge of a “historical era.”

Making mention of energy relations between the two countries, Yılmaz said a Turkey-Iran pipeline was among the most significant joint projects both countries have realized over the years. Recalling that the pipeline transfers natural gas worth around $2 billion every year, the minister said the government expects this amount to increase in the years to come. “We believe projects for the transfer of Iranian natural gas to Europe via Turkey will give a momentum to relations between the two largest economies in the region.” In this regard, Yılmaz went on to say, Turkey valued Iran’s contributions to the Nabucco natural gas pipeline project.

Following Prime Minister Recep Tayyip Erdoğan’s latest visit to the neighboring country, Iran and Turkey signed a number of deals to facilitate the efficient flow of gas through Turkey to Europe, including accords on allocating some of Iran’s South Pars gas field to the Turkish Petroleum Corporation (TPAO), allowing Iranian gas to be transported across Turkey and Turkmenistan’s gas to be pumped to Turkey via Iran. Yılmaz said Turkey welcomed these developments. On the other hand, the rapprochement with Iran has attracted Washington’s discontent.

Turkish Minister said Turkey and Iran are seeking to boost bilateral trade to as high as 30 billion dollars within five years, adding that the two countries need to remove trade barriers.

Yilmaz said that a natural gas pipeline constructed between Turkey and Iran was one of the most important projects between the two countries, adding that the shipment through the pipeline was worth 1.5 to 2 billion dollars annually.

“It is obvious that these figures will go up in the coming years. Projects such as the transportation of Turkmen and Iranian natural gas to Europe over Turkey will bring our relations to a much higher level,” Yilmaz said.

Sources: PressTV, TodaysZaman, D-8.