The success of Al-Jazeera and Mecca Cola are examples of the penetrative effect of successful brands…

Business Times (Malaysia)



THE Organization of the Islamic Conference (OIC) needs to do more to

convert its abundant human and physical resources into economic achievement,

Pakistan President General Pervez Musharraf said.

He called for reforms within the grouping, and proposed several ways

to further boost OIC trade and investment.

“The starting point for achieving growth has to be the reform of our

domestic economic policies. Unless our policies are market-friendly and

pro-business, it will be hard for us to promote intra-OIC trade or investment,”

he said.

Musharraf was speaking at a special OIC leaders forum themed

“Facilitating Growth, Advancing Peace Through Cooperation in the OIC Nations”

at the OIC Business Forum in Putrajaya yesterday.

He said active participation in regional economic groupings like the

Arab Maghreb Union, African Union and the Association of South-East Asian

Nations, can enhance economic cooperation between OIC countries.

Musharraf said OIC members should also support the growth of small-

and medium-sized industries, and strengthen their respective business brands

to achieve greater success internationally.

” The success of Al-Jazeera and Mecca Cola are examples of the

penetrative effect of successful brands . Seed investments in innovative

OIC companies with potential for branding should be considered,” he said.


Musharraf also suggested focussing intra-OIC ventures on clusters of

industries, including energy, agri-business, financial services, and information

and communications technology.

He said a team comprising top officials and businessmen from OIC

countries should be tasked with making sure that pronouncements of cooperation

among member countries are converted into reality.

He said affiliated agencies of the OIC like the Islamic Development

Bank and the Islamic Chamber of Commerce, meanwhile, should look into the

restructuring of the OIC.

Musharraf also shared Pakistan’s experience in reforming its own

economy. He said Pakistan has become more investor-friendly by adjusting

domestic economic policies, reducing interest rates and increasing the

profitability of the country’s investors.

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