D-8 CCI Business Forum & Expo 2022 promotes value chain integration between member nations

The D-8 CCI Business Forum and Expo 2022, hosted by the D-8 Chamber of Commerce and Industries (D-8 CCI) commenced proceedings at the Oasis Hall of the Pan Pacific Sonargaon Hotel, Dhaka, today. 

The event which will be held between the 26-27 July 2022, focuses towards creating a strategic roadmap that will enable Value Chain Integration between D-8 member nations and propagate exponential economic and trade growth for all nations.

This year marks the silver jubilee of the D8, which was established around the concept of co-operation among major Muslim developing countries across South Asia, South East Asia, Europe and Africa.

Commerce Minister Tipu Munshi, Private Industry and Investment Adviser to the prime minister Salman Fazlur Rahman, State Minister of foreign affairs Md Shahriar Alam and D-8 Secretary General Isiaka Abdulkadir Imam.

Sheikh Fazle Fahim, president, D-8 CCI said, the D-8 countries together compose a $5 trillion economy with diverse strengths in primary, secondary, tertiary and quaternary sectors. Trade between the D-8 countries is $70 billion. It is possible to reach $500 billion in the next 5 years if the countries can utilise their potential.

"We will talk about how to ensure energy and food security during a crisis. We will focus on ways to engage the private sector in this regard," Fazle Fahim also said.

As a response to economic uncertainties and risks arising from the fallout of the Covid-19 pandemic and key global developments, the D-8 CCI is developing a strategic roadmap, for PTA ratification and engagement in value chain integration across the agriculture, manufacturing, tertiary and quaternary sectors.

This year's D-8 CCI Business Forum and Expo 2022 will explore the possibilities around building Value Chain Integration between Bangladesh and the seven other member countries of the D-8 – Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkiye.

The roadmap and its strategies will be discussed during the General Assembly on Day 1 of the event and presented to the ministerial on Day 2, subsequently being proposed to the trade and commerce ministries from respective countries, after the event, reads a press statement.

Key aspects of the proposal include:

•    Employing value chain integration in the long run to mitigate supply chain volatility with pegged price guarantees and ensure secured livelihood, employment and investment 
•    Alternative trade finance and trade facilitation processes such as cross currency swap, barter and blockchain to address foreign currency reserve vulnerabilities 
•    Unified standardization and harmonisation of processes to address non-tariff barriers
•    Easing the D8 visa regime for entrepreneurs to assist with greater connectivity within the D8 private sectors, contributing towards greater intra D8 trade and flow of investments 
•    Mapping contingencies for the D8 Comprehensive Economic Cooperation Agreement (D8CECA) to assist in long term D8 value chain integration, mitigating risks contributing towards global stagflation 
•    Enabling technologies such as Cybersecurity, 4IR, IOT, AI, Data Analytics and Industrial IOT across economic sectors 
•    Sustainability, circular economy, she-trades, MSMEs, start-up ecosystem, Innovation, Green Technology, Climate Change and Blue Economy also identified as priority areas for implementing value chain integration