SANA’A, Dec 5: President Pervez Musharraf on Monday issued a ringing call for a coordinated approach to bolstering trade among OIC member states as a way forward for their overall economic development. Speaking to Yemeni business leaders ahead of this week’s OIC summit, President Musharraf expressed the hope that a revamped OIC would set up a dedicated department to promote intra-OIC trade.

“The current level of commerce among Muslim countries hovers around just 10-12 per cent; we need to step it up and complement each other’s economies for sustainable development of our people,” the president said on the second day of his visit to Yemen.

He referred to the need of assessing the scope of bilateral trade between Muslim countries through identification of various potential fields. He added that if there “is mutuality of consideration” Muslim countries “can raise their trade to 30 per cent of their total international commerce”.

In this context, he cited the level of trade between Pakistan and Yemen and said the Arab country imports goods worth $1.5 billion from around the world while Pakistan exports the same goods to the world to the tune of $11 billion.

But Yemen’s total imports from Pakistan are just $50 million.

President Musharraf said that political bonds between countries get strengthened through upsurge in trade and economic cooperation. “Pakistan and Yemen have a great scope for improving the level of their commerce,” he added.

In this respect, he said, a joint ministerial meeting should follow up with efforts to explore ways and sort out any shipping problems in the way of this objective.

He said joint ventures between Pakistan and Yemen “can be profitable as Pakistan has a rapidly growing economy”.

Musharraf also listed advantages of investment in Pakistan.

An investor-friendly climate “offers a level-playing field” for local and foreign entrepreneurs in Pakistan, he said.

“The gap between demand and supply due to high economic growth and enhanced purchasing power of people has opened up new opportunities for business in a number of fields.”

Pakistan’s exports to Yemen include rice, textile, footwear, sugar, woven fabrics, chemicals, chemical products, machinery and auto parts.

Yemeni Prime Minister Abdul Qadir Ba-Jamal said Sana’a views Pakistan as a country making rapid economic progress and offering tremendous opportunities for joint ventures and investment.

He proposed setting up a joint business council to facilitate trade between the two countries.

Prime Minister Ba-Jamal also lauded President Musahrraf’s efforts for revitalizing the OIC, particularly his emphasis on boosting intra-OIC commerce.

Yemeni minister of trade, ambassador of Yemen in Pakistan and leading local businessmen also spoke and showed interest in cementing trade and economic ties with Pakistan.

—APP