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Turkey suggests establishing joint bank between D-8 countries

Business Materials 28 January 2015 16:02 (UTC +04:00)

Baku, Azerbaijan, Jan. 28

By Umid Niayesh - Trend:

Turkish Minister of Science, Industry and Technology, Fikri Isik has suggested Eight Developing Countries (D8) to establish a joint bank.

He expressed hope that the bank would be established in 2015, Iran's Mehr news agency reported Jan. 28.

Isik made the remarks at the fourth ministerial meeting of D-8 organization which started on Jan. 26 in Tehran.

He also suggested that the member countries create a fund to financing entrepreneurs from the members.

The Turkish minister further asked the D-8 countries to sign preferential trade agreements.

The three-day ministerial meeting of D-8 is aimed to find ways to increase the efficiency of working groups discussing petrochemical, cement, agricultural, food, textile, electronics, IT and steel industries.

D-8, also known as Developing-8, is an organization for development cooperation among the following countries: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

The establishment of D-8 was officially announced through the Istanbul Declaration of the Summit of Heads of State on June 15, 1997.

The objectives of D-8 are to improve member-states' status in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at the international level and improve standards of living.

Follow the author on Twitter: @UmidNiayesh

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