Ankara: Turkish Vice President Cevdet Yilmaz called for deeper economic cooperation among Islamic countries, emphasizing the need for stronger production partnerships, investment cooperation, logistics, connectivity, and integration to enhance their share of global trade. "We need to increase the share Islamic countries receive from the world economy and trade. This will happen not only through efforts we make individually, but also through what we do together," Yilmaz stated at a gala dinner during the Islamic Chamber of Commerce and Development meetings in Ankara. The event was hosted by the Union of Chambers and Commodity Exchanges of Trkiye (TOBB) and gathered representatives from 20 Islamic countries.

According to Anadolu Agency, Yilmaz highlighted the challenges facing the global economy, including geopolitical tensions, rising protectionism, supply chain changes, financing constraints, digitalization, and the green transition. He noted that the Organization of Islamic Cooperation (OIC), which comprises 57 members, represents nearly one-fifth of the world's population but accounts for only 10%-11% of global goods trade, indicating significant untapped potential. "This picture needs to change," Yilmaz emphasized, calling for increased production partnerships and cooperation in investments, logistics, connectivity, and integration.

Yilmaz also outlined Trkiye's pivotal role in advancing economic and commercial cooperation within the OIC. He mentioned that Trkiye's economy grew from $238 billion in 2002 to over $1.6 trillion by 2025. The country's exports of goods and services reached $396 billion last year, with expectations to exceed $400 billion this year. Trkiye's trade volume with OIC member countries was $118 billion last year, while OIC member states have invested $27.3 billion in Trkiye since 2003. Trkiye's direct investments in OIC countries totaled $15.2 billion during the same period. Yilmaz stressed the need to increase mutual investments to establish a stronger foundation for trade relations.

Moreover, Yilmaz highlighted the work of the Standing Committee for Economic and Commercial Cooperation of the OIC (COMCEC), chaired by Turkish President Recep Tayyip Erdogan, which has supported economic and commercial cooperation among Islamic countries for over 40 years. Under COMCEC, 155 technical working group meetings have been held, 119 research reports prepared, and 209 projects supported. Additionally, 38 projects have been implemented in Palestine under the COMCEC Al-Quds Program, with the COMCEC Syria Program set to be implemented this year.

Addressing the issue of intra-OIC trade, Yilmaz pointed out that Islamic countries have not yet achieved their target of increasing intra-OIC trade to 25%. "In fact, even this 25% is low. We need to target much more," he stated. He identified the OIC Preferential Trade System as a critical tool for achieving this goal, with the long-term objective of establishing a free trade area among Islamic countries.

Yilmaz also stressed the importance of strengthening the OIC Arbitration Center for fair and independent resolution of trade and investment disputes. He noted the global shift from a low-cost production model to resilient economic structures, making ties with nearby and friendly countries more significant. "In this important transformation process, we must increase our cooperation and turn this environment to our advantage," he said.

Furthermore, Yilmaz mentioned that Trkiye is working to improve its investment climate and strengthen the Istanbul Financial Center, particularly through participation and Islamic finance instruments. He welcomed a memorandum of understanding signed between TOBB and the Federation of Saudi Chambers, stating that Trkiye and Saudi Arabia maintain positive economic and political relations.