Iran proposes different hubs for larger population of Islamic countries

Kuala Lumpur, Nov 21, IRNA – Iran’s Minister of Communication and Information Technology proposed that the Organization of Islamic Cooperation in partnership with the Islamic Development Bank undertake a feasibility study with the objective of preparing a roadmap for establishing different hubs in Islamic countries based on the availability of expertise and other resources.

Mohammad Javad Azari Jahromi who attended the 13th World Islamic Economic Forum in Kuching, Malaysia, said, 'Each hub such as FinTech Hub, the Information Technology Hub, the Banking Hub, the Health and Medical Services Hub would provide its products and services to a much larger population of the entire Islamic countries, rather than to smaller national markets.

'I considered this important meeting very appropriate to present our proposal, and want to put on record that we are prepared to actively and enthusiastically participate in this study,' he added.

Azari Jahromi stated that Muslim states in general are categorized as developing countries. 'This implies that by-and-large, we pay for our needs by providing raw materials and cheap labor force.'

He emphasized that though it may seem creating trade barriers is an easy fix to trade imbalances, in practice such restrictions seldom work in long term.

The minister identified market size, competition, and efficiency as three factors required to be considered in changing the landscape.

He added, changing the landscape should not necessarily create hardship for the developed economies. On the contrary, developed economies can also benefit from new products and services that may emerge in developing nations.
The 13th World Islamic Economic Forum (WIEF) kicked off today and will be underway till November 23 in Kuching, Malaysia.

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