Islamic Development Bank (IsDB) Group Chairman Dr. Muhammad Sulaiman Al Jasser held strategic talks with Turkish Trade Minister Dr. Ömer Bolat during the Organization of Islamic Cooperation (OIC) Business Leaders’ Summit in Istanbul, focusing on enhancing trade cooperation and development partnerships between IsDB and Türkiye.
Context and Background
The high-level meeting took place on the sidelines of the OIC Business Leaders’ Summit, which gathered under the theme ‘Private Sector as a Strategic Partner for Sustainable Development.’ This strategic dialogue represents a significant step in strengthening economic ties between the IsDB Group, a major multilateral development institution, and Türkiye, a key member country.
The Islamic Development Bank, headquartered in Jeddah, Saudi Arabia, has been instrumental in fostering economic development and social progress in member countries through Islamic finance principles and sustainable development initiatives.
Strategic Cooperation Focus
During their discussions, Dr. Al Jasser and Minister Bolat explored opportunities to leverage Türkiye’s extensive trade expertise to boost intra-OIC trade through innovative partnerships. The dialogue emphasized the critical role of private sector engagement in driving sustainable economic growth across the Islamic world.
Both leaders expressed their commitment to expanding development cooperation, with a particular focus on trade facilitation and private sector development at both national and regional levels.
Economic Impact and Opportunities
The strengthening of ties between IsDB and Türkiye holds significant potential for enhancing trade flows among OIC member states. This collaboration aligns with broader efforts to increase economic integration and foster sustainable development across the Islamic world.
The partnership builds on Türkiye’s position as a major trading hub and its successful experience in private sector development, which can serve as a model for other OIC member countries.
Vision 2030 Alignment
This enhanced cooperation between IsDB and Türkiye reinforces Saudi Arabia’s Vision 2030 objectives of strengthening its position as a global investment powerhouse and connecting three continents. As host to the IsDB headquarters, the Kingdom continues to play a pivotal role in facilitating international economic cooperation and supporting sustainable development initiatives that benefit the broader Islamic world.