ISLAMABAD, Dec 28: Institutional framework required involving private sector of all OIC members in an effective manner for the promotion of intra OIC trade and investment.

Federal Minister for Privatization and Investment Dr Abdul Hafeez Shaikh stated this while chairing a meeting held in collaboration with Islamic Development Bank (IDB) and Islamic Chamber of Commerce and Industry (ICCI) here on Tuesday.

According to a handout issued here the meeting was held as a follow up of the OIC Economic Conference held at Istanbul last month on the occasion of the 20th anniversary of the OIC Standing Committee on Economic and Commercial Cooperation (COMCEC).

The minister said that OIC's cultural and Ideological bonds could be developed as stronger economic network for interacting with each other, becoming a source of knowledge and sharing of experiences and generation of ideas. He further stated that the share in world FDI by OIC member countries needed to be improved among them.

The meeting also discussed the proposals made by Pakistan in Istanbul conference for a Joint Investment Promotion Team to develop the ideas including teams from private sector businessmen and thought leaders of the OIC member countries, economic convergence initiative, Islamic direct investment acceleration scheme (IDIAS), communication and knowledge sharing initiative stock market integration and joint investment body of OIC member states.

The meeting also discussed steps and concrete measures to facilitate the private sector of OIC countries. ICCI Secretary General Aqeel A. Al Jassem and other were present on this occasion.