KARACHI, Jan 26: The Islamic Chamber of Commerce and Industry (ICCI) will set up an investment company for promoting investment and trade among Muslim countries.

The decision in this regard was taken at the Executive Committee meeting of the ICCI held on January 20-21, 2006, in Cotonou, capital of Republic of Benin, says a statement issued by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) here on Thursday.

The FPCCI communique, quoting its former president Tariq Sayeed, who attended the meeting, said the proposed ICCI’s investment company would carry out feasibility studies and prepare projects to promote investment and trade and exchange of tourists and labour among the Islamic countries.

It was also agreed to establish a businessmen forum bringing them together to cooperate and make investments in the Islamic world. The membership of the forum would be composed of three categories—based on easy availability of visa to Islamic countries, priority in participation in investment projects, and easy availability of consultancy, feasibility studies of projects, statistical reports and research carried out by the chamber.

Tariq Sayeed said the meeting also approved the establishment of the Islamic Chamber Council for Businesswomen as recommended by the first forum of businesswomen held in Sharjah in March 2005.

The meeting also approved amendments in the standing orders of the Islamic chamber to provide for the constitution of the board of directors which would be responsible for the implementation of policy decisions taken by the executive committee.

He said it was also decided that the term of the secretary general of ICCI would be four years and the next secretary general would be from Syria.—APP