PUTRAJAYA, (Malaysia), Oct 13: The Islamic Development Bank (IDB) is seriously considering a proposal by Pakistan on the creation of a joint investment promotion body, its vice-president Syed Jaafar Aznan said on Monday.

The proposal to set up a joint body and introduce an Islamic direct investment scheme by OIC members was floated by Privatization Minister Dr Hafeez Sheikh during a symposium held by the IDB in Almaty last month.

“It is a very good idea. We are looking at the proposal very seriously,” he said while talking to APP here. He described Pakistan as a very active member of the IDB in terms of trade and knowledge contribution. “Pakistan has got many things to offer and we look forward to it,” he added.

There has not been any progress on the idea of OIC common market that was introduced in 1974 as the OIC treaty on investment has received only 19 ratifications since 1981 and the OIC Plan of Action still remained on paper since 1994.—APP