Qatar plans to host the 14th session of the World Islamic Economic Forum (WIEF) in October 2020, according to an agreement signed between the Ministry of Commerce and Industry and the Forum. The prestigious forum was established in Kuala Lumpur in 2005. Since then, it has been an annual event seeking to enhance economic cooperation among Muslims.
Mr. Nasser Mohammed Al-Mohannadi, Director of the Financial and Administrative Affairs Department at the Ministry of Commerce and Industry of Qatar., and Syed Abu Bakr Al-Mahdar, Managing Director of the World Islamic Economic Forum Foundation (WIEF) mutually signed the agreement.
The Forum aims to enhance the economic well-being of Muslims in different countries by expanding trade and investment exchanges among them, as well as encouraging dialogue and strengthening cooperation between businesses around the world.
The annual meeting brings together heads of government, businessmen, researchers, academics, regional experts, specialists and managers of global companies to discuss opportunities to build new business partnerships between Muslim and non-Muslim societies around the world.
The Forum also seeks to reach a consensus on practical and innovative ways and means to help meet the social and economic needs affecting Islamic and non-Islamic societies.
After the signing ceremony, Nasser Mohamed Al-Mohannadi, Director of Financial and Administrative Affairs Department at the Ministry of Commerce and Industry said: “We are pleased to host the 14th session of the World Islamic Economic Forum, which is one of the most important international platforms aimed at consolidating cooperation among various countries and uniting their efforts towards achieving sustainable development for all. ”
He added that “Qatar hosting this global event reflects the position that our country has assumed as one of the most important parts of the Islamic economy in the region and around the world. We look forward to the forum’s contribution to establishing strong joint economic projects that support intra-trade between Islamic countries, especially in light of the increasing expansion witnessed by the Islamic economy globally, whereby its volume is expected to exceed $3 trillion in 2023.
For his part, Musa Hitam, Chairman of the World Islamic Economic Forum Foundation, expressed his pleasure in hosting the 14th session of the World Islamic Economic Forum in Doha, at a time when Qatar is achieving rapid growth, making it the most attractive the destination for direct investment among the GCC.
He also noted that the economies of Islamic countries offer great opportunities for growth due to their enormous size and growing purchasing power.
“This session of the forum comes amid a sensitive and delicate global scene facing a host of major challenges, such as disputes over international trade policies, the tightening of global financial policies, economic risks and decision-making. The global economic scene is further complicated by the disruptive technologies in various industry sectors.
The 14th session of the World Islamic Economic Forum is scheduled to witness, over three days, the organization of a number of bilateral meetings and complementary programs, in addition to organizing an exhibition that will allow exhibitors an opportunity to promote their brands and provide their products and services to visitors from around the world.