Tehran, Jan 29, IRNA - Members of the D-8 Organization for Economic Cooperation should increase joint investment and show strong collective determination to boost trade ties, Irans minister of industries, mines and trade said on Wednesday.Speaking in the 4th Industrial Ministerial Meeting of D-8 on Wednesday, Mohammad Reza Nematzadeh added that the members are required to identify and use each others potentials to raise the level of trade and industrial relations.
The three-day ministerial meeting on D-8 industrial cooperation opened in Tehran on January 26.
D-8 was set up by the governments of eight member-states on the basis of friendship and unity, he said.
Achieving and maintaining sustainable economic growth is a multifaceted phenomenon, which is not experienced only through increasing industrial production. International organizations, such as Shanghai Cooperation Organization, Economic Cooperation Organization (ECO) and Non-Aligned Movement, play a significant role in this regard.
Nematzadeh said this meeting wants to improve the capabilities of D-8 members and help develop their industries.
In the past few years, Iran faced numerous challenges, including the imposition of Western sanctions. However, due to the efforts of domestic experts, researchers and engineers, and through attracting investments, the country made great achievements in increasing petrochemical production, transferring modern technologies, boosting production of machineries and improving construction sector, he said.
The minister noted that currently, oil and gas exports account for 90 percent of Irans GDP, noting that the figure is to decline by 70 percent and reach 20 percent.
Stimulation of industrial development will help private sector increase its presence in the countrys economic sectors, he said.
He listed auto production, generation of renewable energies, textile manufacture and development of nanotechnology as potential fields of investment.
Expansion of cooperation with other regional organizations such as ECO will help D-8 members resolve some of the regional problems. It will also enable member-states to address their own challenges more effectively, he said.
Nematzadeh stressed that D-8 members should pay more attention to promotion of green economy.
D-8, also known as Developing-8, is an organization for development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.
By IRNA
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