TEHRAN (FNA) - Iranian Minister of Industries, Mines and Trade Mohammad Reza Nematzadeh underlined that the member-states of the Developing 8 (D-8 or Developing Eight) should double efforts to increase the level of their trade and industrial relations.
The D-8 members are required to identify and use each others’ potentials to raise the level of trade and industrial relations, Nematzadeh said in the Fourth Meeting of the Industries Ministers of the D-8 member-states in Tehran on Wednesday.
"The 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. The International organizations, including Shanghai Cooperation Organization, Economic Cooperation Organization (ECO) and Non-Aligned Movement, play a significant role in this regard,” Nematzadeh underlined.
The Iranian minister said this meeting seeks 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 D-8 is a group of developing countries with large Muslim populations that have formed an economic development alliance. It consists of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.
The objectives of D-8 Organization for Economic Cooperation are to improve member states’ position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at international level, and improve standards of living.
D-8 is a global arrangement rather than a regional one, as the composition of its members reflects.