We want to improve halal industry, saysOrganization of Islamic Cooperation chief

Tatarstan President Rustam Minnikhanovreceived OIC Chief Yousef bin Ahmad Al-Othaimeen at his house in the capitalKazan on Thursday. (SPA)

Al-Othaimeen explained that OIC’s manyactivities have largely benefited from the increased interaction between the organizationand Russia.

JEDDAH: Secretary-General of theOrganization of Islamic Cooperation (OIC), Yousef Al-Othaimeen, has underlinedthe OIC’s keenness to cooperate with Russia to bolster trade and investment,including encouraging trade and finance and boost the Halal industry as well asrural and agricultural development.

Addressing the launch ceremony of the 10thInternational Economic Summit entitled Russia-Islamic World: Kazan Summit 2018,hosted by the Republic of Tatarstan, Al-Othaimeen called for the coordinationof executive and legislative mechanisms to facilitate business deals.

He also called for the liberalization ofvisa processes between OIC member states and the Russian Federation,highlighting that the volume of trade between Russia and OIC member states rosefrom $34.6 billion in 2014 to $42.5 billion in 2016.

Al-Othaimeen explained that OIC’s manyactivities, which aim to spread Islamic financial products and youth work, havelargely benefited from the increased interaction between the organization andRussia.

He pointed out that Islamic finance assetsare projected to increase 7 percent by 2022 after reaching $1.6 trillion in2016.

Tatarstan President Rustam Minnikhanovreceived OIC Chief Yousef bin Ahmad Al-Othaimeen at his house in the capitalKazan on Thursday.

He thanked the OIC and expressed hisappreciation for its tireless efforts to improve OIC-Russian relations and forits valuable contributions in the Islamic world.

Minnikhanov and Al-Othaimeen agreed tostrengthen the existing cooperation in the fields of trade, finance, Halalproducts, and capacity building.

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