Iran proposes joint investment task force for OIC countries
Speaking at the first high-level panel of the Second B57+ Business Leaders Summit in Istanbul on Sunday, Salimi who is also a member of the Board of Directors of the Islamic Chamber Research and Information Center (ICRIC), emphasized the importance of reducing financing costs and strengthening private-sector cooperation among OIC member countries. A delegation from the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), headed by Mohammad Reza Bahraman, participated in the Second B57+ Business Leaders Summit in Istanbul. The delegation also included Mohammad Reza Karbasi, Director General of the Islamic Chamber Research and Information Center (ICRIC), and Hossein Salimi, a member of ICRIC's Board of Directors. The summit was held on October 31 and November 1, 2026, under the theme "The Great Convergence: Mobilizing OIC Capital for Global South Resilience." It was organized in cooperation with the Islamic Chamber of Commerce and Development (ICCD), the Union of Chambers and Commodity Exchanges of Turkey (TOBB), and the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC). The main summit proceedings took place on November 1 at the Beyazıt Hall of the Istanbul Congress Center, while specialized pre-summit meetings were held on October 31 at designated venues, including the TOBB building. According to the official program, the opening ceremony was scheduled to feature addresses by Rifat Hisarcıklıoğlu, President of TOBB; Abdullah Saleh Kamel, President of the Islamic Chamber of Commerce and Development; Ahmad Sengendo, Assistant Secretary-General of the Organization of Islamic Cooperation for Economic Affairs; and Ömer Bolat, Minister of Trade of Turkey. Salimi's Participation in the First High-Level Panel The first high-level panel of the summit, entitled "The Great Convergence: OIC Capital, South-South Markets and Global South Resilience," provided a platform for presenting the perspectives of Iran's private sector. The panel was moderated by Mahmoud Mohieldin, United Nations Special Envoy on Financing the 2030 Agenda for Sustainable Development. Other panelists included Zehra Zümrüt Selçuk, Director General of the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC); Irshad Rasheed, President of the B57+ Asia-Pacific Regional Chapter; and Latifa Elbouabdellaoui, Director General of the Islamic Centre for Development of Trade (ICDT). The discussions focused on mobilizing capital from OIC member countries, expanding cooperation with South-South markets, and strengthening the economic resilience of the Global South. Within this framework, Salimi addressed two key questions concerning the reduction of financing costs and cross-border investment risks, as well as the practical role of chambers of commerce in transforming economic opportunities into implementable projects. Referring to the considerable potential of OIC countries in natural resources, energy, human capital, consumer markets, production capacity, and financial resources, Salimi stressed that the joint utilization of these capacities remains far below its achievable potential. He noted that the principal challenge facing the private sector is to create the conditions necessary to transform economic opportunities into actual investment, production, and employment. Salimi identified three complementary priorities: reducing investment risks and costs, developing bankable projects, and establishing effective and sustainable connections among the private sectors of OIC member countries. He emphasized that joint investment projects must have clearly defined technical and economic feasibility studies, legal structures, regulatory permits, target markets, and investment return mechanisms to enable investors to assess opportunities and make informed participation decisions. Risk Sharing and the Strategic Use of Development Finance Responding to the first question concerning high financing costs, country and currency risks, and limited access to long-term financing, Salimi stated that investment becomes viable when a project's expected returns are proportionate to the risks undertaken. He explained that reducing the cost of capital requires effective management of actual risks and preventing otherwise viable projects from bearing excessive financing costs resulting from disproportionate risk assessments. Salimi highlighted the need to develop risk-sharing and risk-mitigation mechanisms, emphasizing that the entire risk burden of a project should not rest solely on investors or financing institutions. He explained that investment insurance institutions, export credit guarantee funds, and development finance institutions can, within their respective mandates, help manage political risks, non-payment risks, and other insurable or mitigable risks. The ICCIMA representative also called for the strategic deployment of development finance resources to facilitate greater private-sector investment. He noted that the participation of reputable financial institutions, supported by professional project assessments and appropriate oversight, could strengthen the confidence of other financiers. In this context, he emphasized the potential for cooperation with the Islamic Development Bank and its affiliated institutions, as well as commercial banks and guarantee funds. Salimi further recommended utilizing Islamic financial instruments, including Musharakah (partnership financing), Ijarah (leasing), and Sukuk (Islamic investment certificates), according to the specific characteristics and requirements of each project. He stressed that financing maturities, financing costs, and the contractual obligations of participating parties should be aligned with the actual revenue streams generated by the project. He also underlined the importance of incorporating foreign exchange risk management from the earliest stages of project design, alongside regulatory stability, information transparency, and reliable contractual frameworks, to establish a predictable investment environment. Chambers of Commerce Should Bridge the Gap Between Economic Opportunities and Investment Decisions Addressing the second question concerning the role of chambers of commerce in bridging the gap between project identification and implementation, Salimi emphasized that chambers are uniquely positioned to connect economic opportunities with concrete investment decisions. He explained that chambers of commerce maintain direct relationships with businesses, investors, governments, and financial institutions, enabling them to facilitate cooperation among the key stakeholders involved in investment projects. According to Salimi, the most important contributions chambers can make include professionally identifying and presenting investment opportunities, preparing transparent and assessable project information, and establishing targeted connections between businesses and suitable partners. He emphasized that these connections should be based on the genuine requirements of each project and the capabilities of the parties involved, while final investment decisions must remain subject to independent professional assessments by investors and financial institutions. Salimi also identified the removal of obstacles related to permits, regulations, banking procedures, customs, and transportation as another important area in which chambers can play an effective role. He called for systematically documenting these obstacles and engaging in constructive dialogue with the relevant authorities to facilitate their resolution. Furthermore, he highlighted the importance of familiarizing business communities with commercial mediation and arbitration mechanisms, noting that reliable dispute resolution procedures can enhance confidence and provide dependable pathways for resolving commercial disagreements. Emphasizing the significant contribution of small and medium-sized enterprises (SMEs) to employment generation across OIC countries, Salimi stated that economic cooperation should not be limited to large-scale investment projects. He noted that SMEs can make valuable contributions through supply chains, processing industries, technical services, exports, and joint production initiatives. Chambers of commerce, he added, should support these enterprises in identifying suitable business partners, understanding target markets, and accessing the information and services necessary for successful cross-border cooperation. Proposal for a Joint Working Group and ICCIMA's Readiness to Cooperate Salimi proposed that the Islamic Chamber of Commerce and Development, in cooperation with interested national chambers of commerce, establish a joint working group dedicated to identifying and facilitating the implementation of selected investment projects. He suggested that, in its initial phase, the working group could focus on a limited number of projects in sectors offering significant shared potential and mutual benefits. These sectors could include mining and mineral industries, food security, energy, processing industries, and transportation. The proposed working group would bring together project owners, potential business partners, and relevant financial institutions to facilitate project development and implementation. Referring to Iran's capabilities in industry, mining, energy, agriculture, transportation, and technical and engineering services, Salimi expressed the readiness of the Iran Chamber of Commerce, Industries, Mines and Agriculture to introduce the capacities of Iran's private sector and cooperate with chambers of commerce from other OIC member countries in identifying suitable projects and investment partners. He stressed that the success of this initiative should ultimately be measured by the number of projects successfully implemented, rather than merely by the number of meetings or agreements concluded. Salimi concluded that every successful joint project would not only generate economic value but also strengthen mutual trust and create a foundation for expanding future cooperation among the private sectors of OIC member countries. Memoranda of Understanding and Joint Initiatives on the Summit Agenda According to the official summit program, the memorandum of understanding signing ceremony included planned cooperation agreements between the Women Development Organization (WDO) and the Islamic Chamber of Commerce and Development (ICCD), as well as between the Union of Chambers and Commodity Exchanges of Turkey (TOBB) and the Chamber of Commerce, Industry, Mines and Handicrafts of Cameroon. The summit program also featured several initiatives aimed at expanding business cooperation, entrepreneurship, and investment opportunities across OIC member countries. These included the planned launch of an Angel Investors Network, the presentation of the first Observatory Report on Entrepreneurship in OIC Member Countries, and the launch of the EU–OIC Business Bridge. In addition to the first high-level panel, the summit agenda included two further thematic panels entitled "Sovereign Wealth Funds as Anchors of South-South Resilience" and "Next-Generation Convergence: Artificial Intelligence, Youth Entrepreneurship and the OIC Digital Growth Frontier." Together, these discussions addressed the financial, institutional, and technological dimensions of strengthening economic cooperation and promoting sustainable development among OIC member countries.