An economic approach for the identification and promotion of joint ventures in member countries of the OIC

The First Ministerial Consultation on Industrial Cooperation among OIC states established a task force that in turn established an ad-hoc working group to develop guidelines for the initial selection of joint venture projects in Muslim countries. Economic trends in Muslim countries include a continuing emphasis on the development of agriculture and food-based manufacturing as well as development of non-agriculture and non-food based manufacturing. There is an almost equal distribution of labor between primary agriculture and industry. Agriculture and food-based industries take top priority for joint venture projects. The inclination to undertake new investment projects in OIC member countries will be high. Member countries are contemplating focusing joint ventures on non-agriculture and non-food based manufacturing. The Islamic Development Bank possesses several instruments to promote joint ventures in OIC member countries.