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Developing nations seek to overcome energy, currency crises

DHAKA, Bangladesh (AP) Business leaders and officials from eight developing nations meeting in Bangladesh on Tuesday said more cooperation was needed included in this to overcome dwindling forex reserves, an evergrowing energy crisis and offer chain disruptions.

Representatives from Egypt, Iran, Malaysia, Nigeria, Pakistan, Turkey and Bangladesh beneath the banner of D-8, or developing eight countries, were discussing alternative trade financing such as for example cross currency swap, barter and blockchain to handle their forex reserves vulnerabilities, in accordance with organizers.

Bangladeshs Foreign Minister A.K. Abdul Momen said the group, with a $5 trillion economy among its members, was attempting to implement a free of charge trade agreement while also increasing the quantity of trade.

Organizers said the participants were exploring methods to boost energy security with members such as for example Iran and Nigeria on the list of worlds top oil producers.

Bangladesh, a nation of 160 million people and the worlds 41st largest economy, has suspended operations in diesel-run power plants to help ease strain on the cost of imports, The countrys central bank in addition has taken measures to lessen the imports of luxury goods amid shortages of dollars in banks.

Because of ongoing impact of the COVID-19 pandemic and key global economic developments, every member country is experiencing foreign reserve and currency vulnerabilities, supply chain disruptions, inflation, energy and food security risks, and for that reason should take protective measures to get ready for business beyond the most common, said Sheikh Fazle Fahim, president of the D-8 Chamber of Commerce and Industry.

Momen said the group should utilize its young workforce. We’ve over 200 million teenagers, youth. And likewise, we have all women entrepreneurs which are approaching.

D-8 was established in Istanbul in 1997 to activate in economic cooperation and improve member states position in the global economy.

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