ECONOMY


Turkish President inaugurates COMCEC summit

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Baku, November 23, AZERTAC

Turkish President Recep Tayyip Erdogan inaugurated the 32nd meeting of Organization of the Islamic Conference's (OIC) Standing Committee for Commercial and Economic Cooperation (COMCEC) in Istanbul on Wednesday, according to Kuwaiti news agency KUNA.

In a keynote speech, Erdogan said the size of world Islamic finance hit USD 2.1 trillion in 2015, calling for using gold, rather than foreign currencies, in order to get rid of pressure on Islamic economies.

He highly commended the successes made by the COMCEC so far, but said efforts should be exerted to boost trade exchange and economic relations among all the member states of the economic bloc.

Trade exchange among the member states amounted to USD 347 billion in 2015, he said, pointing out plans to raise this figure by 6 percent.

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