D-8 Organization for Economic Cooperation celebrating its 25th year

By Ovunc Kutlu

ANKARA (AA) - The D-8 Organization for Economic Cooperation, also known as Developing-8, is celebrating its 25th year.

The idea of an organization among major Muslim developing nations was put forward in 1996 by Türkiye's former Prime Minister Necmettin Erbakan. Its official establishment was announced at the Istanbul Declaration of Summit of Heads of State/Government on June 15, 1997.

Comprising eight Muslim countries, led by Türkiye, D-8 is a global formation, rather than a regional one, with its principles, the scope of geographical area, and the combined population of over 1 billion.

The total population of its member states is around 1.2 billion, while its combined economic size is approximately $4 trillion, covering an aggregate area of 7.5 million square meters (80.7 million square feet).

D-8 is an organization for development cooperation among its member states, which spans from southeast Asia to Africa, and consisting of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Türkiye.

The organization aims to improve member states’ position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at international level, and improve standards of living, according to D-8.

The 25th anniversary of D-8 will be celebrated on Thursday to acknowledge the achievements that have been recorded since its establishment.

The D-8 Secretariat, in partnership with the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), will organize a D-8 Investment Forum in Istanbul to present investment opportunities available in member countries.