G-8

Egypt, Nigeria with other Developing Nations Seek to Overcome Energy, Currency Crises

Eight African business leaders from developing nations meet in Bangladesh to discuss ways to overcome the dwindling foreign currency reserves, a growing energy crisis and supply chain disruptions.

 

Business leaders from Egypt, Iran, Malaysia, Nigeria, Pakistan, Turkey and Bangladesh had a two days indoor meeting that began on Tuesday 26th of July, 2022. 

Reason for the Meeting 

The representatives under the banner of D-8, or eight developing countries, discussed various trade financing  alternatives such as cross currency swap, barter and blockchain to address their foreign currency reserves vulnerabilities, according to organizers.

 

Report reaching us states that the Bangladesh’s Foreign Minister, A.K. Abdul Momen, says the group consisting of a $5trillion economy, is on the verge to implement a free trade agreement to increase the percentage of trade.

 

Sources from the meeting state the participants were brainstorming and strategizing techniques to boost energy security with the world’s top oil-producing members such as Iran and Nigeria among others.

Investment Plans for the Youths

Bangladesh, the world’s 41st largest economy and a nation consisting of 160 million people, stopped its diesel-run power plants operation  to reduce the pressure on the cost of imports. The country’s central bank has adopted a plan to reduce the importation of luxury goods amid the disturbing  shortages of dollars in banks.

 

Nations yet to fully recover from the impact of the COVID-19 global pandemic, are presently undergoing foreign reserve and currency vulnerabilities, supply chain disruptions, inflation, energy, and food security risks. This statement was made by the president of the D-8 Chamber of Commerce and Industry, Sheikh Fazle Fahim.

 

However, he further said that  severe precaution measures have been taken to prepare for business beyond the usual. In regard to this, Bangladesh’s Foreign Minister, A.K. Abdul Momen “the group will tap into its young workforce. We have over 200 million young people. And in addition, we have a lot of women entrepreneurs that are coming up”.

What is D-8

D-8 is an establishment to  engage in economic cooperation and improve member states’ position in the global economy. It was founded in Istanbul, in the year 1997.