As a guest of honor at the Certified Economic Diplomat (CED) event on September 28, last session of the program conducted by the IEF and its European partners and hosted by prof. Anis H. Bajrektarevic, H.E. Mr. Yousef Hasan Khalawi, Secretary General of the Islamic Chamber of Commerce and Development (ICCD), recently delivered a comprehensive address on the unique role of the ICCD and its contributions to the development of the private sector across the globe. His remarks highlighted the significant influence of chambers of commerce in economic development, as well as the evolving strategies employed by the ICCD to enhance its impact. The opening remarks by Mr. Khalawi were followed by insightful presentations from two prominent figures: Dr. Umar Oseni and Eng. Ashraf El Tanbouly.

Dr. Umar Oseni, Secretary-General of the OIC Arbitration Centre, highlighted arbitration as a crucial tool for foreign investors, offering security and confidence in cross-border transactions. Unlike traditional litigation, arbitration provides confidential proceedings that protect sensitive business information. It also allows for flexible, tailored processes, including the selection of specialized arbitrators, ensuring more efficient dispute resolution. This impartial and secure approach boosts investor confidence and facilitates smoother international business operations.

Eng. Ashraf El Tanbouly, CEO of Islamic Chamber Halal Services (ICHS), followed in the talk by focusing on the rising demand for Halal products, particularly in Africa. With 40% of the African population being Muslim and the global consumer base for Halal products expanding, this market presents a significant opportunity for growth. Eng. El Tanbouly highlighted that Halal products are in demand by many who seek goods that adhere to ethical and sustainability standards. This trend, driven by a young, growing Muslim population, is rapidly increasing, positioning Halal products as a key factor in the region's economic future.

H.E. Mr. Yousef Hasan Khalawi is a distinguished expert in comparative jurisprudence, international investment, arbitration, and dispute resolution. After studding in the KSA, he furthered his legal education at prestigious international law and consulting firms in Frankfurt, Geneva, and London. Mr. Khalawi has successfully established several companies, bringing together investors from more than 70 countries. He has also held key leadership roles as a board member and chairman of audit and management committees in various global enterprises.

Currently, he serves as Secretary General of the Islamic Chamber of Commerce and Development, playing a critical role in promoting economic growth and development within Islamic countries and beyond. As well as he serves on the board of trustees of major international organizations, including Saleh Kamel Islamic Economics Award that promotes research and innovation in the field of Islamic economics. In addition, he is a prominent member of the Islamic Fiqh Academy and holds a board position at the Saudi Commercial Arbitration Center in Riyadh, the highest arbitration authority in the Kingdom of Saudi Arabia. Through these roles, Professor Khalawi continues to shape the global landscape of Islamic finance, arbitration, and business development.

Introduction to the Chamber's Role

Mr. Khalawi began by explaining the distinct role of chambers of commerce, emphasizing their ability to advocate for the entire private sector across a diverse range of industries, including manufacturing, agriculture, and services. He highlighted that chambers of commerce are not limited to any one industry but rather act as umbrella organizations that can represent the interests of businesses across the diverse economic spectrum. This allows it to address wide-ranging economic issues, from trade regulations and market access to labor laws and environmental policies, ensuring that the needs of all sectors are considered in public policy discussions.

They provide a platform to businesses to voice their concerns and propose solutions to regulatory, economic, or infrastructural issues. By representing the collective voice of the private sector, play a key role in shaping public policy that fosters economic growth and development. Their ability to navigate between the public and private sectors enables them to facilitate collaboration, creating an environment where businesses can thrive and contribute to broader national development goals. This ability to engage directly with policymakers is crucial, as it positions chambers of commerce as essential intermediaries between governments and businesses.

Investment and the Chamber’s Non-Profit Nature

A key point Mr. Khalawi raised was that, while the Chamber is a non-for-profit entity, investment is not its primary purpose. Instead, the ICCD focuses on supporting economic priorities throughout the Islamic world, such as infrastructure development, enhancement of professional practices, etc.

The ICCD represents 57 Islamic countries but also includes non-Islamic nations like South Africa, Thailand, and Brazil, where Muslim business communities play a significant role. This inclusive approach extends the Chamber’s influence across five continents, fostering economic collaboration between diverse communities. The inclusion of non-Islamic nations enhances the ICCD's ability to strengthen trade relationships beyond Islamic countries onto other nations. By engaging with all, the Chamber can create pathways for trade and investment that benefit all parties involved. This is particularly important in an increasingly globalized economy, where cross-border collaboration is essential for growth.

Evolving Structure of ICCD

Mr. Khalawi also touched on the ongoing transformation of the ICCD. He described how the Chamber is evolving to establish affiliates focused on specific areas such as information, arbitration, and academic collaboration. These affiliates will enable the ICCD to offer specialized services to the private sector, thereby contributing to broader economic growth. This transformation is crucial for several reasons. By evolving and creating affiliates, the ICCD can remain agile and adapt to these changes, ensuring it meets the demands of its members in a timely manner. Additionally, the establishment of affiliates dedicated to specific areas promotes innovation and knowledge exchange among member countries. By collaborating with academic institutions and industry experts, the ICCD can foster a culture of learning and innovation, encouraging businesses to adopt best practices and leverage new technologies.

Empowering the Private Sector for Sustainable Development

He also stressed the critical importance of the private sector in driving economic development, particularly in developing nations. In these contexts, the private sector serves as a primary engine of job creation, offering employment opportunities that help reduce unemployment rates and increase household incomes. As businesses grow, they stimulate consumer spending, creating a virtuous cycle of economic activity that benefits entire communities. Small and medium-sized enterprises play a vital role in this dynamic, often accounting for a significant portion of the economy and providing essential goods and services.

The empowerment of private businesses contributes to bottom-up economic growth, which spurs broader development across various sectors. When local enterprises thrive, they generate ripple effects that benefit the entire economy, leading to improvements in infrastructure, education, and healthcare systems. The vision of the ICCD, as articulated by Mr. Khalawi, is to cultivate a dynamic and resilient private sector capable of addressing future economic challenges while contributing to sustainable growth.

Partnerships for Meaningful Development

Finally, Mr. Khalawi discussed the ICCD’s partnerships with international organizations, such as the United Nations Industrial Development Organization (UNIDO). These collaborations are aimed at creating impactful development projects that enhance the capabilities of private sectors in member countries. By working together with global organizations, the ICCD can offer more comprehensive support to businesses, facilitating projects that are aligned with sustainable development goals.

Zhuldyz Ramazanova is IFIMES, Information Officer (Transport and Energy Corridors In-house specialist)