LONDON--(BUSINESS WIRE)--In the presence of seventeen State Leaders and witnessed by The Honorable Dato' Sri Mohamed Najib Tun Abdul Razak, Prime Minister of Malaysia and Patron of the WIEF Foundation, the WIEF publicly announced the landmark MOU between the Global Coalition for Efficient Logistics (GCEL) and the Islamic Center for Development of Trade (ICDT), a subsidiary of the Organization of Islamic Cooperation (OIC). The MOU marks a tangible first step to solidify OIC Countries’ participation in GCEL’s global initiative that provides the required 21st century technology tools to deliver increased trade efficiency through a Digital Economy Platform.
This MOU compliments similar partnerships and/or publications between GCEL and pan regional organizations including the League of Arab States, African Union, ASEAN-BAC, Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) and Organization of American States.
H.E. Dr. Surin Pitsuwan, GCEL Asia’s Advisory Board Chairman, former ASEAN Secretary General and former Thailand Minister of Foreign Affairs who witnessed the MOU signing commented, “GCEL’s Digital Economy Platform will deliver what the world needs that will definitely contribute to our Prosperity, Jobs, Security and Peace. When fully implemented, the world will realize a USD 700 billion reduction in annual logistics costs for trade; USD 1.2 trillion in increased annual trade; a new USD 6 trillion service sector opportunity for our finance, insurance and technology industries, generating nearly 100 million jobs, by 2020.”
Through its global partnerships, as a first to deploying the Digital Economy Platform, GCEL conducted trade efficiency assessments with the governments and private sector experts of Kingdom of Saudi Arabia, Indonesia and Malaysia, representing the wealthiest, most populous and the leading trade Islamic countries, along with India as one of their major trading partners. GCEL surveyed 40% of Asia, with 20% of the world’s population, where 82% of trade participants have no system and 87% are calling for the Digital Economy Platform.
GCEL’s Co-Chairman Captain Samuel Salloum presented the Malaysia Trade Efficiency Assessment Report to Prime Minister Najib and stated, “We have taken the first step towards realization of the global Digital Economy. This assessment shows where we are and where we must go; and best of all it shows us how to get there. By diagnosing and acting upon trade efficiency challenges and leveraging on the Digital Economy through new performance standards, we create a solid foundation for sustained economic growth.”
Director General of ICDT, Dr. Hzaine followed by stating, “For ICDT, the GCEL initiative is very strategic. The e-G8 leaders have been seeking to define the Digital Economy, and we have done just that. This initiative will grow the services industries that are very important to the OIC economies as they create jobs very fast thereby meeting the ambition of our youth and young graduates. This initiative will integrate trade finance to the global supply chains and provide SMEs with greater access to global markets.”
During the 9th WIEF Press Conference, H.E. Tan Sri Abdul Rahman Mamat, GCEL Asia’s Board Chairman and former Secretary General of Malaysia’s Ministry of International Trade and Industry, stated, “This global solution impacts the lifeline of our economic security, that is trade, which cannot be dominated by any one region, one country or organization. Therefore, the governance and deployment of our global initiative will be shared equally throughout the Americas and Europe to balance the leadership taken by Asia and the MEA Regions. Accordingly, the world’s leading 12 financial, 4 insurance and 12 technology firms will be selected through an equal opportunity Request for Proposal process to share in a new USD 6 trillion market opportunity.”
This global announcement at the 9th WIEF follows GCEL’s recent agreement with ADFIAP triggering a global Request For Proposal (RFP) to select the world’s most qualified Public-Private Partnership comprising academic, public and technology partners to lead the E-Hub of the World that will maintain and enhance the Digital Economy Platform. The E-Hub will be protected under international immunity thus ensuring that the platform’s end-users have continuous access at no cost.
