A NEW DIGITAL ERA ANNOUNCED AT THE 9TH WORLD ISLAMIC ECONOMIC FORUM IN LONDON

At the 9th World Islamic Economic Forum in London, witnessed by Malaysian Prime Minister Dato’ Sri Mohamed Najib and 17 state leaders, GCEL and the Islamic Centre for Development of Trade (ICDT), a subsidiary of the OIC, signed an MOU to support deployment of the Digital Economy Platform across 57 OIC countries.

The agreement strengthens GCEL’s global partnerships with organizations including the League of Arab States, African Union, ASEAN-BAC, ADFIAP, and the Organization of American States.

GCEL’s Digital Economy Platform is projected to reduce annual trade costs by USD 700 billion, increase annual trade by USD 1.2 trillion, create a USD 6 trillion services market opportunity, and generate 100 million jobs. Trade efficiency assessments conducted in Saudi Arabia, Indonesia, Malaysia, and India, covering 40% of Asia, found that 82% of trade participants have no system and 87% support the Digital Economy Platform.

GCEL presented the Malaysia Trade Efficiency Assessment to Prime Minister Najib, highlighting the role of digital technologies and new performance standards in improving trade efficiency and supporting long-term economic growth.

ICDT emphasized the initiative’s importance for expanding services industries, integrating trade finance with global supply chains, and improving SME access to international markets.

GCEL also announced that the world's leading 12 financial firms, 4 insurance firms, and 12 technology firms would be selected through an equal opportunity proposal process to participate in the new USD 6 trillion market opportunity.