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Türkiye’s Trade Minister Omer Bolat said the country aims to increase the share of the Organization of Islamic Cooperation (OIC) member states in its total exports to 35% by 2030, speaking at the opening of the 1st OIC Business Leaders Summit held in Istanbul on Friday.
Bolat stated that the OIC countries’ share in Türkiye’s exports rose from 12% in 2002 to 27% as of 2024, and the goal is to reach 30% in the short term and 35% by 2030.
Bolat highlighted that trade among OIC countries increased from $467 billion in 2023 to $491 billion in 2024, attributing the growth to diversification of member economies, strengthened regional cooperation, stable raw material prices, and rising local production.
He also noted that intra-OIC exports accounted for 19.2% of total OIC trade in 2024, up from 18.8% the previous year.
Referring to the 2016 OIC Action Plan, which aimed to raise intra-OIC trade to 25% by 2025, Bolat said progress continues and could result in a doubling of intra-OIC trade within a decade.
Bolat said Türkiye’s trade with OIC member states has grown steadily from $8.5 billion in 2002 to $112.7 billion in 2024, a more than 13-fold increase, making Türkiye the third-largest trading nation within the OIC.
In the first eight months of 2025, Türkiye’s exports to OIC countries rose 4.7% year-on-year to $47.1 billion, while imports from these countries grew 8.7% to $29.6 billion.
Bolat emphasized that Türkiye is pursuing a strategy to expand trade with fellow OIC members, positioning the private sector as a central actor in development.
“Our private sector now exports nearly $270 billion annually,” he said.
Bolat underlined the importance of the Preferential Trade System among OIC Member States (TPS-OIC), calling it the strongest mechanism to boost trade among member countries.
He said Türkiye supports expanding the system’s coverage by including more countries, products, and trade disciplines.
He also pointed to the OIC Arbitration Center, headquartered in Istanbul, as an effective means to resolve commercial disputes quickly and cost-efficiently.
“Including the center in contracts will allow disputes to be settled through the OIC’s own mechanisms,” he said.
Bolat said Türkiye hosts the Standing Committee for Economic and Commercial Cooperation of the OIC (COMCEC) and leads initiatives such as the OIC Arbitration Center, the COMCEC Gold and Real Estate Exchanges, and the COMCEC SME Program.
He announced the formation of the new B57+ Group within the OIC framework, describing it as a platform connecting public and private sectors across continents for sustainable development.
Bolat said, “Trade bridges are also bridges of peace and brotherhood. By strengthening economic solidarity, we can reinforce unity among our nations.”
The minister noted that OIC countries together account for one-fourth of the world’s population and one-third of its natural resources, including 65% of global oil reserves and 57% of proven natural gas reserves.
However, their share of global gross domestic product (GDP) is between 8.3% and 9.2 trillion dollars, and 5.2% in global trade.
Bolat said OIC countries should work to enhance financial, logistical, and investment integration to become stronger, more innovative, and more competitive actors in the global economy by 2030.
Bolat said Türkiye’s development vision is built on three pillars: green transformation, digital transformation, and inclusive growth.
He added that Türkiye promotes digitalization among SMEs, supports green production, and pursues carbon-neutral industry goals.
He also emphasized women’s entrepreneurship and youth employment as key to inclusive growth and called for OIC countries to cooperate on digital markets and green technologies for sustainable development.
Bolat stressed that lasting peace is essential for sustainable development, adding that Türkiye supports the strengthening of Syria and Palestine’s economic resilience and regional integration for peace.
“Trade bridges are peace bridges,” he said. “By enhancing economic cooperation, we can make solidarity among our nations permanent.”
The minister thanked OIC business leaders, entrepreneurs, and young professionals for their efforts to advance prosperity across the Islamic world.
The summit, held under the theme “Private Sector as a Strategic Partner for Sustainable Development,” was attended by OIC Secretary-General Hissein Brahim Taha, Islamic Development Bank President Muhammed Suleiman Al Jasser, TOBB President Rifat Hisarciklioglu, and other officials and business representatives.
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