Business leaders and officials from eight developing nations meeting in Bangladesh on Tuesday said more cooperation was needed among them to overcome dwindling foreign currency reserves, a growing energy crisis and supply chain disruptions.
Representatives from Egypt, Iran, Malaysia, Nigeria, Pakistan, Turkey and Bangladesh under the banner of D-8, or developing eight countries, were discussing alternative trade financing such as cross currency swap, barter and blockchain to address their foreign currency reserves vulnerabilities, according to organizers.
Organizers said the participants were exploring ways to boost energy security with members such as Iran and Nigeria among the world's top oil producers. "Due to ongoing impact of the COVID-19 pandemic and key global economic developments, every member country is experiencing foreign reserve and currency vulnerabilities, supply chain disruptions, inflation, energy and food security risks, and therefore should take precautionary measures to prepare for business beyond the usual," said Sheikh Fazle Fahim, president of the D-8 Chamber of Commerce and Industry.
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