TEHRAN (Tasnim) – Iranian President Masoud Pezeshkian proposed establishing a development fund of the Developing Eight (D8) countries to stimulate joint investment. - Politics news - In a meeting in Cairo on Thursday, the Iranian president and Secretary General of the D8 Organization for Economic Cooperation Isiaka Abdulqadir Imam talked about a range of political and economic issues.Pezeshkian highlighted the “massive markets and the suitable opportunities and grounds” for commercial, cultural, scientific and technological cooperation among the D8 member states.He noted that it is necessary to formulate a monetary and financial mechanism for trade exchanges between the D8 countries in order to attain the goals of the organization.“Establishing the D8 development fund for the purpose of joint investment of the Islamic member states will be an effective step in this regard.

The Islamic Republic of Iran expresses readiness for the formation of such a fund,” President Pezeshkian stated.He also noted that Iran is prepared to host a meeting of the energy and ICT ministers of the D8 members, calling for joint expert sessions to evaluate and define the needs, problems and opportunities in the energy as well as the information and communication technology sectors before a ministerial conference.Egypt is hosting the 48th D8 commission meeting, the 21st council of ministers meeting, and the 11th D8 Summit.This year’s summit of the Developing Eight (D8) countries is held under the theme "Investing in Youth and Supporting Small and Medium Enterprises: Shaping Tomorrow's Economy."The D8 is an organization for the development of cooperation among Iran, Bangladesh, Egypt, Indonesia, Malaysia, Nigeria, Pakistan, and Turkey.The objectives of the D8 are to improve member states’ position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at the international level, and improve standards of living.