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Tatarstan announces investment project pipeline for OIC countries

These projects can be divided into several areas: agro-industrial cluster, halal industry, food exports, industrial projects, and logistics hubs

KAZAN, May 15. /TASS/. Russia’s Republic of Tatarstan has compiled a bevy of investment projects to attract capital from Organization of Islamic Cooperation (OIC) countries, the republic’s Deputy Prime Minister and Economy Minister Midkhat Shagiakhmetov said at the 17th International Economic Forum "Russia - Islamic World: KazanForum."

"We have come up with a targeted pool of investment projects in the republic that are aimed at attracting capital from Organization of Islamic Cooperation countries," Shagiakhmetov said.

According to him, investment projects can be divided into several areas: the agro-industrial cluster, the halal industry, food exports, industrial projects, logistics hubs, and others.

The minister recalled that work is underway in the republic to develop partnership financing (Islamic banking).

"We see the main goal of our initiative as creating conditions and a mechanism for attracting foreign investment from Islamic countries. To achieve this, we believe it is important to organize the circulation of halal financial instruments issued by large companies," Shagiakhmetov said.

Islamic banking means conducting banking activities in accordance with Islamic norms. Payment of interest and derivative interest transactions, transactions with conditions of uncertainty, as well as financing of certain sectors of the economy such as gambling, pork production, alcoholic beverages, tobacco, weapons, ammunition are banned. You cannot finance trade in all abovementioned areas. Common Islamic banking operations are installments, leasing, and equity financing.

The 17th International Economic Forum "Russia - Islamic World: KazanForum" is underway from May 12 to 17 in Kazan. TASS is the forum's general media partner.

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