Why it matters:
As global economic landscapes shift, Islamic countries face the pressing need to diversify their economies. Rahmatollah Akrami's address at the Islamic Development Bank (IsDB) Annual Meeting highlights the critical importance of moving away from single-product economies to ensure long-term sustainability and resilience.
The big picture:
At the 50th Annual Meeting of the IsDB in Algeria, Akrami emphasized that economic diversification is not just an economic strategy but a fundamental necessity for social welfare and sustainable development. His remarks come at a time when many Islamic nations grapple with political crises and economic vulnerabilities, particularly those reliant on natural resources.
What he’s saying:
Akrami stated, “In light of recent political crises, especially the oppression faced by the innocent people of Gaza, we have a duty... to stand by the oppressed,” emphasizing that silence contradicts humanity and Islamic principles.
He warned against the vulnerabilities of economies reliant on natural resources and advocated for investments in sectors like artificial intelligence, renewable energy, and smart agriculture. Akrami noted Iran’s transition from an oil-dependent economy to a more diversified one, which he believes will improve living standards and create jobs.
He also highlighted the role of science and technology in Iran's economy, particularly in the commercialization of medical advancements, mentioning the Iran National Innovation Fund (INIF) that supports startups.
In conclusion, he stated that diversifying economies is essential for a sustainable future, calling this shift a necessity.
Go deeper:
The Annual Meetings of the Islamic Development Bank (IsDB) Group serve as a premier platform for the members of the Group, the member countries, and various stakeholders to deliberate on critical development policy and strategic matters, share experience and expertise, build networks, and forge partnerships.
The 2025 Annual Meetings took place from 19 to 22 May in Algiers, the capital city of Algeria. The theme of the meeting– Diversifying Economies, Enriching Lives – reflects the commitment of the IsDB Group to promoting sustainable economic growth and improving the quality of life in the member countries.
Hossein Amiri
