International Business Forum opens in Istanbul

18th International Business Forum, hosting companies from around the world, runs from Nov. 26-30

International Business Forum opens in Istanbul

World Bulletin/News Desk

The 18th International Business Forum kicked off in Istanbul on Wednesday.

The forum is brought together under the auspices of President Recip Tayyip Erdogan.

The forum brings together leaders and businessmen from the Muslim world to increase international cooperation and to consider investment opportunities.

The forum will host over 1,000 companies and more than 200,000 visitors from 103 countries. 

This year's main theme is "Paradigm Shift: New Financial Tendencies." New financial models, the application of funds in Islamic countries and the reasons behind the financial crisis will be discussed during the forum.

The forum is at the WOW Convention Center on the European side of Istanbul. Nearby is the Independent Industrialists and Businessmen Association's 15th International Exposition, which takes place at the same time.

The head of the International Business Forum Erol Yarar, the president of Islamic Development Bank Ahmed Mohammad Ali Al-Madani and the editor of Islamic Banker Magazine Mushtak Parker will speak about trends in Islamic banking and financial trends. 

The partner country for this year's forum is Pakistan. 

US investment warning

Potential investors should re-evaluate their investment plans in the U.S. if oil prices continue to fall, Fatih Birol, chief economist at the International Energy Agency said Tuesday.

Birol commented on the International Energy Agency's latest World Energy Outlook at the Council on Foreign Relations at Colombia University. 

The U.S. might have to further borrow money if the oil price decline trend continues, according to Birol. He further advised investors to reconsider investing in North America as it might not be in their best interest. 

"In the coming years, oil prices might be lower than current levels with negative effects," he added.

Birol underlined that low oil prices will affect upstream explorations and oil drilling in the Arctics and in underwater reserves which are difficult to extract.

The International Energy Agency reviewed the energy sector and examined effects of the global energy mix, as well as provided forecasts on the sector's future covering the period up to 2040 in the energy outlook published on Nov. 12.

Last Mod: 26 Kasım 2014, 11:53
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