World news

Turkey | Turkish President Pushes Idea of Islamic Megabank

Turkey’s President on Thursday promoted the idea of an Islamic megabank, reiterating his push for expanded international trade via local currencies.

Addressing a meeting of the D-8 developing nations via video link, Recep Tayyip Erdogan said "To protect our countries from risks based on foreign currencies, we must focus on trading in local currencies."

Erdogan first called for trade in local currencies at the D-8's 2017 Istanbul summit, developments over the last four years proved the idea is trustworthy and sound, Erdogan underlined.

On the D-8 Network for Research and Innovation, he called the network critically important, as it enables information sharing between universities and other institutions in fields such as renewable energy, artificial intelligence, robotics, the internet of things, big data, blockchain, and nanotechnology.

He stressed that D-8 countries should concentrate on high added-value production, based on high technology, for the sake of strong, sustainable growth.

Erdogan also stressed that the D-8’s members must update the bloc to better fit today's needs, transforming it into a project and result-oriented structure.