At the Indonesia Economic Summit 2026 the summit, the announcement of the establishment of the B57+ Asia-Pacific Regional Headquarters was made, marking a significant milestone in the B57+ Business Leaders Initiative.
Launched under the auspices of the Islamic Chamber of Commerce and Development (ICCD), the initiative is a leading private sector-led strategic program aimed at promoting economic integration among Islamic countries and strengthening their connection to the global economy.
Abdullah Saleh Kamel, President of the Islamic Chamber of Commerce and Development (ICCD) and President of the Federation of Saudi Chambers, underscored the strategic importance of the new Asia-Pacific branch. He described it as a pivotal step in expanding the initiative and transforming economic partnerships from coordination frameworks into actionable projects with direct developmental impact.
Kamel explained that the B57+ initiative was created to address a longstanding gap in trade and investment among member states of the Organization of Islamic Cooperation (OIC). Despite a combined population exceeding two billion and vast natural and financial resources, intra-OIC trade currently accounts for only 20-22% of total trade.
He attributed this gap to structural challenges, including divergent regulatory frameworks, fragmented private sector representation, and limited sustainable channels for communication between policymakers and business communities. B57+ seeks to overcome these challenges by establishing a structured and enduring platform for public-private partnerships.
Kamel emphasized that the initiative serves as a bridge between government policies and the practical investment and operational needs of the private sector, translating economic cooperation frameworks into tangible results such as expanded trade, increased cross-border investment, job creation, and shared prosperity.
The B57+ initiative is an inclusive global economic platform extending beyond OIC member states to encompass countries with significant Muslim populations, international centers for Islamic finance and trade, and global institutions aligned with the principles of Islamic economics. The “+” symbol reflects this comprehensive vision, emphasizing the creation of an interconnected economic network that fosters integration among emerging markets while moving beyond short-term interests and geopolitical polarization.
He noted that the initiative marks a qualitative shift in the private sector’s role in the Islamic world, transitioning from mere capitalization on opportunities to actively shaping impact, thereby reinforcing the Islamic economy’s position as a major driver of global growth.
Looking ahead, B57+ is expected to provide a practical framework for harmonizing common economic policies, encouraging cross-border investment, and converting economic agreements into tangible projects, ultimately enhancing the Islamic economy’s presence and influence within the global economic system.
The world is standing at a decisive economic and moral crossroads, as rapid geopolitical and economic shifts reveal deep vulnerabilities in the prevailing global economic order, said Kamel.
Addressing the opening session of the summit, Kamel added that increasing fragmentation of the international system and the dominance of power-based interests have undermined justice, development, and human values, creating an urgent need for a more balanced and inclusive economic model.
He noted that the current global economic framework has proven incapable of delivering sustainable growth or ensuring equitable access to opportunities, attributing this failure to the growing separation between economic policies and ethical principles.
Kamel observed that the global economic discourse prevailing in major international forums no longer inspires confidence, instead reflecting a harsh reality marked by weakened regulatory frameworks, erosion of justice, and the dominance of profit-maximization and hegemonic logic over considerations of humanity, society, and environmental sustainability.
He stressed that these challenges impose a dual responsibility on business leaders in the Global South and developing economies to take the initiative in shaping a new economic framework founded on the principle of rights and obligations, rather than short-term profit-and-loss calculations.
Kamel emphasized that sustainable economic systems cannot exist without a clear moral framework, noting that investment, trade, and finance should function as tools to advance societal welfare. He warned that detaching economics from values has contributed to the erosion of trust, the fragmentation of communities, and increasing environmental harm.
He pointed out that the Islamic world possesses a longstanding civilizational legacy founded on strong ethical and value-based economic principles, which historically enabled it to contribute to the development of resilient and human-centered economic models. He said the opportunity remains for the Islamic world to reclaim this role and actively participate in shaping a more stable and just global economic future.
Highlighting the role of the private sector, Kamel said, it is capable of leading development pathways through effective partnerships with the public sector, provided there is political commitment, enabling legislation, and institutional frameworks capable of translating strategic visions into measurable outcomes.
In this regard, he commended the economic reforms being implemented in several countries, particularly the Kingdom of Saudi Arabia, noting that Saudi Vision 2030 has offered a practical and forward-looking model for redefining the relationship between the state and the economy. Kamel said the Vision has strengthened the private sector’s role through comprehensive regulatory reforms, major infrastructure investments, and accelerated digital transformation.
Kamel added that the Kingdom’s continued economic liberalization and institutional modernization reflect a broader international shift toward empowering the private sector as a key driver of sustainable growth, employment generation, and economic resilience.
The Indonesia Economic Summit 2026 is being held at a critical juncture for the global economy, underscoring the importance of dialogue platforms that bring together policymakers, private sector leaders, and research institutions to reexamine growth models, enhance cross-border cooperation, align public policy with market dynamics, and reinforce the private sector’s role in advancing development.
