OIC countries to account for 30% of global urban population by 2050

By 2050, OIC member states' share of the global urban population will approach 30%.

Report informs that Zehra Zümrüt Selçuk, Director General of SESRIC - the Statistical, Economic and Social Research and Training Centre for Islamic Countries - said this during the panel discussion "Empowering SMEs as Key Actors in Building Sustainable, Inclusive and Resilient Cities" held as part of the 13th session of the World Urban Forum (WUF13) in Baku.

"Such urbanization rates imply the creation of millions of new jobs and a fundamental transformation of urban infrastructure. Small and medium-sized enterprises, which account for up to 90% of all enterprises in a number of OIC member states, are called upon to play a decisive role in this process.

It is the SME segment that can respond to these challenges in a timely manner by supplying cities with essential services and contributing to economic resilience. In this regard, investment in small business development appears to be a strategically important area," Selçuk said.