Astana. September 12. Kazakhstan Today - Kazakhstan will host in 2011 the 7th World Islamic Economic Forum (WIFE). The decision was made during annual session of WIFE secretariat in headquarters of Islamic Development Bank in the city of Jidda, the agency reports referring to the press service of the Ministry for Foreign Affairs of Kazakhstan. "The chairman of World Islamic Economic Forum, Tun Musa Hitam positively estimated Kazakhstan initiative to hold for the first time in Central Asia the so-called Muslim Davos that will alongside with presidency of Kazakhstan in the Organization Islamic Conference (OIC) in 2011 will assist strengthening of trade and economic relations between Muslim countries," the press release informs. As it was informed earlier, the 4th World Islamic Economic Forum took place in May of 2008 in Kuwait under the motto Islamic Countries - Partners in Global Development. Representatives of more than 400 delegates from 60 countries, business-circles of the Islamic world, presidents of banks, commercial and industrial chambers took part in it. During the forum chairmen of 40 Kazakhstan business-structures held meetings with potential foreign investors. The next annual 5th forum is planned to be held in 2009 in Indonesia. 70 % of world reserves of oil and half of stocks of natural gas are concentrated in 57 OIC member countries. Their cumulative GDP makes $1.7 trillion or 8 % of world economy.