Strengthening Trade and Investment in Organisation of Islamic Cooperation (OIC) Member Countries
The Islamic Development Bank Group (IsDB Group) (IsDB.org) Private Sector Entities namely the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC) in collaboration with IsDB Group Business Forum (THIQAH) and Annual Investment Meeting (AIM) organized a Trade & Investment event at the Egyptian Pavilion, Expo 2020 in Dubai – UAE on January 11th, 2022 under the theme: “Strengthening Trade and Investment in OIC Member countries”.
The event drew from the IsDB Group’s efforts to eradicate poverty through its initiatives and inclusion in the fight against COVID-19 to discuss the opportunities in promoting trade and investment in its member countries during times of unstable economic conditions. The private sector entities (ICIEC, ICD and ITFC) seek to ensure the continuous economic growth of its member countries and aims at improving the lives of the communities it serves.
The panel session, held during the event, consisted of expert speakers from the IsDB Group private sector entities and attracted business people at the Dubai Expo 2020. The experts shed light on the role of the IsDB Group in supporting OIC member countries’ trade and investment processes especially in volatile markets and unstable economic ecosystems. They also shared related experiences, best practices and success stories based on their respective entity’s specializations, as well as, explored together the investment and trade opportunities.
ICIEC highlighted its role in boosting the trade and investment opportunities for OIC member countries as it plays a pivotal role in deploying risk management tools to mitigate the adverse impacts of economic shocks emanating from various sources including pandemics. The ICD, also stressed its role in building a resilient and competitive private sector thus greatly contributing to the economic stability of the OIC member countries. Furthermore, ITFC emphasised its instrumental role in introducing the OIC member countries to international financial markets by providing integrated trade solutions towards shifting the industry to the acceptance of a wide array of innovative solutions.
Distributed by APO Group on behalf of Islamic Development Bank Group (IsDB Group).
About Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC. Over 27 years, ICIEC has insured in trade and investment more than USD78 billion. USD 62.3 billion represents support for exports and imports, while USD 15.6 billion covered foreign direct investments into ICIEC's member countries. ICIEC is Rated Aa3 by Moody's. ICIEC's cover has been provided to its 48 member countries across the Muslim world, assisting in their economic prosperity, development and diversification. ICIEC is recognized as the preferred enabler of trade and investment for boosting sustainable economic development in Member Countries, facilitating trade and investment between member countries and the world through Shariah-compliant risk mitigation solutions and tools. iciec.isdb.org
About Islamic Corporation for the Development of the Private Sector (ICD):
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is a member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross border investments. ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint, collective or co-financing platform for private sector enterprises or projects in its member countries. ICD also promotes financial technology (Fintech) with the objective of making financing more efficient, comprehensive and inclusive.
About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$55 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.
LinkedIn: International Islamic Trade Finance Corporation (ITFC)
Tel: +966 12 646 8337
Fax: +966 12 637 1064
About the Islamic Development Bank Group Business Forum (THIQAH):
The Islamic Development Bank Group Business Forum (THIQAH) is the window of the IsDB Group that facilitate contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries. The main objective of THIQAH is to establish a unique platform for effective dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. Through facilitation and catalyst roles, THIQAH will be leveraging IsDB Group's resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector. The primary focus will be on maximizing cross-border investment among member countries to be supported by IsDB Group's financial products and services. (www.IDBGBF.org)