Uzbekistan to strengthen trade, economic ties with IsDB member countries

Economy Materials 2 September 2021 22:15 (UTC +04:00)
Uzbekistan to strengthen trade, economic ties with IsDB member countries

BAKU, Azerbaijan, Sept.2

By Fakhri Vakilov - Trend:

Within the framework of the 46th Annual Meeting of the Board of Governors of the Islamic Development Bank (IsDB), the Forum "Private Sector Day" was held in Tashkent, Uzbekistan on September 2, Trend reports citing press service of Uzbekistan's Ministry of Investments and Foreign Trade.

The investment and trade opportunities of Uzbekistan and the prerequisites for strengthening its trade and economic ties with the IDB member countries were disclosed in detail.

The forum was organized by the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC), Islamic Corporation for the Development of the Private Sector (ICD), International Islamic Trade and Finance Corporation (ITFC) and other subsidiaries of the IDB.

The forum brought together more than 1000 officials, politicians, heads of ministries, departments, chambers of commerce and industry, business associations, representatives of the business community and private investors from the IsDB member countries on its platform and within the framework of bilateral meetings in the B2B and B2G format.

During the event, issues related to the activities, initiatives and resolutions of the IsDB in the member countries in the fields of investment, trade and insurance were highlighted. Measures and mechanisms for overcoming the consequences of the coronavirus pandemic were also discussed on the Forum's agenda.

The forum was opened with speeches by the President of the IsDB Muhammad Sulaiman Al Jasser and the Chairman of the Board of Governors, the Governor of the IDB from Uzbekistan, Deputy Prime Minister - Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov.

The parties emphasized that the Forum has become a unique platform for finding new "points of growth" and forging direct business contacts and partnerships between representatives of the business community. It was announced that the principle of "new companies, new transactions, new technologies and new jobs" is a unified algorithm for achieving common long-term development goals, in connection with which the urgency of intensifying international economic cooperation of the IDB member countries, aimed at the most effective use of investment and trade potential of economies.

It was also noted that the private sector is the most powerful "driver" for economic recovery, increasing employment and improving the quality of life of the population in the post-like period. The activities of three private sector organizations of the IDB Group, whose goal is to increase the contribution of the private sector to the economies of the member states, were highlighted in detail: the International Islamic Trade and Finance Corporation, the Islamic Corporation for Investment and Export Credit Insurance, and the Islamic Corporation for the Development of the Private Sector.

It was announced that the IsDB will continue to provide support to member countries to successfully overcome the negative consequences of the pandemic and adapt to the new economic environment, with an emphasis on stimulating an increased role for the private sector.

The IsDB leadership also called on the forum participants to actively use the financial instruments offered by the Bank for the development of private sector ecosystems in their countries, including financing lines, insurance, urgent financing, self-financing, asset management and consulting services on sukuk.

The program of the forum also included thematic sessions devoted to the discussion of methods and mechanisms of support by the IsDB structures of the member countries of the Bank, as well as effective algorithms for restoring relationships between representatives of the private sector.

The discussions were attended by the heads of subsidiaries of the IsDB, the International Monetary Fund, the Russian Export Center group of companies, the Ministry of Investment and Foreign Trade, the Direct Investment Fund, a number of commercial banks from various countries, private investors and entrepreneurs, as well as representatives of investment companies and consulting agencies.