BAKU, Azerbaijan, November 27. The International Islamic Trade Finance Corporation (ITFC) and the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) will jointly develop a regional investment attraction plan for all Central Asian countries, Trend reports.
Under the TCCA+ program, ITFC and ESCAP have formed a strategic partnership to launch a project with the goal of "Increasing Exports through Foreign Direct Investment (FDI)."
This project complements ITFC’s flagship TCCA+ program, which focuses on achieving inclusive economic growth, regional economic cooperation, and trade development among member countries of the Organization of Islamic Cooperation (OIC) in Central Asia.
The new project, "Increasing Exports through Foreign Direct Investment," will benefit Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. The project focuses on three key objectives: boosting exports through Foreign Direct Investment (FDI) in strategic sectors like digital services, agriculture, lighting, and petrochemicals in Azerbaijan, Kazakhstan, and Tajikistan; expanding digital and tech companies to assist businesses in Azerbaijan, Kazakhstan, and Tajikistan in attracting FDI and accessing international markets; and formulating a regional investment attraction plan under the leadership of ESCAP within the SPECA framework, encompassing all six Central Asian countries.
ITFC and ESCAP will closely collaborate with national and regional stakeholders, including governments, investment promotion agencies (IPAs), and the private sector, to ensure the successful implementation of the project.
By 2025, we expect key outcomes such as developing and implementing action plans to promote exports through FDI in Azerbaijan, Kazakhstan, and Tajikistan; strengthening the capacity of IPAs by integrating FDI effectiveness indicators into sustainable investment promotion for trade; training 18 digital and tech companies in the region to attract FDI and enhance their international competitiveness; and launching the regional investment plan at the TCCA+ forum in Azerbaijan in 2025, further strengthening regional cooperation.
To note, ITFC is a member of the Islamic Development Bank (IsDB) Group. Established in January 2008, its primary goal is to promote trade among member countries of the Organization of Islamic Cooperation (OIC), aiming to improve socio-economic conditions for people worldwide.
Since its inception, ITFC has provided $75 billion in funding to OIC member countries, making it a leading provider of trade solutions to meet their needs. With a mission to act as a catalyst for trade development for OIC member countries and beyond, the corporation helps organizations from these countries gain better access to trade financing and provides them with the tools needed to enhance their competitiveness in the global market.
