Arab News, Wed, May 15, 2024 | Dhu al-Qadah 7, 1445
ITFC’s new initiative promises to boost economic and trade growth in Central Asia
Saudi Arabia:
Economic and regional integration among the six Organization of Islamic
Cooperation member countries is set to grow with a new program from the
International Islamic Trade Finance Corp.
The Trade Connect Central Asia+ Program, also
known as TCCA+, was launched recently by ITFC, a member of the Islamic
Development Bank Group, during the third Tashkent International Investment
Forum. It is poised to enhance economic growth in Kazakhstan, Kyrgyzstan, and
Tajikistan, as well as Turkmenistan, Uzbekistan, and Azerbaijan.
The region, which boasts one of the world’s
largest energy resources and significant production capacities in energy and
agriculture, currently lacks the trade markets needed to harness its full
potential, according to a press release.
In a statement at the launch, Hani Sonbol, CEO of
ITFC, said: “We are immensely proud to launch the TCCA+ Program, which
represents a significant step forward in enhancing economic cooperation and
boosting trade across the Central Asia region and beyond.”
He stated that this initiative is designed to
unlock the vast economic potential of the region by facilitating increased
regional trade and investment.
“With a focus on the energy and agriculture
sectors, we are committed to fostering sustainable economic growth and regional
integration that benefits all member countries involved,” added Sonbol.
Focused on boosting regional trade and expanding
the export base toward higher value-added products, the TCCA+ Program is
anticipated to foster inclusive and sustainable economic growth, alongside
promoting regional economic integration among the six targeted countries, the
release added.
This objective will be accomplished through the
enhancement of export and investment capabilities, the reinforcement of
competitiveness, and the facilitation of trade initiatives and regional value
chains.
For his part, Uzbekistan’s Minister of
Investments, Industry and Trade Laziz Kudratov was quoted in the statement
saying: “We are honoured to host the launch of this transformative economic
initiative, following the development and progress made at last year’s Forum. We
are united with ITFC in our shared goal to unlock the immense investment
potential in Uzbekistan, and strongly support their efforts to drive economic
prosperity across the wider region.”