IDB Conference To Promote Investment In OIC Countries

Web Desk — A workshop on the digitization of services in investment promotion agencies in the Organization of Islamic Cooperation’s member states was held recently by the Islamic Development Bank and the Islamic Center.

32 senior officials from IPAs in 29 member countries of the IDB participated in the two-day workshop to ponder to tackle the technical aspects of enhancing digitization through the exchange of knowledge, experiences, and best practices.

Participants of the workshop were informed on the benefits of adopting digital technologies, the critical success factors for digital transformation in investment promotion, and the challenges facing foreign direct investment.

In the workshop, participants were also able to exchange views on the active leadership role of international development institutions, such as the UN Conference on Trade and Development; the Islamic Corporation for the Insurance of Investment and Export Credit; the Standing Committee for Economic and Commercial Cooperation; the Coordination Office and the Islamic Chamber of Commerce; the Statistical, Economic and Social Research and Training Center for Islamic Countries.

Also, the first joint annual report of the IDB and the ICDT on the investment climate and opportunities in OIC countries came under discussion.

The 2022 report was quite helpful providing valuable statistics and insights related to foreign direct investment in OIC countries to assess the investment climate, analyze major investment trends, identify issues and shape future policies.

The workshop was concluded with a recommendation to draw up an action plan that includes activities to facilitate the implementation of the digital transformation roadmap aiming to promote the development of private sector investments.