International Islamic Trade Finance Corporation (ITFC) launches landmark Trade Connect Central Asia+ (TCCA+) Program at the 3rd Tashkent International Investment Forum
TCCA+ is a pioneering regional economic cooperation initiative spanning Azerbaijan, Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan
The Program aims to contribute, through trade and investment development, to the achievement of inclusive economic growth, regional economic cooperation and promote trade, among the OIC member countries in the Central Asia OIC member countries and Azerbaijan, and with the rest of the world
TASHKENT, Uzbekistan, May 2, 2024 /PRNewswire/ -- The International Islamic Trade Finance Corporation (ITFC), member of Islamic Development Bank Group, is delighted to announce the launch of its newest flagship Trade Connect Central Asia+ (TCCA+) Program at the 3rd Tashkent International Investment Forum.
The aim of the Program is to facilitate economic growth and regional economic integration amongst the six Organisation of Islamic Cooperation (OIC) member countries in the Central Asia region, namely Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan plus Azerbaijan.
The region boasts one of the world's largest energy resources and significant production capacities in energy and agriculture. However, current regional trade among these markets has not yet reached its full potential. With a focus on increasing regional trade and diversifying the export base towards higher value-added products, the TCCA+ Program is expected to contribute to inclusive and sustainable economic growth, as well as regional economic integration among the six targeted countries. This will be achieved by boosting export and investment capacities, enhancing competitiveness, and promoting trade initiatives and regional value chains, thus unlocking intra-regional trade and investment potential. Additionally, the Program seeks to promote increased trade among the OIC member countries in the region and with the rest of the world.
The TCCA+ Program was unveiled during a prestigious roundtable event, in the presence of esteemed ministerial representatives from beneficiary countries. Eng, Hani Salem Sonbol, CEO ITFC and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD) was joined by esteemed dignitaries including H.E. Laziz Kudratov, Minister of Investment, Industry and Trade of Uzbekistan; H.E. Serik Zhumangarin, Deputy Prime Minister of Kazakhstan; Jamshid Khodjaev, Deputy Prime Minister of Uzbekistan; Serdar Jorayev, Minister of Finance and Economy of Turkmenistan; Solehzoda Ashurboy, First Deputy Minister, Ministry of Economic Development and Trade of the Republic of Tajikistan; Dr. Rupa Chanda, Director of the Trade, Investment and Innovation Division of ESCAP; Ibrahim Shoukry, Head of IsDB Regional Hub Almaty, Kazakhstan; and Sanzharbek Bolotov, Deputy Minister, Ministry of Economy and Commerce of the Kyrgyz Republic. Simon Quijano-Evans, Chief Economist at Gencorp Capital, moderated the event, attended by multilateral financial institutions, international development agencies, international and regional organisations and agencies active in the region, and senior representatives from key public and private institutions in OIC member countries.
The TCCA+ Program was explicitly designed for the region and tailored to the specific needs of the six targeted countries. Prior to the launching, a focal points meeting and program validation workshops were held in Istanbul, Türkiye, and Baku, Azerbaijan, in October and December 2022, respectively, to align with and validate the objectives of the Program with the needs of the 6 targeted countries. At last year's Tashkent International Investment Forum, ITFC also organised the TCCA+ Program Development Partners Roundtable to ensure the active involvement, engagement and collaboration of all development partners and relevant stakeholders.
As a key partner and sponsor of the Tashkent International Investment Forum 2024, ITFC has further demonstrated its commitment to supporting economic growth and fostering regional cooperation.
In his statement at the launching, Eng, Hani Salem Sonbol, CEO of ITFC and Acting CEO of ICD, 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. 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."
The Minister of Investments, Industry and Trade of the Republic of Uzbekistan, Laziz Kudratov, was quoted 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."
About the International Islamic 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 US$75 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.
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