The IDB Group Private Sector Forum Fosters Economic Development of Member Countries
A forum to connect business leaders, investors, entrepreneurs and SMEs in Indonesia to discuss on business issues and development goals while showcasing IDB Group roles in member countries
In the interest of further developing the private sector in member countries, the Islamic Development Bank (IDB) Group hosted the IDB Group Private Sector Forum in collaboration with Indonesia Investment Coordinating Board (BKPM) and Indonesia Chamber of Commerce (KADIN) at the Jakarta Convention Center. The event was held in conjunction with IDB Group 41st Annual General Meeting and was officiated by the CEOs of the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.com), the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC), and the CEO of the International Islamic Trade Finance Corporation (ITFC)-- Mr. Khaled Al-Aboodi, Mr. Oussama A.Kaissi and Eng. Hani Salem Sonbol, respectively.
The brainchild of IDB Group private sector entities which include ICD, ICIEC, ITFC along with the IDB Group Business Forum (THIQAH) and Investment Promotion Technical Assistance Program (ITAP), the forum involved engaging panel discussions which deliberated on the activities, roles and support that have been carried out in member countries, with focus on Indonesia. The panel also touched on issues related to Islamic trade financing, investment challenges and export credit insurance. With the aim to further encourage economic and social development in Indonesia and in member countries, the forum convened the most relevant and knowledgeable thought leaders from business, academia and government to discuss present-day business environment and challenges, develop new insights and design innovative solutions to tackle pressing issues in the private sector.
The CEO of ICD, Mr. Khaled Al-Aboodi stated, "During this forum, we presented the second issue of ICD’s Annual Development Effectiveness Report (ADER) which highlights our roles in supporting the development goals of our member countries. We hope this forum will successfully serve as a platform that strategically connects us with potential partners, business leaders, and investors to collaborate and take concrete steps in order to improve the economy and prosperity of Indonesia and our member countries."
The CEO of ICIEC, Mr. Oussama A. Kaissi added, “Addressing huge infrastructure needs is one of the main focus of the IDB Group in Indonesia, aligned with the Indonesian government’s target of supporting and improving infrastructure development. ICIEC is ready to facilitate and mitigate the risks of investors who are interested in bankable investment projects, particularly in infrastructure, in our member countries. ICIEC is open to coordinate with investors who are willing to invest in Indonesia as well as our member countries, and will offer protection by way of insurance of the export credit.”
From his side, Eng. Hani Salem Sonbol, Acting CEO ITFC commented "We believe that this forum will boost trade and investment among member countries and heighten public awareness on Islamic trade finance in Indonesia and globally. The changes in trade financing regulations in Indonesia encourages us to take real action in order to make adjustment to these changes, and provide Islamic Trade Finance solutions that contribute to the socio-economic development and growth in the country”
While development assistance has its limitations, the resources of the private sector can contribute significantly to development funding and sharing of experiences to help meet development objectives. The forum provides the setting to feature Indonesia’s investment opportunities while renewing confidence and constructive cooperation between industry players and potential investors. BKPM and KADIN remains committed to facilitate investment opportunities and the dissemination of information among attendees during and after the forum.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
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About Islamic Development Bank (IDB) Group
The Islamic Development Bank “IDB”
IDB is an international financial institution established to foster the economic development and social progress of member countries in accordance with the principles of Shari’ah. The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance. (www.isdb.org)
The Islamic Corporation for the Development of the Private Sector “ICD”
ICD provides equity, debt financing and financial advisory services in accordance with the Islamic banking and finance principles. Projects financed by ICD are selected on the basis of their contribution to economic development (www.icd-ps.com)
The International Islamic Trade Finance Corporation “ITFC”
ITFC was formed to consolidate the trade finance business that was formerly undertaken by various entities within the IDB Group. ITFC promotes IDB developmental objectives through its two main pillars, Trade Finance and Trade Promotion, to fulfil its vision of ‘Advancing Trade & Improving Lives’ (www.itfc-idb.org)
The Islamic Corporation for the Insurance of Investment and Export Credit "ICIEC"
ICIEC was established with the objective to increase the scope of trade transactions of member countries to facilitate foreign direct investments and to provide reinsurance facilities to their national export credit agencies. ICIEC provides appropriate Islamic Shariah compatible credit and country risk insurance and reinsurance instruments. (www.iciec.com)
IDB Group Business Forum (THIQAH)
The IDB Group Business Forum - THIQAH is the main window which acts as enabler and play facilitation and catalyst roles to connect the private sector institutions in IDBG member countries. The main objective of THIQAH is to establish a unique and innovative platform for dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. THIQAH’s vision is to position itself as the leading business platform of the IDB Group serving the private sector in member countries and maximizing the achievements of successful investment projects. The primary focus is on maximizing cross-border investments among IDB Group member countries, with the support of IDB Group’s financial products and services (www.idbgbf.org).
Investment Promotion Technical Assistance Program (ITAP)
The Islamic Development Bank (IDB) Group’s Investment Promotion Technical Assistance Program (ITAP) is an initiative by IDB Group, established in 2005, and managed by the ICIEC. ITAP’s objective is to help unlock the developmental potential of IDB Member Countries through comprehensive and integrated technical assistance programs of investment promotion. The program’s focus areas include institutional development, sharing best practices and information dissemination on investment opportunities in member countries. Moreover, the program conducts needs assessment studies to identify potential sectors for intervention, capacity building for investment promotion agencies and relevant government institutions of IDB member countries, country promotion events and policy advice to improve investment climate (www.iciec.com/node/124)