ITFC head outlines key challenges for business in OIC region

Trade connectivity in Azerbaijan, the Central Asian states, and the broader Organization of Islamic Cooperation (OIC) is taking on a fundamentally new strategic dimension, Adeeb Al Aama, Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC), said during a panel discussion held at the annual meetings of the Islamic Development Bank Group (IDB) in Baku, Report informs.

He emphasized that the region is located at the intersection of key trade corridors linking Asia, Europe, and adjacent territories.

"However, entrepreneurs, particularly small and medium-sized businesses, continue to face significant challenges. These include limited access to trade finance instruments, difficulties entering new markets, and barriers to integration into regional and global value chains. For ITFC, regional connectivity is much more than simply moving goods across borders. It involves facilitating trade, strengthening value chains, expanding the role of SMEs, and building sustainable and inclusive trade ecosystems," said Al Aama.

ITFC CEO noted that achieving these objectives is impossible without a comprehensive approach combining trade finance, trade development support, and robust institutional partnerships.

"This is precisely the purpose of today's session - to bring together policymakers, financial institutions, the private sector, and development partners to jointly analyze how trade solutions can more effectively promote regional integration and open up new prospects for sustainable economic growth," he added.