JEDDAH: The Islamic Development Bank and the Islamic Center for the Development of Trade recently concluded a workshop on the digitization of services in investment promotion agencies in the Organization of Islamic Cooperation’s member states.
The two-day workshop, in which 32 senior officials from IPAs in 29 member countries of the IDB participated, tackled the technical aspects of enhancing digitization through the exchange of knowledge, experiences and best practices.
The workshop informed participants on the benefits of adopting digital technologies, the critical success factors for digital transformation in investment promotion and the challenges facing foreign direct investment.
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 Statistical, Economic and Social Research and Training Center for Islamic Countries; 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 workshop also discussed the first joint annual report of the IDB and the ICDT on the investment climate and opportunities in OIC countries.
The 2022 report provided valuable statistics and insights related to foreign direct investment in OIC countries to help assess the investment climate, analyze major investment trends, identify issues and shape future policies.
The participants concluded the workshop with a recommendation to draw up an action plan that includes activities to facilitate the implementation of the digital transformation roadmap, which aims to promote the development of private sector investments.