ITFC Participates in African-Caribbean Trade, Investment Forum 2023
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, participated in the second African-Caribbean Trade and Investment Forum 2023 held in the Republic of Guyana.
The forum took place under the theme “Creating a Prosperous Shared Future,” attracting around 1400 individuals from 33 African countries, 13 Caribbean territories, and 18 other countries.
Forum Discussions
The forum aimed at exploring the connectivity between Africa and the Caribbean region in terms of logistics services, transportation, economic and trade linkages, and payment systems to bolster global communications.
The forum aims to advance trade in the targeted countries.
Discussions delved into enhancing and increasing trade and investment flows between the nations to assist them in developing their trade, finance, and development capabilities.
Agreements, Partnerships
Various agreements were signed between African and Caribbean governments. Businessmen from both regions participated.
These agreements covered sectors such as energy, tourism, logistics services, construction, agriculture, sports, and flourishing creative industries.
The forum emphasized fostering partnerships with international institutions representing the African Business Council, the private sector in the Caribbean, and the International Trade Center to activate the newly designed African-Caribbean Business Council. The council is envisioned to be a core for integrating the private sector.
Call to Global Bodies
The forum called on global bodies, the African Union, the Caribbean Community, and the Organization of Eastern Caribbean States to enhance African-Caribbean political relations.
This is aimed at propelling economic alliances, bilateral trade, and the pivotal concept of establishing an African-Caribbean Free Trade Area to boost regional trade and cooperation.
The involvement of the International Islamic Trade Finance Corporation in such forums exemplifies its commitment to promoting trade and investment ties among different regions, aligning with its broader goal of fostering economic development in accordance with Islamic principles.
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