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

JAKARTA, Indonesia: 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 (African Press Organization) on behalf of Islamic Corporation for the Development of the Private Sector (ICD).