Jeddah—The General Secretariat of the Organization of Islamic Cooperation (OIC), in cooperation with the Saudi Ministry of Commerce and Investment, will organize a forum of investment promotion agencies of the OIC member states, at the sidelines of the 15th trade fair for OIC Member States to be held at Riyadh International Convention and Exhibition Center, Kingdom of Saudi Arabia on 22–26 May, 2016.
Concerning the objectives of the forum and the topics to be tackled, Ambassador Hameed Opeloyeru, OIC Assistant Secretary-General for Economic Affairs, pointed out that the participants will explore the possibility of creating a mechanism for consultation among the investment promotion agencies of the OIC Member States They will also explore the implementation of the various OIC resolutions, projects and programs in the domain of investment promotion, including the implementation of the Agreement for Promotion, Protection and Guarantee of Investments among OIC Member States.
He added that the forum represents a good opportunity for sharing best practices of the national experience in providing favorable climate for investment, and boosts the efficacy of investment promotion agencies as unified bodies that provide all services concerning investment issues to foreign investors in the OIC member states. Ambassador Opeloyeru indicated that the forum will discuss promotion of inter OIC investment flows in addition to attracting foreign direct investment (FDI) from countries outside the OIC, increasing cross-border projects, enhancing cooperation within the framework of South–South cooperation. The forum will also consider developing SMEs, encouraging entrepreneurship among youth, achieving the optimal level in terms of Islamic finance and the finance products for small projects, and deepening understanding regarding the use of the social Islamic finance for investment purposes.
He stated that the participants will also look into strengthening cooperation in the arbitration field for the trade and investment disputes, and enhancing projects of capacity building, research and development, knowledge economy, technology and innovation, in addition to setting up data bases for investment in the OIC member states including information related to opportunities of investment and potential investors with the view of developing a favourable environment for business. It is expected for the forum to witness the participation of all investment Promotion Agencies of the OIC Member States, OIC institutions: the General Secretariat, the Islamic Center for Development of Trade (ICDT), Statistical, Economic, Social Research and Training Center for Islamic Countries (SESRIC), IDB Group: (the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Investment Promotion Technical Assistance Program (ITAP) , International Islamic Trade Finance Corporation (ITFC) , Islamic Research and Training Institute (IRTI), and the Islamic Chamber of Commerce, Industry and Agriculture (ICCIA).
The agenda of the forum of investment Promotion Agencies includes sessions on foreign direct investment (FDI) during which country profiles from Kingdom of Saudi Arabia, Republic of Kazakhstan, Arab Republic of Egypt, besides an international profile on foreign direct investment and facilitation of business, a presentation on investment in the member states, and another presentation on implementation of the Agreement for Promotion, Protection and Guarantee of Investments.