ITFC and ESCAP Launch TCCA+ Program for Central Asia Investment

The International Islamic Trade Finance Corporation (ITFC) and the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) are embarking on an ambitious journey to enhance investment opportunities across Central Asia. This initiative, known as the TCCA+ program, aims to create a regional investment attraction plan that will benefit all Central Asian nations, including Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.

At the heart of this collaboration is the project titled "Increasing Exports through Foreign Direct Investment (FDI)." This project is designed to stimulate economic growth and foster regional cooperation among the member countries of the Organization of Islamic Cooperation (OIC). By focusing on strategic sectors such as digital services, agriculture, lighting, and petrochemicals, the project seeks to boost exports and attract foreign investments.

One of the primary goals of this initiative is to enhance the capacity of investment promotion agencies (IPAs) in these countries. By integrating FDI effectiveness indicators into sustainable investment promotion strategies, the project aims to create a more robust framework for attracting foreign investments. Additionally, training programs for 18 digital and tech companies in the region will be implemented to help them become more competitive in the international market.

Furthermore, the project will culminate in the launch of a regional investment plan at the TCCA+ forum in Azerbaijan in 2025. This event is expected to serve as a platform for strengthening regional cooperation and showcasing the progress made in attracting foreign investments.

ITFC, a member of the Islamic Development Bank (IsDB) Group, has been a significant player in promoting trade among OIC member countries since its establishment in 2008. With a mission to improve socio-economic conditions globally, ITFC has provided a staggering $75 billion in funding to support trade solutions for its member countries. This new partnership with ESCAP is a testament to its commitment to fostering economic development in Central Asia.

The collaboration between ITFC and ESCAP represents a significant step towards enhancing economic cooperation and investment attraction in Central Asia. By focusing on strategic sectors and empowering local businesses, this initiative has the potential to transform the economic landscape of the region. As these countries work together to implement the project, the benefits of increased foreign investment and trade will undoubtedly contribute to a brighter economic future for all involved.