Rising Economic Integration in Central Asia with New ITFC Program
In a groundbreaking move to boost economic and regional integration among the six Organization of Islamic Cooperation member countries, the International Islamic Trade Finance Corp. has launched the Trade Connect Central Asia+ Program (TCCA+).
The program, unveiled during the third Tashkent International Investment Forum, aims to fuel economic growth in Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, and Azerbaijan. These countries, known for their vast energy resources and significant production capacities in energy and agriculture, currently lack the necessary trade markets to fully capitalize on their potential.
Hani Sonbol, CEO of ITFC, expressed his excitement about the TCCA+ Program, calling it a significant step toward enhancing economic cooperation and boosting trade in the Central Asia region and beyond. The initiative is designed to unlock the economic potential of the region by promoting increased regional trade and investment, with a special focus on the energy and agriculture sectors.
With the goal of fostering sustainable economic growth and regional integration, the TCCA+ Program aims to expand the export base towards higher value-added products. This initiative will enhance export and investment capabilities, increase competitiveness, and facilitate trade initiatives and regional value chains.
Uzbekistan’s Minister of Investments, Industry and Trade, Laziz Kudratov, expressed his support for the program, stating that it is a transformative economic initiative that will unlock investment potential in Uzbekistan and drive economic prosperity across the wider region. The collaboration between Uzbekistan and ITFC highlights the shared goal of promoting economic growth and development in Central Asia.