Baku: Agreements reached within the Private Sector Forum during the Islamic Development Bank Group Annual Meetings have expanded opportunities for cooperation, according to Khalid Khalafalla, Head of the Islamic Corporation for the Development of the Private Sector (ICD). Khalafalla addressed a press conference held as part of the Islamic Development Bank Annual Meetings in Baku, highlighting that the Private Sector Awards were introduced this year as a key feature of the forum, with seven winners honored during the opening ceremony.

According to Azeri-Press News agency, a total of 32 agreements and memorandums of understanding were signed within the framework of the Private Sector Forum. This included five agreements with Azerbaijani partners finalized during the opening ceremony. A variety of sector forums took place, and a virtual health platform involving the business community participated in the meetings. Over 250 business-to-business (B2B) and business-to-government (B2G) meetings were conducted, which are expected to serve as a platform for new business opportunities.

Khalafalla also shared insights on the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)'s projections for 2025. The ICIEC aims to achieve a business volume of $17.7 billion in trade and investment among member countries. Their operations are set to support more than 6,000 small and medium-sized enterprises (SMEs) through insurance transactions and contribute to the creation of approximately 290,000 jobs.

The partnership with Azerbaijan began in 1993 when the country joined ICIEC. Since then, ICIEC has supported Azerbaijan with business insurance worth $165 million, focusing on trade and attracting foreign direct investment to the telecommunications sector. Khalafalla expressed optimism about the potential for further business development in Azerbaijan.