IsDB’s 14th Private Sector Forum in Azerbaijan Strengthens Economic Ties with $4.7 Billion in Agreements
The 14th Private Sector Forum, organized by the Islamic Development Bank Group (IsDBG), took place from June 16 to 19, 2026, at the Baku Convention Center in Azerbaijan. This significant event, held under the patronage of His Excellency Ilham Aliyev, President of Azerbaijan, attracted over 1,400 participants from 60 countries, highlighting the growing importance of private sector engagement in regional economic development.
Expanding Economic Opportunities
The forum featured a comprehensive agenda that included 17 events and panel discussions, showcasing the active participation of local, regional, and international private sectors. More than 70 speakers and 40 exhibitors contributed to the discussions, emphasizing the collaborative efforts necessary for fostering economic resilience and innovation.
For the fourth consecutive year, the forum recognized outstanding contributions to economic development through the “Private Sector Award.” This initiative underscores the critical role that private enterprises play in trade facilitation, investment, and risk management.
Significant Agreements and Collaborations
A key highlight of the forum was the signing of 32 agreements and memoranda of understanding, totaling over $4.7 billion. This substantial financial commitment reflects the forum’s objective to enhance trade and investment relationships among member countries. Additionally, a startup competition attracted participation from over 220 startups and business incubators, further stimulating entrepreneurial activity in the region.
Over 250 bilateral meetings were conducted, facilitating direct interactions between businesses and government entities. These meetings aimed to strengthen partnerships and explore new avenues for collaboration, particularly in sectors vital to economic growth.
Addressing Challenges and Opportunities
The discussions at the forum centered around the challenges and opportunities facing the business sector, particularly in Azerbaijan. The IsDB Group presented its suite of financing instruments, which includes trade development support, investment insurance, and export credit facilities. These tools are designed to empower both public and private sectors in member countries, addressing the pressing need for sustainable economic development.
The agenda also featured workshops and dialogue sessions focused on key economic themes and development projects. Participants were provided with insights into trade and investment opportunities, reinforcing the forum’s commitment to fostering a robust economic environment.
Leadership Insights
His Excellency Dr. Mohammed Al Jasser, Chairman of the Islamic Development Bank Group, emphasized the pivotal role of the private sector in development. He stated that the IsDB Group is dedicated to removing obstacles and mitigating risks to enable trade and investment that drive inclusive and sustainable growth. This perspective aligns with the forum’s mission to enhance economic collaboration among member countries.
Dr. Khaled Yousef Khalafallah, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), highlighted the forum’s role in unifying efforts between public and private sectors. He noted that ICIEC has provided over $139 billion in cumulative insurance coverage, facilitating trade and investment across various sectors, including agriculture and renewable energy.
Eng. Adeeb Al-Aama, CEO of the International Islamic Trade Finance Corporation (ITFC), reiterated the importance of the private sector in driving economic growth and reducing poverty. Since its inception, ITFC has extended over $96 billion in financing to OIC member countries, focusing on enhancing the competitiveness of small and medium-sized enterprises (SMEs).
Broader Implications for Regional Development
The outcomes of the 14th Private Sector Forum signify a concerted effort to strengthen economic ties among member countries. The agreements and partnerships formed during the event are expected to have a lasting impact on trade dynamics and investment flows in the region.
As the IsDB Group continues to evolve, its commitment to addressing development challenges remains steadfast. The forum serves as a platform for dialogue and collaboration, fostering an environment conducive to sustainable economic growth.
For further details on the event and its implications, please refer to the original reporting source: Zawya.
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