30 June 10 - Strengthened collaboration on investment between UNCTAD, Islamic Investment Insurance Corporation
UNCTAD signed a Memorandum of Understanding with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
The purpose of the memorandum is to provide a general framework for facilitating cooperation between the two institutions in promoting foreign and domestic investments to contribute to ICIEC member States' economic and social development.
ICIEC is a member of the Islamic Development Bank Group, created to promote exports from, and foreign direct investment (FDI) into, its member countries.
In 2005, ICIEC developed an investment promotion technical assistance programme aimed at assisting the Bank's 56 member countries with institutional development, sharing best practices, and information dissemination on investment opportunities.
In the area of investment and enterprise, cooperation between UNCTAD and the ICIEC dates back to 2007, when the two organizations launched a series of workshops on investment promotion and protection and began collaborating on FDI statistics.
With a view to strengthening the capacity of ICIEC member States to create an environment conducive to attracting and benefiting from investment, the two organizations will in particular cooperate on:
- Monitoring and assessing FDI trends and their impact on development;
- Contributing to investment policymaking at the national and international level and improving understanding of issues related to investment rule-making;
- Helping member States to promote and facilitate international investment; and
- Devising strategies for the development of small- and medium-sized enterprises.
The MoU was signed in Geneva on 25 June by Mr. Petko Draganov, Deputy Secretary-General of UNCTAD, and Dr. Abdel Rahman Taha, ICIEC Chief Executive Officer.