00:00This is very, first of all, important to organize such a platform here in the country.
00:05And at the same time, this is not only about discussions of the economic integration or growth,
00:11this is also exchange of experience, exchange of knowledge.
00:17Global uncertainty, shifting trade routes and growing economic pressures
00:21are forcing countries to rethink how they work together.
00:24Ministers, policymakers and development leaders gathered in Baku
00:27for the Islamic Development Bank Annual Meetings
00:30to explore how regional integration can maintain and grow regional prosperity.
00:37Many participants have joined this event in the country,
00:41and specifically the guests from 57 countries,
00:44the member countries of Islamic Development Bank,
00:48joined here to discuss the opportunities, new investment opportunities,
00:52to discuss the sustainable growth and regional cooperation.
00:57And Azerbaijan can contribute to these discussions thanks to its strategic location,
01:04you know, because we are connecting Europe, Central Asia, Middle East.
01:08This year's discussions are taking place against a backdrop of economic volatility
01:13and geopolitical tensions.
01:15This creates more competition for investment.
01:17For many of the delegates attending,
01:19it raises the question as to how regional partnerships can deliver real economic cohesion
01:24and opportunities for long-term development.
01:28The Islamic Development Bank brought together an impressive 57 countries.
01:33A number of senior officials took advantage of the platform to put forward ideas and proposals.
01:38The first approach is to develop the development and development
01:41to support additional resources that are brought to the health and health measures,
01:48health and health measures, health and economic development.
01:51The second approach is to create a platform for the Islamic development
01:57that is combined between the markets, the private sector, the private sector,
02:01CIC, CID, CID, afwan, and the industrial institutions.
02:06Connectivity and infrastructure are central themes,
02:10as is regional integration for sustainable development.
02:13So how will future progress be made?
02:15I think it's very important that countries work together
02:19because one country working on its own will not have the same effect.
02:23But if the countries work together, join resources,
02:28then it will have a better impact in terms of development,
02:32in terms of benefit for the people of the region.
02:34There is huge contemplation for prospects of skipping
02:39and exiting the resilience and shock mode into recovery.
02:43So hopefully as the shock impact withers down,
02:49that would call for collaboration, partnerships across countries
02:55in order to expedite recovery.
02:56The sentiment of countries to work together
02:59in a climate of financial uncertainty
03:01is strong, as many leaders expressed during the event.
03:05All the regions, there are ongoing conflicts.
03:08It is not the best time for the investments to flow
03:11from one point to the other.
03:13But here people are together and showing the solidarity
03:17and they are collaborating.
03:19The integrity is also there.
03:20Understanding how monies are allocated and invested
03:24is an important part of the week.
03:26The benefits fall in the billions.
03:28We are the trade finance arm of Islamic Development Bank Group,
03:31established in 2008 to support trade
03:34and advance the social economic well-being
03:36of people living in OIC member countries.
03:39To date, we have allocated more than $92 billion of financing
03:43aimed at supporting the critical sectors of OIC economies.
03:47The talks here have extended far beyond economics.
03:51In fact, at a time when international institutions
03:53are facing increasing pressure,
03:56meetings like this give countries an opportunity
03:58to work and build on those relationships.
04:01And in doing so, they are able to identify challenges
04:04and find new solutions.
04:11I think the significance is the theme of this annual meeting
04:14is timely, as I said, the regional integration
04:17for sustainable prosperity for member countries.
04:21There are many initiatives within the Central Asia
04:24in terms of the middle corridor.
04:26But more importantly, we also want to integrate financially
04:30in terms of financial integration among our member countries
04:34with different tools we have
04:35and mobilize the liquidity for the service of development.
04:39Participants attending the Islamic Development Bank annual meetings
04:42say working in isolation is no longer an option.
04:46The message emerging from Baku is that investment
04:49and authentic cooperation are essential
04:51for shaping the future of economic development.
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