00:00This is very, first of all, important to organise 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, policy makers 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
01:22can deliver real economic cohesion and 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
01:36to put forward ideas and proposals.
01:38The first step is to build a development and development
01:41and development for additional resources
01:44to provide resources for health and health care,
01:48and health care, and economic development.
01:51The second step is to build a platform
01:53to build Islamic development
01:57between the institutions, the private institutions,
02:00and the private institutions,
02:03and the political institutions,
02:04a Tenmauia.
02:06Connectivity and infrastructure
02:08are central themes, as is
02:10regional integration for sustainable development.
02:13So how will future progress
02:14be made? I think it's
02:16very important that countries work
02:18together because
02:19one country working on its own will not
02:22have the same effect. But if the
02:24countries work together, join
02:27resources,
02:28then it will have a better
02:30impact in terms of development,
02:32in terms of benefit for the people
02:34of the region. There is
02:35huge contemplation for prospects
02:38of skipping
02:39and exiting the resilience and shock
02:42mood into recovery.
02:43So hopefully as
02:45the shock impact
02:48withers down, that would
02:50call for collaboration,
02:52partnerships across
02:54countries in order to expedite recovery.
02:56The sentiment of countries
02:58to work together in a climate of financial
03:00uncertainty is strong,
03:02as many leaders expressed during the event.
03:05All the regions, there are
03:06ongoing conflicts.
03:08It is not the best time for the
03:10investments to flow from one point
03:12to the other.
03:13But here people are together
03:15and showing the solidarity
03:17and they are collaborating.
03:19The integrity is also there.
03:20Understanding how monies
03:22are 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
03:30of Islamic Development Bank Group
03:31established in 2008
03:33to support trade and advance
03:34the socio-economic well-being
03:36of people living in OIC member countries.
03:39To date, we have allocated
03:40more than 92 billion of financing
03:43aimed at supporting the critical sectors
03:45of OIC economies.
03:47The talks here have extended
03:49far beyond economics.
03:51In fact, at a time when
03:52international institutions
03:53are facing increasing pressure,
03:55meetings like this give countries
03:57an opportunity to work
03:59and build on those relationships.
04:01And in doing so,
04:02they are able to identify challenges
04:04and find new solutions.
04:06Discussion into practical news lines.
04:11I think the significance is
04:13the theme of this annual meeting
04:14is timely, as I said.
04:16The regional integration
04:17for sustainable prosperity
04:19of our member countries.
04:21There are many initiatives
04:22within the Central Asia
04:24in terms of the Middle Corridor.
04:26But more importantly,
04:28we also want to integrate
04:30financially,
04:31in terms of financial integration
04:33among our member countries
04:34with different tools we have
04:35and mobilize the liquidity
04:37for the service of development.
04:39Participants attending
04:40the Islamic Development Bank
04:42annual meetings say
04:43working in isolation
04:44is no longer an option.
04:46The message emerging from Baku
04:48is that investment
04:49and authentic cooperation
04:50are essential for shaping
04:52the future
04:53of economic development.
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