This year, as part of the Islamic Development Bank Group Annual Meetings, we held the Private Sector Awards for the first time as a key focus of the Private Sector Forum, and seven winners were honored during the opening ceremony, Khalid Khalafalla, Head of the Islamic Development Bank Group’s Islamic Corporation for the Development of the Private Sector (ICD), said at a press conference held as part of the Islamic Development Bank Annual Meetings in Baku, APA-Economics reports.
"As for agreements, a total of 32 agreements and memorandums of understanding were signed within the framework of the Private Sector Forum. These include five agreements signed during the opening ceremony with five Azerbaijani partners. Of course, various dynamic sector forums were held, and a virtual health platform involving the business community also joined our meetings. We also conducted more than 250 B2B and B2G meetings, and we hope this will serve as a starting point and a platform for creating new business opportunities," he noted.
He also provided information on ICIEC's results and activities for 2025:
"In 2025, ICIEC achieved a business volume of $17.7 billion in trade and investment among member countries. Our operations supported more than 6,000 SMEs through insurance transactions, and we contributed to the creation of approximately 290,000 jobs.
"As for Azerbaijan, our partnership began in 1993 when Azerbaijan joined ICIEC. Since then, we have supported the country with business insurance amounting to $165 million, primarily in trade, as well as in attracting foreign direct investment to the telecommunications sector. As ICIEC, we believe there is significant potential for further business development in Azerbaijan."
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