IOFS explores ways of advancing food export promotion activities with ICIEC

In order to implement anti-COVID-19 response strategies, today the officials from the Islamic Organisation for Food Security (IOFS) held a VC meeting with representatives of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group. During the meeting, various issues of joint activities were extensively reviewed. Both sides examined detailed activities of the ICIEC in financing food exports, investment insurance, export guarantees and re-insurance, including the promotion of various Islamic financial products.

The meeting agreed to sensitise all trade and investment promotion agencies in OIC member states to finance exports and facilitation of trade flows. The meeting underscored the need to ensure a free flow of food exports, particularly in the wake of the challenges posed by the COVID-19 pandemic.
Other areas of cooperation include holding joint meetings of investment promotion agencies, organisation of agri-trade expositions and fairs, and promotion of programmes on the development of strategic food commodities, namely rice, wheat, cassava as well as palm oil and sugar. Parties also discussed climate change and climate resilience of the food crops.  

The meeting participants agreed to closely acquaint the IOFS member states with the functions and mandate of ICIEC to inform all stakeholders in the food security sector with critical areas of financing export and risk insurance.