Jeddah, KSA – The 25th Annual Symposium on “Strengthening Regional Economic Cooperation and Integration for Development in IDB Member Countries” held in conjunction with the 39th Annual Meeting of the Board of Governors asserted the need for strengthening cooperation and integration among member countries, trade openness to boost competitiveness, accelerating youth education, science and technology and research to sustain better relationship and economic interdependence among member countries,
intensifying cross-border infrastructure investment in transportation, energy, etc., and fostering Islamic finance for regional integration.

The symposium was chaired by HE Dr. Ibrahim bin Abdel-Aziz Al-Assaf, Chairman of IDB Board of Governors. The main panelists at the symposium were HE Ali Babacan, Deputy Prime Minister for Economic and Financial Affairs, Turkey; HE Dr. El Hadj Abdallah Toikeusse Mabri, Senior Minister for Planning and Development, Côte d'Ivoire; HE Mr. Sahil Babayev, Deputy Minister, Ministry of Economy and Industry, Azerbaijan; HE Dr. Abdullah Ibrahim Al Kuwaiz, Former Deputy Finance Minister of the Kingdom of
Saudi Arabia, and HE Ambassador Shamil Aleskerov, Secretary General of Economic Cooperation Organization (ECO). Mr. Abdallah Al Dardari, Chief Economist at the United Nations Economic and Social Commission for Western Asia (UN ESCWA) moderated the symposium. Dr. Ahmad Mohamed Ali, Chairman, IDB Group, delivered the welcome address.

The symposium came up with a number of recommendations at the national, regional and IDB Group level. Some of the major recommendations were:

1. Enhanced reforms and economic integration of member countries to become more competitive
2. Developing production capabilities through specialization
3. Encouraging private sector participation in cross-border infrastructural projects
4. Developing a common vision on regional integration process for all OIC-based sub-regional economic groupings to face emerging challenges
5. Formulating regional regulatory frameworks to facilitate cross-border Islamic capital movement among IDB MCs and cross-border presence of Islamic banks, especially in financing regional
infrastructure projects
6. Preparing an IDB Group regional cooperation and integration strategy to consolidate various regional initiatives of the IDB Group in thus scale up its role in fostering regional cooperation
7. Reinforcing the role of the IDB Group as a catalyst for promoting economic cooperation and integration
8. Developing information database and undertaking analytical work on the activities of sub-regional economic groupings and their development impacts on individual member countries