The Islamic Development Bank (IsDB) launched its first Global Value Chains (GVC) Report entitled “Rebuilding Inclusive Global Value Chains as Pathway to Global Economic Recovery”. The 2020 edition of the report includes chapters on IsDB Member Countries such as Bangladesh, Guinea, Indonesia, Nigeria, Senegal, and Turkey on industries as diverse as agri-food, automotive, mining, petrochemicals, textiles and apparel. The GVC Division of the Department of Strategy and Transformation oversaw the publication of the GVC Report 2020 via its GVC Community of Practice (CoP). The GVC CoP trained more than 100 staff on GVCs and the GVC Report reflects the efforts to build internal capacity to address socio-economic development challenges in IsDB Member Countries.
In the launch event of the GVC Report 2020 Dr. Bandar Hajjar, the President of the IsDB, highlighted that Covid-19 pandemic has shown the crucial role GVCs play in the global economy and many countries are struggling to be part of inclusive GVCs. Dr. Hajjar underlined that GVC Report 2020 is a culmination of investing in capacity, skills development and knowledge transfer at IsDB. He praised the GVC Division and GVC CoP members for their contributions to the report by tackling with current challenges and addressing the structural impediments to development in IsDB Member Countries.
He indicated that the new GVC-based business model of IsDB is highly supported by IsDB Member Countries and the bank is overwhelmed by the demands to conduct GVC analysis in numerous Member Countries. This is a result of the uniqueness of IsDB’s business model in targeting highest impact projects that are aligned towards creating jobs, increasing value added and exports that seem to be the utmost priority of countries as a recovery from the pandemic.
He concluded his remarks by encouraging IsDB Group staff to join GVC CoP and take an active part in making IsDB the leading international organization on GVCs.