Jeddah, Kingdom of Saudi Arabia, 15 June 2021 – The President of the Islamic Development Bank (IsDB) Dr. Bandar Hajjar and the Chief Executive Officer of Maastricht School of Management (MSM) Mr. Meinhard J. Gans, have today signed a Memorandum of Understanding (MoU) to formalize strategic engagement in global value chain analysis(GVC) capacity building, operationalization, and joint publications at both country and industry level.
Some of the activities envisaged under the MoU framework include collaboration in technical capacity building and training of IsDB's staff and officials from member countries through research, advanced training programs, and knowledge-sharing events and workshops.
At the virtual signing ceremony Dr. Bandar underscored the significant role of global value chain as the driving force of increased productivity, job creation, and living standards for member countries resulting in economic growth and development.
‘’Global value chains have a critical role in economic growth and development for our member countries and more so in our least developed states. Empirical evidence shows that countries that participate in GVCs industrialize faster, create more jobs, and have better prospects for productivity improvements. ‘’stated Dr. Bandar.
He affirmed IsDB’s commitment to strengthening the competitiveness of member countries in strategic industries through public investments, private resource mobilization, and integration into global value chains. He called for the further exploration of the program to tailor to the needs of our member states in the areas of GVCs and industrial policy analysis.
Dr Bandar lauded the initiative that will be crucial for stakeholders and policymakers in IsDB member countries to gain knowledge and more understanding on the dynamic of GVCs for the transformational benefits of stakeholders and policymakers more so in the current context of Covid19 pandemic. The acquired knowledge will impart participants with necessary tools for business transformations, and certifications necessary for competitive exports among others.
The MoU signed today follows hot on the heels of the recently launched IsDB’s its first Global Value Chains (GVC) Report entitled “Rebuilding Inclusive Global Value Chains as Pathway to Global Economic Recovery”.