ITFC holds first international trade workshop in Madinah

A five-day training program titled “International Trade and Export Strategies” in Madinah was conducted this week by the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, in cooperation with the Foreign Trade Training Center (FTTC), Egypt.

The program was opened by Hani Salem Sonbol, CEO of ITFC; Munir bin Mohamed Nasser, chairman of Madinah Chamber of Commerce and Industry; and Adel Al-Mahdi, expert and representative of FTTC.

The training program is in line with an memorandum of understanding recently signed between IDB and the Madinah Chamber of Commerce for mutual cooperation and support in promoting the commercial and economic sectors of Madinah.

Sonbol said: “We are pleased with our partnership with the Madinah Chamber of Commerce and Industry, where for the first time ever, we are organizing training courses related to international trade.”

ITFC and FTTC collaborated together for the capacity-building workshop that aimed at enhancing export capacities of local traders and opening windows for international trade.

“Both IDB and ITFC aim to expand their role in the Saudi market. We consider this an important milestone in supporting the private sector, diversifying the economy and employing young Saudis. This would contribute to the overall development of the Kingdom and the achievement of Vision 2030 goals,” Sonbol added.

He said: “The development of Madinah’s dates sector, which represents one of the items included in the memorandum, in cooperation with the International Trade Center (ITC), a United Nations’ arm for supporting the private sector in its member countries, aims at addressing the constraints farmers and SMEs face. The project is expected to improve competitiveness and increase exports of Madinah dates, thus generating better incomes for farmers and increasing employment opportunities.”

The ITFC also hopes its training sessions will help raise awareness about the importance of export in this vital sector of Madinah.

The training program was opened by Hani Salem Sonbol, CEO of ITFC; Munir bin Mohamed Nasser, chairman of Madinah Chamber of Commerce and Industry and Adel Al-Mahdi, expert and representative of FTTC.