The Dubai Export Development Corporation (DEDC), the Dubai government body charged with promoting exports from the emirate, organised vital meetings with the delegations from the International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank Group to discuss the Import Trade Finance Operations (ITFO) scheme.

ITFC promotes and finances intra-trade among member countries including purchasing goods and resale to the member countries against a reasonable mark-up with deferred payment arrangements.

DEDC and ITFC aim to promote the ITFO scheme to the UAE’s manufacturers and exporters by informing potential users on the procedures, guidelines and how to benefit from this scheme.

“Since our establishment two years ago, one of our main objectives is to undertake an advocacy role for exporters in their relations with various governments and other relevant agencies through the formation of mutually beneficial partnerships.

“Our alliance with ITFC helps us provide finances to the country’s manufacturers by assisting them with operational facilities to import goods which are essential for our economic development. The ITFO scheme will strengthen and expand the export industry of the UAE,” said director for Export Market Development, DEDC, Farid Karmostaji.

ITFC aims to increase the intra-trade among member countries of IDB from 14 per cent to 20 per cent by 2015 as well as merge all the services provided by IDB under one umbrella.

Currently based in Jeddah, Saudi Arabia, ITFC will establish its first branch in Dubai and will supplement IDB’s activities by promoting and financing intra-trade among member countries. ITFC will also further the developmental impact of trade financing and enhance the export capabilities of member countries.

Trade financing is intended to stimulate the development of investment opportunities conducive to the flow of private and public capital, direct and foreign investments in the member countries, hence enhancing their export capabilities.

DEDC and ITFC have recently sponsored a select group of export professionals to the export strategies and international marketing training sessions in Cairo, Egypt, which reinforced skills and concepts on export and manufacturing.

Also included in the courses were a number of theoretical issues and practical sessions as well as a discussion on advantages and threats of globalisation, bilateral trade agreements between countries, export & trade policies and payment mechanisms in foreign trade. – TradeArabia News Service