IFC Helps European and Central Asia Countries Boost Trade and Economic Growth
BATUMI, Georgia — World Bank Group member the International Finance Corporation (IFC) and Georgia’s Revenue Service today opened a two-day, peer-to-peer conference on international trade in Georgia’s Black Sea port Batumi to help countries in Europe and Central Asia enhance cross-border trade and boost economic growth.
The conference brings together around 70 participants from 17 countries, including customs officials, senior members of the government, and private sector players.
Expert panellists from the World Customs Organization, World Trade Organization and European Commission are featured speakers at the conference and will discuss ways that countries can improve their competitiveness and gain access to international markets.
“Enhancing international trade will help bring tangible benefits to all our countries,” said Vakhtang Lashkaradze, the Deputy Director General of Georgia's Revenue Service. “We are pleased to co-host this important educational forum as we believe Georgia has a lot to share and also learn from other countries. Our joint efforts will help boost private sector growth across the region.”
The World Bank Group helps governments implement measures to maximize trade competitiveness, including the streamlining of border clearance procedures. Businesses can then enjoy reduced inspection rates, simplified procedures, reduced times for clearing and transporting goods and lowered operating costs. The process enables government agencies to operate more efficiently.
“Governments in Europe and Central Asia have demonstrated a strong interest in simplifying international trade procedures,” said Jesper Kjaer, IFC’s Senior Manager for Europe and Central Asia. “This conference aims to create a forum for these issues. It is part of our efforts to help reduce trade barriers across borders and boost economic growth in these countries.”
The initiative forms part of the World Bank Group’s Trade and Competitiveness Global Practice, a joint practice of the World Bank and IFC, which helps countries accelerate private sector growth by creating simple, efficient, business-friendly practices, while ensuring public interests are protected.
As part of the efforts, the Trade Facilitation Support Program is helping developing countries implement trade facilitation reforms, which leads to increased trade, investments and job creation.
The program is supported by Canada's Foreign Affairs Department, Trade and Development, the European Commission, Norway’s Ministry of Foreign Affairs, Switzerland's State Secretariat for Economic Affairs, UKaid, and USAID. Austria’s Federal Ministry of Finance also helped sponsor the conference.
In the 2015 fiscal year, the IFC invested almost USD 18 billion into developing countries around the world.
By Tamar Barbakadze