The Road to the SDGs

close the US$ 1 trillion financing gap of MCs to meet the SDGs – Ways to engage in smart industrialisation to participate in the 4th industrial revolution (Industry 4.0) – Ways to build inclusive economies to absorb 10 million new job market entrants annually. X The Governors participating in the roundtables are asked several questions to help determine the key factors of success in their countries: – What are the salient features of your country’s transformation journey, main milestones, success stories and impact of the economic transformation? – What are the specific challenges, obstacles and/or barriers to broad-based participation of the private sector and third sector in the economic transformation in your country (from planning to execution)? – How can IsDB partner with you to share or receive your experience among MCs to create new global market linkages? X Governors are also asked to make recommendations on how IsDB can help them to continue with their transformation journeys. ACHIEVEMENTS X A key achievement of the roundtable process is finding out from participants how they have managed to achieve success in their development goals and what experiences can be transferred to other MCs. X In 2018, the roundtable managed to align MCs on the key three existential challenges that they are facing in the run-up to 2030 and that can serve as priorities/goals for IsDB Group to provide a response with a new business model to address them. X In 2019, the roundtable reflected MCs’ endorsement of IsDB management response to the priorities of its new business model ‘Making Markets Work for Development’. X Thanks to these roundtables, IsDB received insights into the core markets to focus on, which led to five core industries that are fundamental to job creation in its MCs: – Food and agribusiness industries – Textile, clothing, leather and footwear industries – Petrochemicals and petroleum industries – Construction and construction- related industries – Islamic finance. X The discussions with the Governors incorporate a deep dive into the three dimensions of IsDB’s GVC approach: – The need to undertake the process of industrialisation by upgrading value chains using natural endowments and building on latent and revealed comparative advantages – The need to adopt rapid technological development as an essential means to create environment-friendly and sustainable growth, making innovation a prominent feature in the process of structural change – The need to support the rise of the middle class to create economies of scale that justify incurring high investment costs, with promotion of intra-OIC trade and creation of regional markets that can sustain broader value chains and higher internal demand. INVESTMENT X IsDB increased its allocation to the new business model to 40% of the Annual Operations Plan and will gradually increase it to 80%. R O U N D T A B L E D I S C U S S I O N How to build inclusive economies to absorb 10 million new job market entrants annually? How to engage the private sector to close the US$1 trillion financing gap to meet the SDGs? [ 217 ] T H E R O A D T O T H E S D G s | P R O G R E S S A N D A C H I E V E M E N T S