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 Improving the competitive advantage of SEZ programmes through effective site and
sector targeting based on a robust understanding of national economic priorities and
competitive advantages,
 Designing an efficient legal and regulatory framework to create a ‘special’ economic
operating environment which considers and complements the existing legal and
regulatory environment,
 Assigning/Establishing a single SEZ authority to regulate all SEZs within the country and
supporting SEZ programmes through active involvement of key stakeholders and
development of SEZ working groups.
Trade Financing:
The COMCEC Trade Working Group also touched upon the trade financing issues in its Meetings.
In its fifth meeting held on March 26 th, 2015, the TWG evaluated the present situation in the
Member Countries with respect to Export Credit Agencies (ECAs). After detailed deliberations,
the Working Group came up with the following policy recommendations in order to improve the
role of ECAs in the Member Countries 43;
- Member States are encouraged to examine and assess the financing needs of their
exporters
- Member States are invited to enhance transactional cooperation among their ECAs
- Member States are encouraged to review the soundness of their ECAs with the aim of
improving the overall performance of the ECA
- Member states are called on to promote public-private dialogue within the ECA context
- Member states are encouraged to initiate capacity building activities for strengthening
institutional and human capacities of their ECAs
Despite all odds, especially for SMEs, trade finance promises prospects in future. The analytical
study titled “Improving the SMEs Access to Trade Finance in the OIC Member States”
commissioned by the COMCEC Coordination Office for the 2nd Meeting of the COMCEC Trade
Working Group envisages that through appropriate policy and regulatory treatment of trade
finance, coupled with recent innovations like supply chain finance and the key role of ECAs and
IFIs in supporting access to trade finance, a far more positive view of the immediate future in
terms of SMEs access to finance and trade finance is possible. Moreover developments in Islamic
Finance and adaptation of Islamic Finance Tools would offer great opportunities for COMCEC
Countries44.
Furthermore, the COMCEC has initiated the Export Financing Scheme (EFS) and Islamic
Corporation for the Insurance of Investment and Export Credit (ICIEC) to contribute to financing
trade among the Member States.
The Export Financing Scheme (EFS) was first initiated by the COMCEC as the Longer-TermTrade
Financing Scheme. IDB was entrusted with the implementation of the EFS. The 10th IDB Annual
Meeting, held in March 1986 in Amman, Jordan, approved the Longer-Term Trade Financing
Scheme. The title of the Scheme was later changed to Export Financing Scheme (EFS) and it
became operational in 1988.
The EFS aims at promoting exports of non-conventional commodities by providing the
necessary short and long-term funds. The repayment periods under the Scheme were originally
43 COMCEC Coordination Office, 2015a.
44 COMCEC Coordination Office, 2013b.