ITC’s Covid recovery strategy for pandemic-hit sector
The global economy is beginning to rebound from the unprecedented economic disruption caused by the COVID-19 pandemic. International trade is picking up. The world changed: and ITC is changing with it.
In 2020, exports of developing countries dropped by 7%, and exports of least developed countries dropped by 9%. Governments struggled to secure resources for protecting the health of their populations. Firms had to adapt their business strategies, including making greater use of digital information channels and platforms.
ITC swiftly moved its assistance model online and provided lifelines to struggling micro, small and medium-sized enterprises, who bore the brunt of the economic devastation.
Together, ITC and its stakeholders focused on strengthening the critical sectors of food processing, health, pharmaceuticals, sanitary industries, and information and communications technology. Technology and rapid digitization saved numerous businesses. Diversification was crucial to their risk management.
Looking forward, ITC will continue its pursuit of economic equity through trade.
ITC pivots during Covid-19 crisis
ITC launched or renewed close to 20 strategic partnerships to expand outreach to beneficiaries; signed contracts with three new funders; delivered 93% of the 2020 operational target and continued to innovate.
ITC also adapted its market analysis tools to provide real-time data, such as our Trade Measures Dashboard, and created tailor-made solutions for firms, policymakers and business support institutions. Access to the tools was free of charge, and in 2020 the number of registered users passed the one million mark for the first time.
The emphasis on capacity building through digital offerings led to an increase of 80% in online training delivery. ITC delivered close to 140 courses through webinars, virtual workshops and the SME Trade Academy, benefiting almost 13,000 participants, 50% of whom were women.