October 19, 2021
Introduction
Organised in partnership with World Association of Investment Promotion Agencies (WAIPA), this session focused on the emergence of Investment Promotion Agencies (IPAs) as valuable intermediaries between governments and business communities after the onset of the COVID-19 pandemic. The session placed special emphasis on devising strategies for ensuring investment promotion by discussing challenges such as restoration of a country’s tainted image, attraction of new investment in sectors hit by the crisis and methodology of building in sustainability.
Session Highlights
The Panellist and Commentators discussed the need for a good country image for inviting more investment by the global economy. The deliberation was on the Good Country Index, which considers over a billion data points to determine how a particular country is more admirable than others. The Panellist and Commentators further unfurled that a country’s image is determined not by how indispensible nations portray themselves to be, but rather on the basis of the good that they do in the world. It was recognised that the best marketing strategy is caring and pursuing efforts for what the expansive target audience cares about, including investors as well as end consumers. The discussion highlights that in this ‘Age of Great Challenges’, the 17 Sustainable Development Goals (SDGs) serve as starting action points for all nations to be more relevant in the global economy. It was observed that it is possible to not sacrifice and instead focus on self-interest, while aligning domestic as well as international social responsibilities through a host of new governance approaches and innovation.
The second step for investor promotion was identified as communication of the efforts taken by countries, cities and regions in doing good for the society at large. It was identified that millions of dollars can be employed by rich countries in advertising their country’s image but yet it is possible that there is minimal effect of the same. A strategy highlighted while discussing emerging economies was bringing in imaginative, creative and unusual policy solutions as the media would do the footwork of its own accord.
Throughout the discussion, the narrative remained that IPAs have emerged as an intermediary that can influence policy decisions. Particularly during COVID-19, this role was critically amplified and the shift from just focusing on profit making to championing a greater purpose of good resonated. A few IPAs even went on to identify the core concern areas that they focus on, during the discussion.
As a concluding note, it was discussed that the goal is to build activist countries, regions and cities since countries are not competing with each other, but are rather in a collaborative journey that should be fuelled by partnerships.
On the panel was:
- Simon Anholt, Independent Policy Advisor, Author, and Founder of the Good Country Index
Commentators
- Nangula Uaandja, CEO, Namibia Investment Promotion and Development Board
- Kaspars Rozkalns, Director General, Investment and Development Agency of Latvia
- Cedric Grignard, Director New Business & Innovation, Invest Lyon
Moderator
- Fifi Peters, Financial Journalist, CNBC Africa