October 19, 2021
Introduction
The Session was divided in two panels:
Panel 1 discussed Promoting Investment in the Health Sector, in partnership with the World Health Organisation (WHO). This session examined the role of investment promotion agencies (IPAs), Special Economic Zones (SEZs) and other successful instruments to promote investment in the health sector, and
Panel 2 discussed Attracting and Retaining Investment in Tourism, in partnership with the World Tourism Organisation (UNWTO). This session examined the role of governments and IPAs in helping to retain and attract new investments in tourism, and ways to mitigate risks related to pandemics or similar crises.
Session Highlights
Governments have worked pre-emptively and towards delivering better healthcare. The need today is for investments in healthcare and attracting and retaining investments in tourism which will impact the scale for economic recovery and also human future as the world continues to change.
For the First panel centred on promoting investment in the health sector, the issues discussed were:
- What role could IPAs play in attracting investment in the health sector?
- Which sub-sectors are key for countries to be better prepared for future healthcare challenges?
- Howeffective are SEZs that target healthcare services or medical cities in attracting investments that strengthen national healthcare systems?
The panellists discussed the impact of the pandemic on multinational health companies. If healthcare is available digitally, even consultation then the gap between people’s opportunities can be bridged. Healthcare is about managing crises and emergencies. The governments invited health care companies and even though the companies can make it affordable it is jointly supported by any country’s universal healthcare system. The ecosystem has to be in sync and components have to support each other to make sure the telemedicine sector flourishes in any nation.
A few factors have to be kept in mind, the first being infrastructure, and to bear the expense, the private sector has to be involved as well. Telemedicine provides a midway by allowing access to remote locations, and for groups unable to access healthcare in the traditional manner. A SEZ plays a direct role in attracting investment in the sectors which require a private sector intervention in form of funds. Successful creation of infrastructure and ecosystem for more investing opportunities allows for life sciences parks to exist so that companies can come and explore the options of investing and mixing academia and profession.
The panellists discussed the role of governments in attracting investments and indicated that collaboration between telemedicine and traditional health care will be helpful. Following key points emerged from the discussion: having political will is essential for bettering the healthcare sector in any country. Legislation reflects the will of the country and governments will need to work well with the private sector. Life science parks’ role in increasing healthcare investments is high as there is collaboration between academia and profession. There is a need of increasing investments in innovative technological solutions which connect patients with healthcare and ensuring the quality of the care. This relies on convenience of consumer and reduces healthcare spending and creates more sustainable health care in the long run.
The Second panel discussed on ‘Attracting and Retaining Investment in Tourism’, wherein the following issues were covered:
- When confronted with a crisis like the COVID-19 pandemic, what can governments and IPAs do to retain investment in the tourism industry?
- How do you attract new investment in tourism and mitigate the risks related to pandemics or similar crises?
The panel discussed how the most hit section of tourism is now facing the intense pent up demands. The ground challenges with multiple Reverse Transcription – Polymerase Chain Reaction (RT-PCR) tests and quarantining tourists which increases the cost of tourism. The countries which had tourism at the heart of their economy suffered the most. Those countries had to lock borders and ensure health care which led to loss of employment and lowering of the economy. The focus had to be shifted to crisis management and newly devised marketing strategies will lead to better grasp of the situation. To invest in right partnerships and drive recovery efforts to scale is the safe way to go.
The panellists discussed the impact of the pandemic on the hotel industry. The lack of connections with governments and not having a platform to represent the views was highlighted as a direct result of the COVID-19 pandemic. This impacted the entrepreneur-heavy tourism industry. Since the events industry is a future based decision making industry it faces a lot of trust issues even more so in pandemic times. The impact on the hotel industry has been significant. Almost 30 percent of the global portfolio closed off hotel chains with presence in over 120 countries. Another upcoming challenge is climate change and it requires attention as tourism is going to be impacted if there is no sustainability and consciousness in travelling.
The panellists also discussed the impact on business environment and investment during the pandemic times. There is an opportunity of US$24tn dollars in investment opportunities in green buildings and the opportunity for green investment is tremendous, the ecological capital, human capital and economic capacity generating corporations should be incentivised. For the final words, the panellists discussed that tourism is most affected and creating trust in the talent pool with employees leaving the sector due to lack of employment opportunities is important. There is a need to attract tourists to sustainable destinations and that can be achieved by working well with local governments. There needs to be alignment between companies, governments and destinations for transparency and sustainability. The recovery of the tourism sector is to innovate in public policy and increase incentives. This can be done by sustainable and transparent models only. The importance of doing good and doing well for your country and the environment increases any country’s investment attracting capabilities.
Opening
- James Zhan, Director, Division on Investment and Enterprise, UNCTAD
- Fahad Al Gergawi, CEO of Dubai FDI, WAIPA President.
On the panel were:
Panel I
- Ali Parsa, CEO, Babylon
- Shivon Byamukama, Director, Babyl Health, Rwanda
- Davis Musinguzi, CEO, Rocket Health
- Taegwon Kim, Director-General for Investment Inducement
- Nathalie Farrugia, Chief Corporate Relations, Malta Life Sciences Park
Panel II
- E. Ms. Evelyn Wever-Croes, Prime Minister of Aruba
- E. Ms. Jacqueline Mora, Vice Minister of Tourism, Dominican Republic
- E. Mohamed Ali Al Shorafa Al Hammadi, Chairman of Abu Dhabi Department of Economic Development
- Sebastien Tondeur, CEO, MCI (Events MNE)
- Inge Huijbrechts, Global Senior Vice President Sustainability, Security and Corporate Communications, Radisson Hotel Group
- Natalia Bayona, Director of Innovation, Education and Investments, UNWTO
- Jose Martins, Northern Europe Representative, Cabo Verde TradeInvest
Moderator
- Fifi Peters, Financial Journalist, CNBC Africa.