October 21, 2021
Introduction
As the world slowly emerges from the COVID‐19 pandemic, a significant ratcheting up of investment will be required to revert from income losses, increased inequalities and vulnerabilities, and boost employment. To achieve sustainable recovery and build forward better, governments, private sector and the international community will need to boost investment not only in productive capacity but also in infrastructure and social sectors. During the session, ministers and heads of international organisations discussed appropriate policy frameworks for rebuilding resilient international production networks and global supply chains and proposed an action plan for investing in sustainable recovery.
Session Highlights
In terms of achieving the 2050 agenda, the world is now placed in a more difficult position due to the ongoing pandemic. The progress towards SDGs especially in developing countries has been wiped out and the recovery from this crisis seems uneven. It requires a coherent policy approach by all stakeholders. Sustainable investment in resilience, infrastructure and need to address the implementation challenges faced by developing countries has thus become more important than ever. The action plan towards achieving SDGs requires assurance of public as well as private sector finance. There should be a drive on the part of all governments in a consolidated manner to facilitate a sustainable investment climate. An equal financial flow and implementation strategies are required especially for the developing and least developed countries to ensure socio-economic recovery from this pandemic.
Pandemic has pushed the world to an unprecedented situation, away from their sincere pursuit of the SDGs. Crucial energy and infrastructural projects have been seriously affected. The skewed distribution of wealth and facilities including unavailability of vaccines was highlighted. It was pointed out that owing to the pandemic, millions have slipped to abject poverty and it has in turn yielded more inequality & inequity across regions. Also, issues like plastic pollution have become a major concern in the recent past as a result of escalated production and consumption of protective gears. Production and circulation of goods were massively hampered, the export oriented countries faced a major setback due to the same. The pandemic left a negative impact on consumer behaviour.
The Panellists emphasised on having a balanced investment portfolio for ensuring sustainable development of all people. The focus is now on the recovery phase and stakeholders must embrace sustainable ways towards it, not the conventional ones. Supply chain resilience can be achieved through sustainable trade and investment. The motto should be to ‘Recover together, recover stronger’. It was also pointed out that value chain development and job creation through newer technology and concepts like green hydrogen will happen gradually. Partnership across countries and public-private collaboration are important for a conducive business and R&D climate in this regard. Following consumer preference, the digital economy has become the need of the hour. The discussion also focused on addressing the key issues like unemployment, poverty and increasing inflation rate. Few potential sectors were identified for sustainable investment like agricultural projects, food processing industries, housing and infrastructure, fisheries, tourism etc. Energy domain where renewable power, green hydrogen, and efficient fuel cells can work like positive catalysts to achieve sustainable growth, parameters like energy efficiency should be kept in mind. The strategy to revive the economy should also focus on attracting foreign investment, people and society, and governance. These should further be coupled with policy reforms and prioritisation of environmental sustainability.
Opening
- Rebeca Grynspan, Secretary General, UNCTAD
On the panel were:
- E. Ms. Delcy Rodríguez, Vice President and Minister of People’s Power for Economy, Finance and Foreign Trade, the Bolivarian Republic of Venezuela
- E. Mr. Mikayil Jabbarov, Minister of Economy, Republic of Azerbaijan
- E. Mr. Wang Shouwen, Vice Minister and Deputy China International Trade Representative, China
- E. Mr. Andrés Valenciano, Minister of Foreign Trade, Costa Rica
- E. Dr. Rania Al-Mashat,Minister of International Cooperation, Arab Republic of Egypt
- E. Mr. Peter Altmaier, Federal Minister of Economic Affairs and Energy, Germany
- E. Mr. Muhammad Lutfi, Minister Of Trade, the Republic of Indonesia
- E. Mr. Moon Sung Wook, Minister of Trade, Industry and Energy, Republic of Korea
- E. Ms. Luz María de la Mora Sánchez, Undersecretary of Foreign Trade, Mexico
- E. Mr. Kreshnik Bekteshi, Minister of Economy, North Macedonia
- E. Mr. Qais Mohammed Moosa Al Yousef, Minister of Commerce, Industry and Investment Promotion, Oman
- E. Ms. Devika Vidot, Minister of Investment, Industry and Entrepreneurship, Seychelles
- E. Mr. Zdravko Počivalšek, Minister of Economic Development and Technology, Slovenia
- E. Mr. Ebrahim Patel, Minister of Trade and Industry, South Africa
- Dr. Bandula Gunawardena, Minister of Trade, Sri Lanka
- E. Mr. Al-Hadi Mohamed Ibrahim, Minister of Investment and International Cooperation, Sudan
- E. Mr. Abdulla Bin Touq Al Marri, Minister of Economy, United Arab Emirates
- Lord Grimstone of Boscobel Kt, Minister for Investment, United Kingdom
- E. Ms. Marina Sereni, Vice Minister of Foreign Affairs and International Cooperation, Italy
- E. Mr. Dragan Stevanović, Secretary of State at the Ministry of Economy of the Republic of Serbia
- E. Mr. Mustafa Tuzcu, Deputy Minister of Trade, Turkey
- E. Mr. Tran Quoc Phuong, Deputy Minister of Planning and Investment, Vietnam
- E. Mr. Valdis Dombrovskis, Commissioner for Trade, European Commission
- Harouna Niang, Consultant, Former Minister of Industry, Trade and Investment Promotion, Mali
- E. Mr. Abdul Razak Dawood, Adviser to Prime Minister on Commerce and Investment, Pakistan
- Mari Pangestu, Managing Director of Development Policy & Partnerships, The World Bank
- Sadi Qodirzoda, Chairman of the State Committee on Investment and State Property Management, the Republic of Tajikistan
- Olga Algayerova, Executive Secretary of the United Nations Economic Commission for Europe
Moderator
- Rebeca Grynspan, Secretary General, UNCTAD