October 22, 2021
Introduction
The United Nations Conference on Trade and Development (UNCTAD) marked its closure with this session. The increasing focus on the need for Sustainable Development has led to enhanced roles of the international organisations and states to engage in coordinated efforts orienting towards economic growth focusing on Sustainable Development. This seventh World Investment Forum deliberated on the key takeaways from the Forum for the Geneva investment development community and beyond. Specifically, Permanent Representatives reflected on key outcomes of the Forum for the future work of UNCTAD and the broader Geneva-based international organisations in setting and reigniting the investment engine of growth and its contribution to sustainable development.
The key questions deliberated include:
- How can the role of Geneva Permanent Representatives be enhanced in reigniting investment as an engine for sustainable recovery?
- How can interactions between Permanent Representatives and the business community be improved and further facilitated to promote Geneva as a global hub for promoting investment in sustainable development?
- How can interactions between the various Geneva‐based international organisations be improved and further facilitated in the pursuit of making investment work for sustainable development?
Session Highlights
Acknowledging the presence of all stakeholders in the forum, as a closing session, discussions were encouraged to take the shape of policy initiatives.
Panellists discussed the importance of building a more resilient global order in wake of COVID-19 pandemic. UNCTAD’s role in facilitation of a common forum to discuss various aspects of investment and sustainable growth between different countries of the world was received with reassurance. In addition to recognition of the importance of multilateralism and regional integration, the motto of “built back better and built back stronger” was underlined.
Discussions examined that the seemingly exasperated unequal divides in all realms arising out of COVID-19 is not a new occurrence in itself but was merely reflection of the already existing inequalities of the world order. In particular, the existence of vaccine inequity was observed by few parties as key hindrance in imagining a better world post pandemic. Speakers remarked that to ensure sustainable development, apart from political will, the need for better investment in developing countries, equipping them with advanced technologies and skills, promotion of entrepreneurial abilities and infrastructural development as basic necessities, were crucial.
Emphasising the criticality of policies like imposition of unilateral trade measures against few counties was raised by some countries. This was seen as not only as the violation of international trade agreements but also as a violation of the rights of individuals. Even though there is re-emergence of the value chain in comparison to the initial phase of pandemic, which witnessed more that 45 percent of decline in trade flows far greater than the times of economic depressions in 2008, the developing countries are still witnessing steep decline.
With regard to the role of parties involved in the policy framework, importance of both private and public actors were recognised. Strengthening of regional trade flows with promotion of Small Medium Enterprises (SMEs) can act as a catalyst to attract investments. Parties also remarked the need to focus on Sustainable Development Goals both in developing and developed countries as concerns on global commons require global action. Investment in sustainable development projects, like in Morocco, where 52 percent of energy is generated from renewable sources have stimulated around 7,000 employment opportunities. Investment in sectors with potential to generate sustainable development like infrastructure schemes needs to be prioritised.
A most discussed issue was building an inclusive sustainable recovery in a post pandemic world order. This was stated to include:
- Non-discriminatory access of resources,
- Technical accessibility,
- Setting up of large scale pharmaceutical infrastructure in preparation to future shocks of pandemics,
- Regulation and reassuring of global value chains, and
- Policies for financial recovery.
Opening
- H.E. Mr. Paul Bekkers, United NationsH.E. Mr. Paul Bekkers, United Nations
- Ms. Maira MarielaMacdonal Alvarez, Ambassador Permanent Representative of the Plurinational State of Bolivia to the UN
On the panel were:
- Mr. Chad Blackman, Ambassador Permanent Representative of Barbados to the UN Mr. Chad Blackman, Ambassador Permanent Representative of Barbados to the UN
- Mr. Li Chenggang, Ambassador and Permanent Representative of China to the WTO
- Mr. José Valencia, Ambassador and Permanent Representative of Ecuador to the WTO
- Mr.ZenebeKebedeKorcho, Ambassador and Permanent Mission of Ethiopia to the UN
- Dr. Hans-Peter Jugel, Ambassador and Permanent Mission of the Federal Republic of Germany to the UN
- Ms. Grata EndahWerdaningtyas, Ambassador, Deputy Permanent Representative and Chargé d’Affaires of the Republic of Indonesia to the UN
- Ms.ZhanarAitzhanova, Ambassador and Permanent Representative of Kazakhstan to the UN
- Mr.Taeho Lee, Ambassador and Permanent Mission of the Republic of Korea to the UN
- Mr.SalimBaddoura, Ambassador and Permanent Representative of Lebanon to the UN
- Mr. Omar Zniber, Ambassador and Permanent Representative of Morocco to the UN
- Mr. Khalil Ur RahmanHashmi, Ambassador and Permanent Mission of Pakistan to the UN
- Ms.XolelwaMlumbi-Peter, Ambassador and Permanent Representative of the Republic of South Africa to the WTO
- Mr. Ali IbnAbiTalibAbdelrahman Mahmoud, Ambassador and Permanent Mission of the Republic of the Sudan to the UN
- Mr. Didier Chambovey, Ambassador and Permanent Mission of Switzerland to the WTO
- Mr.RongvudhiVirabutr, Ambassador and Permanent Mission of Thailand to the UN
- Dr. Hector Constant Rosales, Ambassador and Permanent Mission of the Bolivarian Republic of Venezuela to the UN
Closing
- Ms. Rebecca Grynspan, Secretary General, UNCTAD