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Attracting Foreign Investment For Global Development: Know About It
Writer: Tanya Chaturvedi
As a dedicated content writer, I thrive on the art of storytelling through various media forms. My passion lies in creating engaging, informative and visually captivating content that resonates with audience across platforms.
India, 16 Oct 2023 5:17 AM GMT
Editor : Ankita Singh |
A literature lover who likes delving deeper into a wide range of societal issues and expresses her opinions about the same. Keeps looking for best-read recommendations while enjoying her coffee and tea.
Creatives : Tanya Chaturvedi
As a dedicated content writer, I thrive on the art of storytelling through various media forms. My passion lies in creating engaging, informative and visually captivating content that resonates with audience across platforms.
The recently released United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2023 has shed light on the widening annual investment deficit faced by developing countries. As these nations strive to achieve the Sustainable Development Goals (SDGs) by 2030, the report highlights a staggering $4 trillion per year gap in investment, a sharp increase from $2.5 trillion in 2015 when the SDGs were adopted.
The impact of the COVID-19 pandemic, along with the recent turmoil triggered by the conflict in Ukraine, has disrupted global supply chains, hampering even the flow of Foreign Direct Investment (FDI). Global FDI plummeted by 12 percent in 2022, totaling $1.2 trillion.
The world's investment climate confronts a complex trifecta of challenges encompassing food security, climate change, and energy crises. Notably, the G20 leaders convened in New Delhi, India, on September 9-10, acknowledging the urgency to address these challenges comprehensively.
During the summit, the G20 leaders pledged to collaborate on solutions for climate finance and investment, health investment, and Agri-food systems. Commitments were made to enhance access to multilateral climate funds, bolster fiscal policies, and streamline regulatory mechanisms.
The G20 also emphasized the importance of reinforcing medical infrastructure in developing nations to prepare for future health emergencies. Additionally, the leaders endorsed the G20 Deccan High-Level Principles on Food Security and Nutrition 2023, advocating for inclusive and resilient agriculture and food systems.
Furthermore, the World Trade Organisation (WTO) finalized text-based negotiations on the Agreement on Investment Facilitation for Development (IFA) to foster an investor-friendly business environment for over 110 member countries.
Looking ahead, the United Nations Conference on Trade and Development’s (UNCTAD) World Investment Forum, scheduled to take place in Abu Dhabi, UAE, from October 16-20, aims to bring together global investment stakeholders from 160 countries. The forum seeks to facilitate discussions and devise sustainable solutions for global investment and development challenges, emphasizing the need for inclusive and responsible investment practices.
Initiatives such as the 'fund of funds' proposed by CUTS International to establish an Innovation Finance for Climate and Planet fund and the focus on healthcare investment signify the forum's commitment to driving positive change and fostering a future where investment benefits all.
As the world grapples with pressing global challenges, the forum stands as a pivotal platform for stakeholders to collaborate and pave the way for a more equitable and sustainable investment landscape.
Also Read: India's Concerns Over Global Carbon Budget Inequity & Climate Action Efforts
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