 |
|
HE Ahmed bin Abdullah al-Mahmoud addressing the delegates and the audience. PICTURES: Noushad Thekkayil |
Heads of state and foreign dignitaries at the World Leaders Investment Summit yesterday highlighted the importance of foreign direct investment for stimulating economic development and generating employment opportunities, stating that although the global financial crisis has led to a decline in investment around the world, there are clear indications that the situation is improving.
A number of officials, including HE Qatar’s Deputy Premier and Minister of State for Cabinet Affairs Ahmed bin Abdullah al-Mahmoud, participated in the session, which focused on how both national and international investment is essential for the growth of developing economies, on the theme ‘how can investment foster sustainable development.’
The summit also brought together CEOs of major transnational organisations to discuss projects they have been involved with in the past, and their plans for development in the future.
“We are starting a new course of globalisation and this is part and parcel of a fresh effort in investment,” he said, adding “Qatar is in regular contact with Unctad on initiatives for the development of youth and women.”
“The outcomes of the Arab Spring for youth will not be sustainable without partnerships, legal frameworks and policies,” he added.
He also spoke about the importance of sovereign wealth funds: “sovereign funds are a vital component of development and investment and contribute fundamentally to the prosperity of states around the world. For the past decade, Qatar has used foreign investment for its growth, including the Qatar Development Fund, which is worth over $65bn.”
“These sources of investment provide opportunities not just for Qatar but for all Arab states around the region to build green, sustainable economies. Consequently, these kinds of sovereign funds need special attention at a global level, a matter that is important to Unctad and Qatar,” he added.
The Deputy Prime Minister also spoke about the importance of highlighting success stories through the Women in Business Awards and the Unctad Investment Promotion Awards which were distributed at an opening ceremony on Friday.
Unctad Secretary-General Supachai Panitchpakdi addressed the summit, explaining that while foreign direct investment suffered a major global downturn in 2008 and 2009, there are signs that levels of investment are recovering.
He said: “In the last 20 years, international investment has become an increasingly important component of development strategy. Foreign investment has contributed to strong growth paths in a number of countries, including developing countries, and has provided a route for their integration into the global economy.”
“It has contributed to job creation, the buildup of productive capacity, and industrial upgrading and structural transformation,” he said.
Panitchpakdi argued that investment could also help to address other issues, such as poverty alleviation, food security and the environment.
“We believe that it has the potential to play an even bigger role in the sustainable and inclusive development of all countries,” he noted, adding “the next two years may well be decisive in determining how great that role will be – and the policies chosen will matter a great deal.”
Prime Minister of Bangladesh Sheikh Hasina put forward an eight-point proposal for sustainable investment, including a plan for investment in agriculture to ensure food security and stability of prices.
The President of Niger, Issoufou Mahamadou, also spoke about the importance of responsible investments, and called on more companies to invest in such “win-win” projects.