The five-day United Nations Conference on Trade and Development’s (UNCTAD) World Investment Forum 2018 began at the Palais des Nations, the UN office in Geneva, on October 22
President Abdul Hamid on Tuesday emphasized the need for more investment in people, their education and skill development to build human capital for the future.
“We must invest more and more in our people, in their education and skill development… Only the right investment in our human capital can prepare us for the demanding future,” he said on “Investment in a New Era of Globalization” in Global Leaders Investment Summit.
The five-day United Nations Conference on Trade and Development’s (UNCTAD) World Investment Forum 2018 began at the Palais des Nations, the UN office in Geneva, on October 22.
President Hamid urged all concerned to encourage the private sector to invest in the green and renewable energy by providing incentives and preferential treatments.
“We should make sure that investments also respect the preservation of environment and facilitate sustainable development in line with our commitment to the Sustainable Development Agenda,” he said.
Referring to some discontent at the recent phenomenon of globalization, he said: “Industrial revolution and scientific inventions sped up the process over the years.
“Unprecedented technological advancement in the 20th century and the ever enhancing connectivity brought revolution in transfer of goods and services. But benefits of the wealth created did not reach everyone equally.”
The president said remedies could be explored in investment policy-making so that more people could benefit from era of globalization.
Referring to the UNCTAD’s World Investment Report 2018, he said the global foreign direct investment (FDI) fell by 23% in 2017 and FDI to developing countries did not recover after a 10% drop in 2016 while FDI to the least developed countries (LDCs) also fell by 17% last year.
In the wake of last financial crisis, he said, weakened globalization had a devastating impact on global economic growth, trade and investment.
Calling for making the international system just and equitable, the president said: “We need to assist the graduating LDCs by continuing the preferential treatment for a reasonable period, to provide duty-free-quota-free access to them and to increase private FDI to the LDCs, offer incentives to the private entities of the developed countries for transfer of technology in line with Articles 66.2 and 67 of the TRIPs Agreement.”
Replying to a query in the free-discussion, President Hamid stressed the need for formulating stable and predictable legal framework for investment, and well-designed dispute resolution process, as many investments only pay off over a long term and investors would back away if the rules are changed frequently and abruptly.
“These and other similar measures will ensure more flow of FDI into the LDCs facilitating implementation of the SDGs by 2030,” he added.
About the recent influx of 1.1 million Rohingya and their prolonged presence in Bangladesh being the victims of military brutalities in neighbouring Myanmar’s Rakhine state, Abdul Hamid said it largely affected the country’s economy and society.
“But the country, under the visionary leadership of Prime Minister Sheikh Hasina, still continues its relentless efforts to keep harmony and progress.”
The president said Bangladesh is moving towards tremendous development by prioritizing to build skilled manpower, and especially, through youth and women empowerment to build a “Sonar Bangla (Golden Bengal)” as envisioned by Father of Nation Bangabandhu Sheikh Mujibur Rahman.
“We are aspiring to become a developing country by 2021 and a developed country by 2041,” he added.
Mongolian President Khaltmaagiin Battulga, President of Montenegro Milo Dukanovic, UN General Assembly President María Fernanda Espinosa Garcés and Secretary General of UNCTAD Mukhisa Kituyi, ministers, state ministers, business leaders, representatives of international organizations and CEOs of global companies were present.
The World Investment Forum (WIF) is a high-level, biannual, multi-stakeholder gathering designed to facilitate dialogue and action on the world’s key emerging investment-related challenges.
It focuses on global challenges for international investment in the new era of globalization and industrialization.
Its mission is to provide a platform to debate and discuss “investment for development,” ultimately to promote investment flows that contribute to sustainable and inclusive development.
Source: Dhaka Tribune.
