KAZAKH INVEST presented Kazakhstan’s Investor Support System at the UNCTAD World Investment Forum
The dialogue platform of the 7th UNCTAD World Investment Forum addressed current issues to solve global problems in the investment policy, as well as international trade. The online event was attended by the representatives of government agencies, CEOs of international organizations, as well as leaders of large business.
Thus, a plenary session “Trilateral Dialogue of Parliamentarians, Politicians and Business Leaders” was organized as part of the even. Opening the session, the UNCTAD Secretary-General Rebeca Grynpsan stressed that the current priority task for developed and developing countries is to ensure a sustainable economic recovery from the global economic crisis. She also touched upon the issues of the global economic governance system in order to enhance the role of developing countries in the global economy.
Furthermore, welcoming speeches were made by the Secretary General of the Inter-Parliamentary Union Martin Chungong and the Senior Minister - Special Adviser to the Prime Minister of Ethiopia Arkebe Okubai. The speakers of the panel session included the Honorary President of the Inter-Parliamentary Union Saber Hossain Chowdhury, the Chairman of the International Trade Committee of the European Parliament Bernard Lange, the CEO of HSBC Global Asset Management Nicolas Moreau, the Deputy Chairman of the Board of KAZAKH INVEST Zhandos Temirgali, etc.
In his address, the moderator, editor of fDi Intelligence (a division of the Financial Times), Jacopo Dettoni, stated the negative impact of the pandemic on the global investment environment. In his address, he emphasized the need to ensure adequate funding and meet the needs of society in the implementation of the sustainable development goals approved at the national level. He also highlighted the need for constant parliamentary monitoring on economic management issues, especially those related to the regulation of the investment sector.
In support of this thesis, the Deputy Chairman of the Board of NC KAZAKH INVEST JSC Zhandos Temirgali emphasized the significant impact of the economic crisis on the reduction of foreign direct investment, in particular, in countries with transition economies. He said that according to the latest UNCTAD report on global investment, last year, FDI flows to these countries fell to $24 billion, which is the lowest record since 2003. However, thanks to the measures taken by the state, Kazakhstan is among the leaders among countries with transition economies in the international UNCTAD, as well as among landlocked countries.
At the same time, as part of the World Investment Forum, the participants discussed the need to increase investment in the green economy. According to the speakers, it is green energy that should be considered as a “driver” of sustainable socio-economic development.
“Today, countries must develop investment promotion strategies, taking into account the new realities and the UN Sustainable Development Goals. We see that the crisis may open up new opportunities for further diversification of the economy in the food production, medical devices, and other types of products with high added value. Moreover, the pandemic has shown the growing importance of agribusiness and food security. It is important to note that in 2020 Kazakhstan ranked 32nd in the Global Food Security Index. In addition, today the factors of ESG criteria are becoming significantly relevance. As part of the adopted Green Economy Concept, Kazakhstan has set a clear goal to become a carbon-neutral country by 2060,” added Zhandos Temirgali. It is worth noting that the UNCTAD World Investment Forum is held every two years with the participation of political leaders, government agencies, private business, international organizations, academia, etc.
For reference: The United Nations Conference on Trade and Development (UNCTAD) is the major body of the UN General Assembly dealing with the trade and investment. It was established in 1964, the headquarters are located in Geneva (Switzerland). The UNCTAD is the focal point within the United Nations system for the integrated treatment of trade and development and interrelated issues in the areas of finance, technology, investment, and sustainable development. The key goals of the organization are to promote the development of the global economy through the development of recommendations, principles, organizational and legal conditions and mechanisms for the functioning of modern international economic relations. The organization conducts research and policy analysis, intergovernmental meetings, technical cooperation and engagement with civil society and business sector.