World Investment Forum

Remarks by H.E. Mr. Abdulla Shahid, President of the 76th session of the United Nations General Assembly

Geneva,

October 18,  2021

Excellencies,

Thank you for the opportunity to participate in the 8th World Investment Forum. My appreciation to UNCTAD for organizing today’s event.

This year’s theme, “Investing in sustainable recovery,” could not have been more timely and relevant.

The world is only beginning the long-haul process of recovering from COVID-19, while at the same time facing the looming threat of climate change.

For countries that were already struggling to achieve development goals, the pandemic was a severe setback.

And there is no indication that this setback will end anytime soon.

With vaccine inequity prolonging the pandemic, and with debt and other structural limitations holding back progress amongst countries in special situations, recovery is at risk of stalling before it even truly begins.

Excellencies, ladies and gentlemen,

This brings me to the challenge that must be addressed at this Forum: how can we concretely remove the obstacles to investment and enable a sustainable recovery?

We can and must offer tangible solutions. Without such efforts, all we have are nice words and good intentions.

And any solution must include all of us; it is the only way to meaningfully move the needle.

This includes the UN and national governments, to be sure, but it also includes investment companies and entrepreneurs, stock exchanges and financial regulators, institutional investors and fund managers, Micro, Small, and Medium Enterprises, family businesses, and civil society and academia.

We all have a part to play.

This Forum provides a unique platform to shore up support across this diverse spectrum of stakeholders and to tap the opportunities to reignite investment where it is needed.

Colleagues,

Allow me to make three key points based on  some of the challenges outlined by this Forum:

• The first challenge is to “mobilize global investment for the UN Sustainable Development Goals.” What we need is a broad-based, equitable recovery that runs at the same speed for everyone – no one should be left behind. We are all aware that the 2030 Agenda and the Paris Agreement are blueprints for achieving inclusive, healthy, and resilient societies… the challenge now is to implement them. Let us work to ensure that recovery plans and programmes are aligned with SDGs and climate targets at each step of the process.

• The second challenge is the “realignment of global investment governance to address the increasing regionalism and protectionism.” Here, the private sector is critical. As the engine of innovation and growth, private sector partners can boost jobs and livelihoods while also contributing to sustainable development, respecting human rights, observing environmental regulations, and adhering to fiscal regulations.

I understand that global stimulus packages committed US$3.5 trillion of public funds to a post-pandemic recovery. While only a tenth is destined for developing countries, the private sector can leverage these funds to multiply the impact ten times. This will provide one-third of the total investments needed to reach the SDGs.

• The third challenge “relates to new technologies and the new industrial revolution.” I agree with UNCTAD’s assessment that the post-pandemic global investment-context requires a new development strategy.

This new strategy is built upon the premise that, both sustainability and resilience must be fully integrated into a country’s policy context or a company’s corporate culture. It must be the core  of everything that we do. To forego this would expose countries to further risk at a later time, potentially incurring more debt, more setbacks. Resilience can be baked into what we do.

Excellencies,

A focus on sustainability and resilience will fundamentally and strategically change how countries, companies, and communities think about competitiveness and investment opportunities.

I look forward to the ideas and solutions that the group will propose over the next five days. These ideas will feed back to the General Assembly for consideration and action.

Together, let us find find our common ground to achieve common solutions, with political will and through collaborative action.

Together, we can truly rebuild communities, renew aspirations, and reset policies for prosperous, sustainable and resilient societies, in a post-pandemic world.