KAZAKH INVEST Presented Kazakhstan’s Investor Support System at the UNCTAD World Investment Forum
Topical issues of global investment policy challenges and solutions, as well as international trade were discussed at the dialogue platform of the 7th UNCTAD World Investment Forum. The online event was attended by the representatives of government agencies, heads of international organizations, as well as leaders of global corporations.
Thus, a plenary session “Trilateral dialogue of authorities, politicians and business leaders” was organized during the event. Opening the session, the UNCTAD Secretary-General Rebeca Grynpsan noted that at present the priority task of developed and developing countries is to ensure sustainable economic recovery after the global economic crisis. She also touched upon the issues of global economic governance in order to increase the role of developing countries' participation in the global economy.
In addition, welcoming speeches were made by the Secretary General of the Inter-Parliamentary Union Martin Chungong and Senior Minister - Special Adviser to the Prime Minister of Ethiopia Arkebe Okubai. Speakers of the panel session included the Honorary President of the Inter-Parliamentary Union Saber Hossain Chowdhury, Chairman of the International Trade Committee of the European Parliament Bernard Lange, CEO of HSBC Global Asset Management Nicolas Moreau, Deputy Chairman of the Board of KAZAKH INVEST Zhandos Temirgali, etc.
During his speech, the moderator and editor of FDI Intelligence (a division of Financial Times), Jacopo Dettoni, stated the negative impact of the pandemic on the global investment environment. In his speech, he emphasised the need to ensure adequate financing and meet the needs of society in the implementation of the Sustainable Development Goals approved at the national level. He also noted the need for constant parliamentary monitoring on economic management issues, especially those related to the regulation of the investment sphere.
In support of this thesis, Deputy Chairman of the Board of KAZAKH INVEST Zhandos Temirgali stressed the significant impact of the economic crisis on the reduction of foreign direct investment, in particular, in countries with transition economies. He noted that according to the latest UNCTAD report on global investment, last year FDI flows to these countries decreased to $24 billion, the lowest record since 2003. However, thanks to measures taken by the state, Kazakhstan has taken a leading position in the international UNCTAD ranking among countries with transition economies as well as among landlocked countries.
At the same time, during the World Investment Forum, the participants discussed the need to increase investments in the green economy. According to the speakers, green energy should be considered as a “driver” of sustainable socio-economic development.
“Today, countries should develop investment promotion strategies taking into account the new realities and the UN Sustainable Development Goals. We see that the crisis can open up new opportunities for further diversification of the economy in the field of food production, medical devices, as well as other types of products with high added value. In addition, 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 the ESG criteria are becoming significantly relevant. Within the framework of the adopted Green Economy Concept, Kazakhstan has set a clear goal to become a carbon-neutral country by 2060”, - Zhandos Temirgali added.
It is worth noting that the UNCTAD World Investment Forum is held every two years with the participation of political leaders, government authorities, private business, international organizations, academia, etc.
The United Nations Conference on Trade and Development (UNCTAD) is the main part of the United Nations Secretariat dealing with trade, investment, and development issues. UNCTAD was established by the United Nations General Assembly in 1964 and it reports to the UN General Assembly and United Nations Economic and Social Council. The organization's main objective is to maximize the trade, investment and development opportunities of developing countries and assist them in their efforts to integrate into the world economy on an equitable basis. The organization conducts research and policy analysis, intergovernmental meetings, provides technical cooperation and interaction with civil society and the business sector.
