A focus on sustainability will strategically change the perspective of countries on investment opportunities, says President of the 76th Session of the United Nations General Assembly (UNGA) and Maldives Minister of Foreign Affairs Abdulla Shahid.
In his video statement at the World Investment Forum on Tuesday, PGA Shahid noted that a focus on sustainability and resilience will fundamentally and strategically change how countries, companies, and communities think about competitiveness and investment opportunities.
He noted that this year’s theme “Investing in Sustainable Recovery” could not have been timelier and more relevant as the world moves into the “long-haul” process of recovering from the Covid-19 pandemic at the same time, facing the looming threat of climate change.
PGA Shahid highlighted that Covid-19 was a “severe” setback for countries that were already struggling to achieve development goals, adding that there are no signs that the “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”Abdulla Shahid, President of the 76th Session of the United Nations General Assembly.
The Maldives minister noted that tangible solutions must be offered to concretely remove the obstacles to investment and enable a sustainable recovery, adding that any solution must include “all of us” which is the only way to meaningfully move the needle.
As such, this includes the United Nations and national governments, 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, who all have a part to play.
Highlighting that the forum provides a unique platform to tap the opportunities to reignite investment where it is needed, PGA Shahid shed the spotlight on three key points based on challenges that the forum outlines.
He noted that first challenge to be mobilizing global investment for the UN Sustainable Development Goals, which calls for a broad-based, equitable recovery that runs at the same speed for everyone, with no one being 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”Abdulla Shahid, President of the 76th Session of the United Nations General Assembly.
The second challenge was described by the PGA as the realignment of global investment governance to address the increasing regionalism and protectionism, where the private sector is critical. PGA Shahid stated that 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 USD 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”Abdulla Shahid, President of the 76th Session of the United Nations General Assembly.
Shahid stated that the third challenge related to new technologies and the new industrial revolution, agreeing with the 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”Abdulla Shahid, President of the 76th Session of the United Nations General Assembly.
Expressing keenness to see the ideas and solutions that the group will propose over the next five days, PGA Shahid said that the ideas will feed back to the General Assembly for consideration and action.
He went on to urge the globe to find its common ground to achieve common solutions, with political will and through collaborative action, together, as well as to rebuild communities, renew aspirations, and reset policies for prosperous, sustainable and resilient societies, in a post-pandemic world.
Organized by the United Nations Conference on Trade and Development, the World Investment Forum is the pre-eminent global platform for investment and development which invents strategies and solutions for global investment and development challenges alongside facilitating multi-stakeholder collective action to stimulate investment in development.
It also offers a unique opportunity to influence investment-related policymaking, shape the global investment environment, and to network with global leaders in business and politics.
