Istanbul, October 14, 2016 – In the context of a global call for a new narrative on investment promotion, the 21st annual World Investment Conference (WIC) took place in Istanbul. The flagship event of the World Association of Investment Promotion Agencies (WAIPA) was held for two days (October 13-14) and it brought together Investment Promotion Agencies (IPAs) from all around the world, international organization’s leaders, heads of financial institutions, leading political figures, private sector representatives, prominent economists and researchers.
The agenda focused on issues of Inclusive Investments and a Sustainable Future: FDI as a main driver to achieve SDGs; the influence of technology in IPA service excellence and analysing factors that determine private sector investments into markets. The conference also focused on supporting inclusive industrialization and policymaking, all of which would generate employment worldwide and contribute to global peace and stability.
“WAIPA has taken up the responsibility as a bridge between policy institutions to advocate for more sustainable investments globally,” said Arda Ermut, President, WAIPA and Invest in Turkey (ISPAT).
H.E. Mehmet Simsek, Deputy Prime Minister of Turkey in his opening remarks at the conference emphasized the importance of liberalizing investment policy. “Protectionism is a major trap preventing global growth,” he said. He stated that the principles of democracy and rule of law should always be main axis of governments; also discussing socio economic inequality he said, “Global income is not equally distributed and negative effects will increase if no solution is found in the future.”
The benefits of positive FDI policies was discussed by speakers, which included among others, Dr Celestin Monga, Vice President of the African Development Bank; Ilker AYCI Chairman of the Board and the Executive Committee Turkish Airlines, Oussama Kaissi, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Chairman of ITAP Supervisory Committee, Islamic Development Bank Group and James Zhan, Director of the Division on Investment and Enterprise, UNCTAD.
The conference also included several workshops on sustainable investments organized by WAIPA’s Consultative Committee Members UNCTAD; OECD; ILO; World Bank and UNIDO. Participants offered insights on opportunities and tools for mobilizing investment in support of the Sustainable Development Goals (SDGs), including green FDI, as well as advice on institutional and strategic changes.
The conference is hailed as one where there were holistic presentations and discussions and debates on what the enablers and tools of sustainability are: technology, policy and the private sector as key stakeholders.
Several MOUs were signed with Islamic Development Bank; International Labour Organization (ILO); AIM Dubai and a media partnership MOU with fDi Intelligence. This 21st #WIC16 is sponsored by both Turkish Airlines and Socar.
During his live broadcasted interview to TRT World (Media Sponsor of WAIPA), WAIPA CEO, Bostjan Skalar said, “A sustainable investment should create decent jobs and should help the technology transfer. The fight against investments that are exploitative or inequitable cannot be won singlehandedly by IPAs alone, but collectively as a global community. WAIPA will continue putting full effort on empowerment of IPAs and their corporate development with the support of other international bodies and global community”
Download the full World Investment Conference Report here