- Aim is to improve the capacities and skills of Investment Promotion Agencies (IPAs) and EIF National Implementation Units (NIUs), as well as government officials in the least developed countries (LDCs)
- Co-funded by the Enhanced Integrated Framework (EIF), the work will run for two years
Geneva, 28 January 2020: The World Association of Investment Promotion Agencies (WAIPA) is launching the “Capacity Building for Enhanced Integrated Framework (EIF) countries on Investment Promotion within WAIPA activity” project. This two-year effort is co-funded by EIF and aims to improve the capacities of investment and trade professionals in least developed countries (LDCs) and to enhance their cooperation.
Investment Promotion Agencies (IPAs) play an important role in attracting investments. They are often the public face of governments seeking to increase investment and promote economic and social development, and are instrumental in negotiating investment treaties, concluding investment contracts and managing investment relationships through aftercare services. In WAIPA’s experience, it can be observed that IPAs from several member countries are on a positive route. However, they still face obstacles, and this is particularly but not exclusively true for LDCs.
WAIPA contributes to efforts to promote good practices and improve the quality of services in IPAs so that they are comparable to international standards. It also functions as a platform for exchange of knowledge and experience and provides capacity building through advocacy for technical and financial assistance, with the aim of creating more empowered, efficient and successful IPAs.
The aim of this new project is to improve the capacities and skills of IPAs, EIF National Implementation Units (NIUs) and government officials in LDCs. This includes abilities with investment promotion and facilitation, leveraging investments in priority trade sectors, improving coordination of IPAs in LDCs via regional and global networking coordination, as well as advocacy. This goal is to see improvement in the business climate and investment conditions and attracting sustainable investments as well as leveraging additional resources to development sectors in order to meet the UN’s 2030 Sustainable Development Goals. Target countries include eight Asia-Pacific LDCs on the path of graduation from the LDC status: Bangladesh, Bhutan, Cambodia, Nepal, Myanmar, Lao PDR, Solomon Island and Vanuatu as well as further selected LDCs.
“I am pleased that EIF and WAIPA are launching this effort to attract investment to the world’s poorest countries, in an economic climate when they need it most. This work targets the LDCs that are ‘graduating’ from that status, and therefore facing a reduction in concessional financing, with the aim to help them mobilize capital, leverage investments in priority trade and productive sectors and spur growth,” said Ratnakar Adhikari, EIF Executive Director.
“This project creates a valuable opportunity for LDCs. We aim to not only enhance their skills via this project but also to encourage the cooperation among them. As we know foreign direct investment (FDI) can be catalytic, mobilizing capital and technology to spur growth, expand productive capacity and diversify economies contributing directly to welfare and prosperity. There is huge potential for countries and the LDCs are no exception of course, so we are honoured to implement this project so that they can unleash their potential”, said Bostjan Skalar, Executive Director of the World Association of Investment Promotion Agencies (WAIPA).
WAIPA currently has members from 130 countries and the Consultative Committee is formed by international organisations such as UNCTAD, UNIDO, OECD, ILO, IEDC, ICC and the World Bank. WAIPA also cooperates with key opinion formers such as Islamic Development Bank and World Economic Forum.
Through its wide range of activities, WAIPA provides the opportunity for IPAs to network and exchange best practices in investment promotion. WAIPA has always dedicated, and continues to dedicate, time and effort towards building the human resources capacity of its Member agencies. Trainings, workshops, conferences as well as seminars/webinars have been organized by WAIPA, alone or in coordination with partner organizations. Membership is open to all entities the primary function of which is “to promote any country, political sub-division of a country or other uncontested territory, as a destination for, or source of investments”.
The Enhanced Integrated Framework (EIF) is the only multilateral partnership dedicated exclusively to assisting least developed countries (LDCs) in their use of trade as an engine for growth, sustainable development and poverty reduction. The EIF partnership of 51 countries, 24 donors and 8 partner agencies works closely with governments, development organizations, civil society and academia. Together we leverage our collective know-how, reach and reputation to tackle the world’s most pressing trade-for-development issues.
For more information, visit www.enhancedif.org
For media inquiries, please contact:
Deanna Ramsay (Enhanced Integrated Framework)
Andreas Hora (WAIPA)