JEDDAH — The Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED), attended the ‘G20 - WAIPA Conference on Foreign Direct Investments' held in Istanbul, Turkey last April 27-28 to define areas for greater cooperation to promote cross-border investments towards sustainable development. The Conference, held as part of the preparatory meetings for the next G20 summit to be hosted by Turkey in November 2015, was inaugurated by Ali Babacan, Deputy Prime Minister of Turkey. Istanbul-based WAIPA (World Association of Investment Promotion Agencies) is the foremost networking and information exchange platform for investment promotion agencies (IPAs) worldwide. Dubai FDI represents the Middle East and North Africa in the Board of Directors of WAIPA thus playing a dynamic role in its decision-making and strategy. The G20-WAIPA Conference brought together senior policymakers, corporate executives, investors and IPAs to evaluate the role of both G20 and WAIPA in in the new global fiscal environment and to look at how IPAs can channel investments into sustainable development. Fahad Al Gergawi, Chief Executive Officer of Dubai FDI, termed the conference significant in the backdrop of growing realization among IPAs about the need to redefine their role and re-orient strategies to attract investment into sectors critical to achieving sustainable development. “Sustainable development extends beyond renewable energy or clean technologies and calls for new approaches in varied sectors including infrastructure, health, education and agriculture production,” Al Gergawi said after addressing the opening day's plenary session on ‘Investments in Sustainable Development: The Role of Investment Promotion.” “The conference was a valuable opportunity to share innovative approaches in attracting foreign investment, particularly into sustainable development. Dubai's renewable energy initiatives and the Dubai Green Economy Partnership created to promote development and export of clean technologies evoked substantial interest among delegates,” added Al Gergawi. Senior executives from multinationals such as General Electric and Pepsico addressed the conference along with heads of international organizations for trade, development and labor. Dubai's advantages as a competitive investment destination and well-connected hub also featured prominently in the discussions at the conference, he further said. Representatives from the Organisation for Economic Co-operation & Development (OECD), Vienna Economic Forum, United Nations Industrial Development Organisation (UNIDO), UN Conference on Trade & Development (UNCTAD), International Labour Organisation (ILO), Islamic Development Bank (IDB) and the World Bank Group were also among the speakers. Founded in 1995, WAIPA provides members with a forum to share successful approaches, influence government policy and build technical and human resource capabilities for accelerated inward and outward investment. — SG
