IPAs are at forefront of the COVID fight
- International Organizations highlight IPAs critical role in global economic recovery and growth
- WAIPA Presidency joins forces with Consultative Committee Members to drive future cooperation
Geneva, 21 July 2020: The Presidency and the Permanent Secretariat of the World Association of Investment Promotion Agencies (WAIPA) held a number of meetings with leading international organizations in the field to discuss the current situation in investment promotion and the key role of investment promotion agencies (IPAs) in the heart of economic recovery and future growth.
The President of WAIPA and CEO of Dubai FDI, H.E. Fahad Al Gergawi discussed in a series of high-level online meetings with WAIPA’s Consultative Committee members how WAIPA members see the current situation and how synergies between WAIPA and its Consultative Committee members can be further increased for concrete projects and tools to support Investment Promotion Agencies(IPAs).
“We deeply appreciate our Consultative Committee members’ continued efforts to further strengthen IPAs role as primary government support and service providers to investors. IPAs role today is increasing in importance not only to facilitate investors success during these challenging times, but also to enable investors contribution to economic development and prosperity to their national economies, cities and communities”. said the WAIPA President.
IPAs play an important role in attracting, facilitating, retaining, and advocating foreign direct investment (FDI). IPAs are often seen as the bridge between governments and the private sector, seeking to increase investment, promote economic development, concluding investment contracts; and manage investment relationships before, during and after the investment life cycle. Particularly also in recent months under COVID-19 impact, IPAs through their unique positioning supported their governments in alleviating the negative economic impacts and led the way to retain investors trust.
WAIPA and its Consultative Committee, a board of the leading international organizations in the field, e.g. UNCTAD, UNIDO, ICC, ILO, OECD, World Bank Group, confirm the need to join forces and further support IPAs in building their capacities and advocating their important role.
The World Association of Investment Promotion Agencies (WAIPA) is an international nongovernmental organization established in 1995 under the auspices of the United Nations Conference on Trade and Development (UNCTAD) that acts as a forum to promote and develop understanding amongst investment promotion agencies (IPAs), providing them with technical assistance and capacity building, and encouraging networking and exchange of best practices in investment promotion.