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develop policies to boost fdis
2010/9/8 0:00:00 Source:

un trade chief forecasts world economic recovery

xiamen, fujian - governments of all countries and regions should attach more importance to developing policies to boost foreign direct investment (fdi) as the global economy remains uncertain, a top world trade official said.


supachia panitchpakdi, secretary-general of united nations conference on trade and development (unctad), also urged governments to reevaluate their investment agreements to find effective ways to boost fdis.


"we have many international agreements in terms of foreign economic and trade cooperation. but are they really helpful for us to achieve an economic recovery?" panitchpakdi said at the world leaders investment summit, which is part of the world investment forum that opened in xiamen, fujian province, on tuesday.


government and corporate leaders from across the world gathered to assess the challenges and opportunities they must deal with after the global economic and financial crisis and the ever-growing imperatives of climate changes.


"facing the aftermath of the financial crisis, governments should consider what they can do to foster sustainable growth and employment through international investment," he said.


"moreover, companies should think about what they can do to ensure their contributions to a long-term and far-reaching development process in the countries in which they invest."


at the summit, participants also discussed how international investment can help countries and corporations to win the green race.


panitchpakdi said he expected the global economy will not fully recover until 2012.


"as the international platform for foreign investment, unctad will provide assistance for policy makers, business leaders and investors to boost their foreign investment," he said.


bulgaria's vice-president angel marin said his country will improve its investment environment by streamlining regulations and providing preferential policies.


china's fast development in high-tech industry would also facilitate bulgaria's foreign investment, he said. "high-tech companies from china and other countries are always welcomed in bulgaria."


chinese vice-president xi jinping said the central government would encourage more chinese enterprises to go abroad, deepen south-south cooperation and help developing countries raise economic development capacity.


chinese enterprises have made investments worth $245.7 billion in 177 countries and regions by the end of last year, sources from the ministry of commerce said.


john dramani mahama, vice-president of ghana, said the african country would introduce more favorable policies to attract foreign investments.


"we african countries also face great pressure from the global economic meltdown. but the tough time has seemed to be gone as the local economy has seen a steady growth over the past two years," he said.


in the past, africa remained weak in attracting foreign investment, mahama said. "but africa will become a new attractive location for foreign investments, due to its abundant natural resources like gas and oil," he said.


us under-secretary of state robert d hormats lauded xi's speech, saying china's move to optimize its investment climate as "very constructive".


hormats denied a financial times report that he had said "the lack of action by china to address us concerns will encourage more protectionist agenda".


he told china daily that congress is still pressuring china, but he believes china and the us are now working at a very "cooperative and constructive" manner.


he expects that both countries could offer more level playing field for economic cooperation and investment potentials.

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