{"id":157427,"date":"2018-04-09T17:00:43","date_gmt":"2018-04-09T19:00:43","guid":{"rendered":"https:\/\/anba.com.br\/?p=157427"},"modified":"2018-04-09T19:33:28","modified_gmt":"2018-04-09T21:33:28","slug":"forum-praises-south-south-investment-repeal-protectionism","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/forum-praises-south-south-investment-repeal-protectionism\/","title":{"rendered":"Forum praises South-South investment, repeals protectionism"},"content":{"rendered":"

Dubai \u2013 Investment promotion between developing countries and a repeal of protectionism marked the opening ceremony and the first panels of the Annual Investment Meeting, a conference on foreign direct investment (FDI) that began this Monday (09) in Dubai. \u201cWe wish to connect emerging and developing countries,\u201d said the minister of Economy of the United Arab Emirates, Sultan Bin Said Al Mansoori, in a speech.<\/p>\n

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The forum’s first panel<\/figcaption><\/figure>\n

Facing the possibility of a trade war between the United States and China, the deputy director-general of the World Trade Organization (WTO), Yonov Frederick Agah, who also attended the opening, remarked: \u201cNo issue is more important today than to revive international cooperation.\u201d<\/p>\n

Both issues also permeated the forum\u2019s first two panels, which planned to discuss the promotion of sustainable growth via foreign direct investments. \u201cForeign direct investment and trade were the drivers of growth in emerging and developing countries in the last few decades,\u201d said South Korea\u2019s minister of Industry, Trade and Energy, Kim Hyun-Chong, in a lecture at the event\u2019s opening.<\/p>\n

Unlike the economy and world trade, both registering growth, FDI flow dropped last year over 2016, but remained stable among developing countries, according to Mansoori. FDI flows reached their all-time peak in the remote year of 2007.<\/p>\n

\u201cA decade ago, the world was different, FDI and trade were trending up, which coincided with the growth of the international economy, poverty reduction and globalization development,\u201d said Agah. \u201cIt has been many years now since that openness ceased,\u201d he said.<\/p>\n

Today, emerging nations are not only receivers of FDI, but also sources. Government officials and representatives from private companies presented their models for the attraction or generation of investments.<\/p>\n

Models<\/strong><\/p>\n

Badr Al Olama, CEO of aerospace company Strata, owned by Abu Dhabi-based holding company Mubadala, said that the UAE was successful in signing deals with giant companies Boeing and Airbus because the region is currently the world\u2019s main buyers of large aircraft.<\/p>\n

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Songwe supports investments that create value<\/figcaption><\/figure>\n

\u201cAnd we are loyal, whether the market be going up or down,\u201d noted Olama. He added that the country is used\u00a0for making\u00a0joint investments with international investors, which inspires confidence. \u201cWe encourage companies to invest with the UAE,\u201d he said.<\/p>\n

Vera Songwe, the executive secretary of the United Nations Economic Commission for Africa, remarked that the continent needs foreign investments to grow, but that most of the capital going to Africa is being invested in the production of inputs, and that Africans need resources to be directed to other sectors, to help diversify the region\u2019s economies.<\/p>\n

As an example, she mentioned power generation and, especially, solar energy. \u201cThere are 600 million people with no access to power in Africa and that\u2019s a great investment opportunity,\u201d she pointed out. The panel\u2019s mediator remarked that Songwe is a person that \u201csees the glass half full\u201d, since she looks at a deficiency as a potential opportunity.<\/p>\n

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Portas: a country needs to choose where to be competitive<\/figcaption><\/figure>\n

The secretary-general of the Common Market for Eastern & Southern Africa (COMESA), Sindiso Ndema Ngwenya, said that the bloc of 19 countries is more than a free trade zone, it\u2019s a common area of investments. \u201cThe UAE, for instance, has been acquiring companies in the region,\u201d he said. \u201cAnd in 60 days we will be 21 countries, since Tunisia and Somalia will join,\u201d he added.<\/p>\n

The vice president of the Portuguese Chamber of Commerce and Industry, Paulo Portas, said that legal certainty and judicial system efficiency are very important to bring FDI in. \u201cNo country is competitive in all areas, you have to choose where to be competitive,\u201d he remarked. \u201cTo establish an investment policy is key, FDI could face instabilities, but not permanently,\u201d he said.<\/p>\n

Meanwhile, the deputy minister of Economy and Sustainable Development of Georgia, Giorgi Cherkezishvili, said that success in attracting FDI dpeends on political resolve, political stability, clear rules, ease of doing business, economic freedom, low tax and fight against corruption. \u201cCorruption is the major barrier to FDI,\u201d he said.<\/p>\n

The secretary-general of the UAE International Investors Council, Jamal Saif Al Jarwan, added that the size of markets is an appealing feature to investors, as is the signing of investment protection agreements. \u201cInfrastructure investment is one of the most complex types of investment,\u201d he remarked.<\/p>\n

Yussuff Ali, chairman of the supermarket group Lulu, which does business in many countries, pointed out that the investor has a \u201csocial responsibility\u201d to the country in which he\u2019s opening a business.<\/p>\n

Platform <\/strong><\/p>\n

In the opening, which was attended by Mohammed Rashid Al Maktoum, emir of Dubai and UAE vice president and prime minister, minister Sultan Al Mansoori presented an online platform called UAE FDI Dashboard, with data on the global flow of investments. He also argued for \u201cmore investments in the [UN] sustainable development goals.\u201d \u201cThey are much needed,\u201d he stated.<\/p>\n

Translated by S\u00e9rgio Kakitani<\/strong><\/p>\n

 <\/p>\n

Press Release<\/div>\n
Alexandre Rocha\/ANBA<\/div>\n
Alexanddre Rocha\/ANBA<\/div>\n
Alexandre Rocha\/ANBA<\/div>\n","protected":false},"excerpt":{"rendered":"

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