Backdrop to WAIPA World Investment Conference is possible FDI recovery

Together with host Invest Saudi, the World Association of Investment Promotion Agencies (WAIPA) held its annual gathering in Riyadh November 25-27, 2024. The official theme was “Harnessing Digital Transformation and Sustainable Growth”.

Hosted since 1995, the World Investment Conference (WIC) is the flagship event of WAIPA, the main global body representing agencies which are charged with attracting inward investment to their jurisdictions. This was the 28th iteration of the event but the first time it took place in Saudi Arabia. 

“By strengthening ties between nations and sectors, WIC 2024 has created lasting connections that will shape the global investment landscape,” said Ismail Ersahin, CEO and executive director of WAIPA.

James Zhan, chairman of the executive board of WIC, said, “The conference is a landmark, not just for investment promotion community but also for the global investment promotion and facilitation stakeholder community.”

Over the three days, leaders from government, industry and investment promotion agencies engaged in high-level discussions on sustainable growth, digital transformation and international partnerships. Among the thousands of participants from approximately 120 countries were numerous ministers and ambassadors, as well as representatives from dozens of investment promotion agencies along with investors, corporate leaders and senior officers from multilateral organisations.

In closing the event, H.E. Khalid A. Al-Falih, Minister of Investment of Saudi Arabia, said, “The conference not only met my expectations but exceeded them.”

The conference took place at a critical juncture in foreign direct investment, according to Zhan. “The global economy is entering a new era with massive transformation, driven by the sustainability imperative, the technology revolution and geopolitical dynamics,” he said. “The whole situation in the world looks very gloomy … But we are sending a message to the world that global investment is on the trajectory of recovery, albeit fragile and modest. As the investment promotion community we should be positive and look for opportunities — and opportunities are plenty.”

He highlighted opportunities presented by sustainability and the energy transition, by tenchnology and AI-driven industrial activities, as well as life sciences and biotechnology.

“We alo have structurally driven opportunities through the geopolitical dynamics. Even trade wars, which is bad for trade, create opportunities for investment and investment attraction and we need to bear that in mind in future investment promotion activities,” Zhan said. “We should take opportunities to discuss how to maximise the benefits of these changes.”

H.E. Ibrahim Almubarak, Assistant Minister of Investment and CEO of the Saudi Investment Promotion Agency, said, “Looking ahead, there is a lot we can do together. Investment promotion is not a zero-sum game; it is a bilateral relationship where we can all prosper.”