‘It’s a pivotal moment shaping the future of global investment’
Leaders of business, industry, government, finance and investment came together in New Delhi in December for a global investment forum that tackled key issues in the realm of foreign direct investment (FDI).
The World Investment Conference (WIC) 2023 took place December 11-14, 2023 at the newly inaugurated India International Convention and Expo Center. The event attracted more than 1,000 participants from 107 countries. Real FDI was an official media partner.
Hosted since 1995, WIC is the flagship event of the World Association of Investment Promotion Agencies (WAIPA), the main global body representing agencies which are charged with attracting inward investment to their jurisdictions. WIC annually serves as one of the world’s largest gatherings of investment promotion agencies (IPAs).
India debut
Held under the theme “Empowering Investors: IPAs Pioneering Future Growth”, WIC 2023 was the 27th iteration of the event, but the first time it has been held in India. It was hosted by Invest India, which holds the presidency of WAIPA and was re-elected to a new term during the General Assembly. The event was conducted under the auspices of India’s Ministry of Commerce.
WIC 2023 took place against the backdrop of a challenging international environment for FDI. At a time when FDI is more necessary than ever as a driver of growth and as a key mechanism for sustainable development, there is less of it to go around.
After a decline in 2022, preliminary figures from the United Nations Conference on Trade and Development (UNCTAD) showed a surprise rebound of 3% in global FDI flows for 2023, but the organisation has warned of significant ongoing risks arising from geopolitical issues, debt burdens and geo-economic fracturing.
‘Pivotal moment’
In his opening address, WAIPA chief executive and executive director, Ismail Ersahin, said it is “a pivotal moment shaping the future of global investment”, making the work of IPAs particularly relevant and urgent.
“Within the important paradigm of FDI, and at a time of considerable uncertainty in the global investment landscape, the role of IPAs also cannot be overstated,” he said. “Now more than ever, we feel strongly that IPAs must collaborate to harness the capabilities and strengths of individual countries, instead of competing against one another.”
Among other sessions, the Global Leaders Forum: Investing for a Better World discussed how to address imbalances in FDI flows. Divisional directors in multilateral institutions and heads of international associations called for careful, considered and investment-friendly policymaking and a reduction in trade and investment barriers to reduce inequities. Such themes were at the heart of several discussions at WIC 2023, alongside match-making forums designed to bring carefully selected investment opportunities to the attention of international investors.
Commitment to sustainable development
On day four, a meeting of IPAs from G20 nations reasserted the commitment of WAIPA, its partners, previous holder of the G20 presidency India and incoming G20 president Brazil, to the pursuit of sustainable development. It also stressed the importance of G20 IPAs in a changing world order.
The call for greater international collaboration resonated across the event, as a remedy for rising protectionism and concerns over the retreat of globalisation. “In this interconnected world, economic development isn’t confined to national borders – it’s a collective endeavour that demands collaboration, coordination and a shared vision,” Ersahin said.
“The world is evolving at a rapid pace, presenting new challenges and opportunities. It’s imperative for IPAs – in the G20 and elsewhere – to embrace innovation, harness technology, and adapt their strategies to meet the evolving needs of a dynamic global landscape.”
