Việt Nam Chairs UNCTAD Investment Commission Session
Geneva, The Gulf Observer: Ambassador Mai Phan Dũng, Permanent Representative of Việt Nam to the UN, WTO, and other international organizations in Geneva, commenced leadership of the 14th session of the UN Conference on Trade and Development (UNCTAD)’s Investment, Enterprise, and Development Commission, marking the initiation of the session in Geneva on April 29th.
This session offers a platform for member states and stakeholders in investment and development to deliberate on pivotal and emerging themes encompassing investment, business, technology, and their ramifications on sustainable development. Participants engage in the exchange of efficacious strategies and policies aimed at fostering mutual progress.
The agenda for this session encompasses a spectrum of issues, including recent trends and policies in investment, business, and technology for development, the utilization of digital tools to support e-government endeavors, the integration of blockchain technology for sustainable development, and the challenges confronting developing nations in the adoption of blockchain technology.
Participants put forth numerous proposals addressing these focal areas.
The Group of 77 and China commended UNCTAD’s exhaustive analysis and contributions elucidated in the annual World Investment Report (WIR) concerning foreign direct investment (FDI) and other investment inflows. Expressing apprehension regarding the insufficiency of investment capital to propel the Sustainable Development Goals (SDGs), they underscored the imperative of augmenting both public and private investment to meet the SDGs by 2030.
The Asia-Pacific group extended support for UNCTAD’s initiatives on investment facilitation and welcomed discussions on blockchain technology. They noted the necessity for continued efforts to enhance investment attraction, facilitation, and maintenance, especially in the ASEAN region.
The African group reiterated the indispensability of strategic and sustainable investment in addressing FDI volatility and bridging critical infrastructure gaps across the continent. They emphasized the pivotal role of technology and digital trade in surmounting barriers to sustainable investment, aligning with societal, economic, and environmental imperatives.
Furthermore, participants are slated to deliberate on and endorse two pivotal reports of the commission: one pertaining to investment, innovation, and entrepreneurship for enhancing production capacity and sustainable development, and the other originating from an intergovernmental working group comprising experts on international accounting and reporting standards.
Việt Nam’s historic election as Chair of a UNCTAD commission for the first time underscores the esteemed recognition accorded by the agency and its member states for Việt Nam’s policies and achievements in attracting investment for sustainable development, particularly in focal areas like digital transformation, green initiatives, science, technology, and artificial intelligence.
This milestone also presents an opportunity for Việt Nam to demonstrate its proactive and constructive role within UNCTAD and other UN international forums, exemplifying its commitment to advancing global sustainable development agendas.
