OECD And WAIPA Reaffirm Mutual Support
TheOrganisation for Economic Co-operation and Development (OECD) and the World Association of Investment Promotion Agencies (WAIPA) discuss stepping upsynergies in online meeting
Masamichi Kono, Deputy Secretary-General of the Organisation for Economic Co-operation and Development (OECD) and Fahad Al Gergawi, President of WAIPA and CEO of Dubai FDI – an agency of Dubai Economy - held a virtual meeting recentlyto discuss ways to further boost their ongoing collaboration. The two sides examined how common projects can bring benefit to investment promotion agencies (IPAs) worldwide.
“We are committed to supporting the work of WAIPA and we should rally together for a better investment environment,” said Kono. Al Gergawi too reiterated WAIPA’s commitment tostronger collaboration with OECD. “IPAs give strong support to their economies and governments. As WAIPA we advocate for their role and partners such as OECD are invaluable in this cause,” he added. Dubai FDI assumed presidency of WAIPA for a two-year term in 2019.
OECD is also a member of WAIPA’s Consultative Committee, a body consisting of leading international organisations that support the WAIPA programme. WAIPA and its Consultative Committee, which includes UNCTAD, UNIDO, ICC, ILO, OECD, and the World Bank among others, agree on the need to join forces and further support IPAs in building their capacities and advocating their important role.
Kono and Al Gergawi discussed current and upcoming projects with emphasis on the quality of FDI projects and the positive impact of FDI.
WAIPA is an international nongovernmentalorganization established in 1995 under the auspices of the United Nations Conference on Trade and Development (UNCTAD) as a forum to promote and develop understanding amongst investment promotion agencies, providing them with technical assistance and capacity building, and encouraging networking and exchange of best practices.
OECD is an international organisation that works to build better policies for better lives. Its goal is to shape policies that foster prosperity, equality, opportunity and well-being for all. It draws on almost 60 years of experience and insights to better prepare the world of tomorrow. Together with governments, policy makers and citizens, it works on establishing evidence-based international standards and finding solutions to a range of social, economic and environmental challenges. From improving economic performance and creating jobs to fostering strong education and fighting international tax evasion, it provides a unique forum and knowledge hub for data and analysis, exchange of experiences, best-practice sharing, and advice on public policies and international standard-setting
IPAs play an important role in attracting, facilitating, retaining, and advocating investments. They are often seen as the bridge between governments and the private sector, seeking to increase investment, promote economic development, concluding investment contracts; and manage investment relationships before, during and after the investment life cycle. Most recently, IPAs through their unique positioning has supported their governments in alleviating the economic impact of COVID-19 and inretaininginvestor trust.
