President of the UN General Assembly (PGA) Abdulla Shahid has stated sustainability and resilience must be integrated into the core of all policies developed by countries, as well as the corporate culture of companies. He made the remarks in his video message at the World Investment Forum on October 19.
Speaking at the forum, PGA Shahid noted this year’s theme, “Investing in sustainable recovery,” could not have been more timely and relevant, as the world is only beginning the long-haul process of recovering from COVID-19, while at the same time facing the looming threat of climate change. He noted for countries that were already struggling to achieve development goals, the pandemic was a severe setback, adding there is no indication that this setback will end anytime soon. He stated with vaccine inequity prolonging the pandemic, and with debt and other structural limitations holding back progress amongst countries in special situations, recovery is at risk of stalling before it even truly begins.
Speaking on ways to concretely remove the obstacles to investment and enable a sustainable recovery, PGA Shahid said the UN and national governments, as well as investment companies and entrepreneurs, stock exchanges and financial regulators, institutional investors and fund managers, Micro, Small, and Medium Enterprises (MSMEs), family businesses, and civil society and academia, all have a part to play. He noted the World Investment Forum provides a unique platform to shore up support across this diverse spectrum of stakeholders and to tap the opportunities to reignite investment where it is needed.
In his message, the PGA highlighted the need for broad-based, equitable recovery that runs at the same speed for everyone, noting no one should be left behind. He called on the world to ensure that recovery plans and programmes are aligned with Sustainable Development Goals (SDGs) and climate targets at each step of the process.
Furthermore, PGA Shahid described the private sector as the engine of innovation and growth, noting private sector partners can boost jobs and livelihoods while also contributing to sustainable development, respecting human rights, observing environmental regulations, and adhering to fiscal regulations.
Speaking on the importance of new technologies and the new industrial revolution, PGA Shahid said he agreed with UNCTAD’s assessment that the post-pandemic global investment-context requires a new development strategy. He stated this new strategy is built upon the premise that, both sustainability and resilience must be fully integrated into a country’s policy context or a company’s corporate culture. He said to forego this would expose countries to further risk at a later time, potentially incurring more debt, more setbacks.
The World Investment Forum, organised by the United Nations Conference on Trade and Development, is the pre-eminent global platform for investment and development. The forum devises strategies and solutions for global investment and development challenges. It facilitates multi-stakeholder collective action to stimulate investment in development.