The International Chamber of Commerce and the World Association of Investment Promotion Agencies agree to step up collaboration.

John W.H. Denton, AO, Secretary General of the International Chamber of Commerce (ICC), and Fahad Al Gergawi, President of WAIPA and CEO of the Dubai Investment Development Agency (Dubai FDI)recently held an online discussion to explore enhanced synergies between the two organisations and tools that can be co-created to support countries and investors alike.

Dubai FDI, an agency of Dubai Economy, assumed the presidency of WAIPA for a two-year term in 2019.

“We are happy to collaborate with WAIPA and we see numerous areas to co-operate further, particularly for the integration of increased business perspective,” said Secretary General Denton. Fahad Al Gergawi added: “WAIPA is delighted with the support ICC continues to provide as our Consultative Committee member and we are glad to work together in areas such as ease of investment and the quality of sustainable investments.”

The two leaders decided to enhance cooperation with concrete initiatives, particularly a new Business Advisory Committee of WAIPA.

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. Following the outbreak of COVID-19 IPAs through their unique positioning particularly supported their governments in alleviating the economic damage and in retaining investor trust.

ICC is the institutional representative of more than 45 million companies in over 100 countries with a mission to make business work for everyone, every day, everywhere. Through a unique mix of advocacy, solutions and standard setting, they promote international trade, responsible business conduct and a global approach to regulation, in addition to providing market-leading dispute resolution services. Their members include many of the world’s leading companies, SMEs, business associations and local chambers of commerce.

WAIPA and its Consultative Committee, a board of the leading international organisations, such as UNCTAD, UNIDO, ICC, ILO, OECD, and the World Bank, continue to emphasise the need to collaboratively support IPAs further in building their capacities and advocating their important role.