Their Excellences LI Yong, Director General of the United Nations Industrial Development Organisation (UNIDO), and Fahad Al Gergawi, President of the World Association of Investment Promotion Agencies (WAIPA) and CEO of Dubai Investment Development Agency (Dubai FDI) – an agency of Dubai Economy – held an online meeting recently to discuss stronger collaboration between the two organisations. The two leaders highlighted the need to expand their ongoing partnership with further concrete projects.

Dubai FDI is holding the presidency of WAIPA for a two-year term since 2019. UNIDO is a member of the WAIPA Consultative Committee.

“We highly appreciate working together with WAIPA and we see a lot of room for closer engagement to support investment promotion agencies (IPAs) together with WAIPA on various projects and to expand our overall collaboration,” said LI Yong.

“Despite the challenges facing our work, WAIPA managed to develop and deliver a number of capacity building projects during the first half of 2020, including a new e-learning platform with programmes reaching members in Southeast Asia, Sub-Saharan Africa, Europe, Latin America, Middle East and North Africa among other regions. This has been possible thanks to funding and support extended by UNIDO, International Labour Organisation (ILO), the Enhanced Integrated Framework (EIF) of the World Trade Organisation (WTO), European Bank for Reconstruction and Development (EBRD) and the Islamic Development Bank(IsDB). We look forward to developing further programmes to support IPAs face the current and future challenges and enhance their contribution to sustainable economic growth and prosperity,” Fahad Al Gergawi said.

WAIPA together with ILO, another Consultative Committee member, and UNIDO, organisethe ‘Masterclass Series on Investment Promotion, Sustainable Development and Recovery,’ a series of masterclasses to help IPAs and other institutions with a mandate in investment promotion and facilitation to address the challenges posed by the COVID-19 pandemic.

UNIDO is the United Nations agency that promotes industrial development for poverty reduction, inclusive globalisation and environmental sustainability. As of 1 April 2019, 170 States are Members of UNIDO.

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. Particularly also in recent months under COVID-19 impact, IPAs through their unique positioning supported their governments in alleviating the economic damage and to retain trust from investors.

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