27th WIC Promotes Sustainable Investment to Tackle Global Issues

The 27th edition of the World Investment Conference (#WIC2023) took place at the India International Convention and Expo Centre in New Delhi, India, from the 11th to 14th December 2023. The WIC is a flagship annual event of the World Association of Investment Promotion Agencies (WAIPA), and the 27th edition was hosted by Invest India.

The Conference was attended by representatives of IPA around the world as well as ministers, business leaders, investors and representatives of multilateral institutions. Indian Union Minister of Commerce and Industry, Piyush Goyal, and Norway Minister of Trade, Jan Vestre and Togo Minister of Investment, Manuella Santos, Saudi Arabia Assistant Minister of Investment, Ibrahim Almubarak, Switzerland State Secretary for Economic Affairs, Helen Artieda, were among top government officials in attendance.

In his welcome address, Invest India CEO Mrs Nivruti Rai, was glad that the Conference went beyond purely financial considerations and called for a convergence of efforts to address crucial global challenges such as #ClimateChange and Global Supply Chain resilience.

“We transcended mere investment discussions, fostering a global dialogue on the crucial challenges of our time. From climate change and inequality to the frontiers of technology, diverse voices from domestic and international IPAs, multilateral organizations, governments, investors, industry, and start-ups converged to forge a shared resolve for a brighter future.”

Invest India CEO Nivruti Rai

WAIPA CEO Ismail Ersahin noted with pleasure that 75% of the delegates to #WIC2023 were in the investor category looking for a good deal. Minister Goyal underlined the reforms that the Indian government has boldly undertaken to put India on the fast track of economic growth.

“Green economy and sustainability are at the core of all the various activities that we are undertaking and I’m very confident that an investment made in India can very rarely, if at all, go wrong.”

Indian Union Minister of Commerce and Industry Piyush Goyal

During the Conference, WAIPA also launched the Investor-IPA Connect Platform to facilitate business matching. Each IPA also had the opportunity to present investment opportunities in their respective country to investors present. Furthermore, some participants share success stories and tips about strategies for attracting #FDI.

In addition to showcasing countries, the Conference scheduled thematic sessions around specific industries, viz., Agri-Food Processing, Tourism, ICT/Tech, Energy/Infra, Automotive & Machinery and Life Sciences.

WAIPA also held its Annual General Assembly and elected a new Steering Committee. Invest India has been re-elected for the President while Switzerland Global Enterprise and Kuwait Direct Investment Promotion Agency are Vice-Presidents.

Other regional directors include Bangladesh Investment Development Authority for South Asia, Invest Korea for East Asia and South-East Asia, Center for Exports and Investment of the Dominican Republic for Central America and the Carribean, Ghana Investment Promotion Center for Sub-Saharan Africa, General Authority for Investment and Free Zones for Middle-East and North Africa, Export and Investment Promotion Agency for the Republic of Azerbaijan for Central Asia, Invest in Finland for European Union, Invest Cyprus for Eastern Europe, Trade and Investment Queensland for Oceania.

The final day of the Conference focused on cutting-edge technologies and innovation. A roundtable discussion was held to explore the challenges and opportunities brought by #AI. Innovation is seen as a key driver for high-quality growth and the Conference also exchanged notes on how to leverage more investment into R&D for #hitech applications.