Business
PH joins World
Investment Forum
2018, calls for
improved focus
on sustainable
development
T
HE Department of Trade and Industry (DTI), through
Undersecretary for Trade and Investments Promotion
Group (TIPG) Nora Kakilala Terrado, participated in
the World Investment Forum (WIF) 2018 and joined
the universal call to address global investment-related
issues and advance sustainable development for all.
Anchored on the theme: “Investing in Sustainable
Development,” the WIF 2018 was held from October
22-26 and served as an avenue for world leaders to
unite and devise policies, strategies, and solutions
that can solve challenges in attaining the Sustainable Development Goals
or SDGs.
Organized by the United Nations Conference on Trade and Development
(UNCTAD), the forum was opened by Swiss President Alain Berset at the
United Nations’ European hub Palais de Nations. The biennial forum
gathered 6,000 participants from 160 countries composed of heads of
states, high-level government executives, UN officials, and investment
stakeholders in the private sector.
Joining the Philippine delegation to the WIF 2018, Undersecretary
Terrado represented the country in various discussions and shared with
other delegates the initiatives and plans of the Philippines for its digital
economy transition as well as the continuous developments of its special
economic zones (SEZs). On behalf of the Philippine government, Terrado
discussed the importance of improved policies and reforms in areas of
trade and investments.
The delegation was composed of Budget Secretary Benjamin Diokno,
Commission on Audit Director Luzvi Chatto and Assistant Commissioner
Lourdes Castillo, Helen Alcantara of the Department of Finance, and
Leonard Flores and Roya Malaluan of the City Government of General
Santos.
As part of her engagements in the week-long forum, Terrado on October
23 joined the session on “Investment and the Digital Economy,” where
leading investors ranging from infrastructure providers, financial backers
and digital firms such as Alibaba, Huawei, Vertex, Intel, and Groupe
Speciale Mobile Association (GSMA) participated.
During the session, Terrado discussed investments in the digital
economy, along with innovative practices and policies that have
facilitated investors in channelling contributions that help close the
digital divide. Her special remarks also highlighted the Philippines’
Inclusive Innovation Industrial Strategy or i3s.
The i3s, according to Terrado, complements the government’s thrust to
promote an innovation ecosystem in the country—with different sectors
68
Undersecretary for
Trade and Investments
Promotion Group
(TIPG) Nora Kakilala
Terrado
Credits : www.dti.gov.ph
partnering to generate more jobs and improved business opportunities.
“The I3S is aimed at growing innovative and globally competitive
manufacturing, agriculture, and services, while strengthening their
linkages into domestic and global value chains,” Terrado said.
Meanwhile, at the “Ministerial Roundtable on 21st Century Global
Investment Policymaking,” which was conducted on October 25 with 15
ministers and other high-level capital officials, the undersecretary shared
the Philippines’ experiences in coming up with modern and sustainable
development-oriented investment policies.
Terrado stated that while there is a need for collective action to achieve
the SDGs, “policymaking is much slower than the pace of technology.”
“These challenges require more operative engagements with different
local institutions involved in the SDG, not only in the government but also
in the business sector, civil society groups, the academe, and even in the
media,” she said.
Also, the undersecretary served as a panellist at the session on
“Challenges and Opportunities in Special Economic Zones” held on
October 26, which highlighted the important role of SEZs as incubators to
support SDG initiatives.
At the caucus, she joined Investment Promotion Authority (IPA) officials
from China, India, UAE, Brazil, Nigeria, and India, who shared lessons in
designing the right infrastructure, facilitation services, and incentives—
creating economies of scale and promoting transfer of technology in the
zones—to develop zone models that can solve each country’s needs.
Terrado also took the opportunity to cite the high-quality service of the
Philippine Economic Zone Authority (PEZA) by operating “non-stop” shops
all over the country, enabling the agency to offer red-carpet treatments to
investors.
The WIF 2018 consisted of more than 50 parallel events including the
Global Leaders Investment Summit, Global Investment Game Changers
Summit, private sector-led sessions, “TED-style” presentations, high-profile
stakeholder roundtables, networking events, and awarding ceremonies,
among others. UNCTAD also organised an “Investment Village,” which
featured more than 50 investment promotion agencies around the world
including the Philippines.
On the sidelines of the WIF 2018, Terrado also met with UNCTAD
officials and discussed technical assistance and capacity building
projects for the Philippines in areas of e-commerce and trade facilitation.
This year marks the 10th anniversary of the forum whose previous
editions took place in Accra in 2008; Xiamen, 2010; Doha, 2012; and
Nairobi in 2016.
www.dti.gov.ph