Building Capacity in Investment Promotion to Advance the SDGs in least developed countries (LDCs)

A side event was organised during the Fifth United Nations Conference on the Least Developed Countries to promote investment in SDG-related sectors and present strategies, programmes and tools for governments.

Actualité | 10 mars 2023

A side event during the LDC 5 Conference highlighted challenges faced by least developed countries (LDCs) in the promotion of investment in Sustainable Development Goal (SDG)-related sectors. It also presented strategies, programmes and tools that governments can use to target and facilitate investment in SDG projects. This includes capacity-building programmes and digital tools that are offered by a coalition of UN entities, including through a new multi-agency capacity-building programme for investment promotion agencies (IPAs) of LDCs in which the ILO is a partner.

The COVID-19 pandemic, accelerating climate change, war and natural disasters have set back progress on the SDGs. The poorest countries have been hardest hit and need investment more than ever. The Doha Plan of Action for LDCs reaffirms the Addis Ababa Action Agenda on Financing for Development to adopt and implement investment promotion regimes for the LDCs. SDG target 17.5 focuses specifically on investment in LDCs.

In recorded remarks opening the side event, ILO Director General Gilbert F. Houngbo stressed that more and better investment is critical for the least developed countries to lift themselves out of poverty and achieve the SDGs. He highlighted the role of the ILO Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy (MNE Declaration) in helping LDCs to attract investment that provide opportunities for decent work. He reaffirmed ILO’s commitment to the “Capacity Development Programme for Investment Promotion Agencies of Least Developed Countries,” which brings together UNCTAD, ILO, UNIDO, UN-OHRLLS and the World Association of Investment Promotion Agencies (WAIPA) and is funded by the Enhanced Integrated Framework (EIF) of the WTO. In closing, he called on the international community to do more to support investment promotion in the LDCs to attract investment that will generate decent jobs and social protection for families and communities, reduce inequalities and accelerate sustainable development.

Issues addressed during the event included how IPAs in LDCs can better integrate the SDGs in their investment promotion strategies, ways in which IPAs can facilitate partnerships to better channel investment towards the achievement of the SDGs, and the tools LDCs need to promote sustainable investment more effectively.

More information on the “Capacity Development Programme for Investment Promotion Agencies of Least Developed Countries” project is available here.