ISTANBUL (ILO News) – The ILO and the World Association of Investment Promotion Agencies (WAIPA) have signed a cooperation agreement to support IPAs in attracting foreign direct investment (FDI) in developing countries that leads to the creation of quality jobs and decent work, sustainable enterprises and more inclusive growth.

The ILO Director-General, Guy Ryder, and WAIPA CEO, Bostjan Skalar, signed the accord on the occasion of the annual WAIPA World Investment Conference in Istanbul, which this year focuses on the theme of “Inclusive Investments and a Sustainable Future” in achieving the Sustainable Development Goals (SDGs) of the 2030 Agenda.

“Our collaboration builds on the Addis Ababa Action Agenda’s objective of fostering universal, inclusive prosperity,” Ryder said. “The ILO seeks to support IPAs that will lead to the generation of decent jobs, sustainable businesses, more inclusive growth and better sharing of the benefits of FDI.”

“This MoU is not just inked to define a mere cooperation between both parties but in reality will help create a surge in decent jobs globally,” Skalar said.

WAIPA aims to increase access to resources and expertise for sustainable investment policies; and to expand its assistance to IPAs to work more effectively and in a more integrated way with MNEs. The ILO will also become a member of the WAIPA Consultative Committee.

The agreement includes a joint commitment to raising awareness among governments of the importance of incorporating the SDGs, in particular Goal 8 as well as other decent work-related goals, into their investment policies and strategies, the ILO Director-General said.

It will also provide platforms to enable IPAs to share best practices on attracting FDI to advance decent work outcomes and broader SDG impacts, and seeks to strengthen their role in shaping investment polices at national, regional and international levels to bring that about.