At the 4th Qingdao Multinationals Summit, Pedro Manuel Moreno urged concerted efforts and coordinated action to address global crises and promote sustainable and shared progress.
UNCTAD Deputy Secretary-General Pedro Manuel Moreno speaks on 11 October at the opening ceremony of the 4th Qingdao Multinationals Summit in China.
Partnerships are essential to addressing today’s global crises, driving sustainable progress and fostering shared prosperity, UNCTAD Deputy Secretary-General Pedro Manuel Moreno said on 11 October at the 4th Qingdao Multinationals Summit in China. Read his statement.
In a world marked by a pandemic, trade tensions, geopolitical challenges, rising food and energy prices, and mounting debt burdens, Mr. Moreno stressed the need for concerted efforts and coordinated action between governments, businesses and communities.
“Solidarity and strong partnerships are key to finding solutions that are more equitable, inclusive and sustainable,” he said.
Although the worst of some shocks may have passed, he said, “the road remains bumpy”.
Recent UNCTAD projections show world economic growth slowing from 3% in 2022 to 2.4% in 2023. The slowdown will affect most regions, with few signs of a rebound next year.
A new development partner in a challenging landscape
However, Mr. Moreno highlighted encouraging signs of recovery in China and its new role as a major development partner.
Leveraging its own economic transformation that lifted millions of people out of poverty, China now invests in projects to help developing countries diversify and restructure their economies and integrate into global value chains.
In a challenging landscape, there’s a pressing need for investments in developing countries, especially in sectors critical for sustainable development.
Recent UNCTAD research revealed that these nations face a staggering $4 trillion annual investment gap to achieve the Sustainable Development Goals by 2030. It also showed that globally, foreign direct investment fell 12% in 2022 to $1.3 trillion.
Speaking just days before UNCTAD's 8th World Investment Forum, Mr. Moreno emphasized the need for concerted efforts to turn the investment tide.
The forum, set for 16 to 20 October in Abu Dhabi, will gather over 8,000 stakeholders, including heads of state and CEOs of leading companies and stock exchanges, with the aim of boosting investments in sectors like health care, food security and renewable energy.
Multinationals for sustainability
Mr. Moreno urged the multinationals at the Qingdao summit to play a pivotal role in driving sustainability.
He highlighted their potential to accelerate climate action by boosting investments in renewables – the sector where developing countries face the biggest gap.
As pioneers of new technologies, multinationals can help ensure innovations reach regions in need.
The UNCTAD deputy chief encouraged them to build global value chains that prioritize sustainability and equity, weaving a web of global connections that not only connect the world but also drive it towards sustainable and shared progress.
