Heads of 13 of the largest European companies met this afternoon in Geneva with a group of Geneva-based Ambassadors, to discuss links between foreign direct investment (FDI) and development. The meeting was organized by UNCTAD and the European Round Table of Industrialists (ERT). The ERT is a group of some 40 European industrial leaders who seek to strengthen and develop Europe´s industrial and technological competitiveness.
First in a series of informal encounters, today´s discussions brought together the heads of Asea Brown Boveri (ABB), B.A.T. Industries, British Petroleum, Carlsberg, GEC, General Air Liquide, ICI, Krupp, Nestlé SA, Royal Dutch/Shell, Suez Lyonnaise des Eaux and other ERT members. They were co-chaired by Mr. Rubens Ricupero, Secretary-General of UNCTAD, and Mr. Helmut Maucher, CEO of Nestlé SA, chairperson of ERT.
This meeting was part of a series of informal discussions aimed at providing a forum for dialogue on matters concerning foreign direct investment (FDI) and the development dimension of the issues and concepts relevant to a possible multilateral framework on investment, with a view to achieving better understanding and interaction between key actors.
Following Midrand and with the outcome of the WTO Ministerial Conference in Singapore, discussions have intensified on a possible multilateral framework on investment (MFI). It is of great importance that these discussions take into account the interests of all countries, particularly those of the developing countries and of the economic actors involved in FDI. UNCTAD´s role in this regard is to help developing countries to participate as effectively as possible in these discussions, especially as far as deepening the understanding of the issues involved is concerned, exploring the range of issues that needs to be considered and, in particular, ensuring that the development dimension is adequately addressed, with a view toward consensus-building.
Through this discussion series, and through a planned set of background papers on key MFI issues, UNCTAD aims to promote a better understanding and interaction between key actors involved in the subject.
Discussion at today´s round table meeting at the Intercontinental Hotel was based on a recent ERT working paper entitled European Industry and the developing World: For a Global Framework of Mutual Interest and Trust. The paper argues that a global investment agreement, with the goal to further stimulate opening, should aim at institutionalizing public policy bench-marking, providing a most favoured nation clause, notification in order to lock in progress, minimum standards for adequate competition policy and dispute settlement.
