World Investment Forum 2023: Tripartite dialogue of parliamentarians, policymakers and business leaders

Statement by Rebeca Grynspan, Secretary-General of UNCTAD

Excellencies,

Distinguished guests,

Ladies and gentlemen,

I want to welcome you to this very important session, which considers the theme of our conference – Investing in Sustainable Development – through the lens of our parliaments.

As this week’s events during this Forum have made clear, investing in sustainable development is no longer a peripheral consideration, a novel chapter in annual reports, or a temporary trend that appeases contemporary demands. It is, as we all have gathered here to affirm, the bedrock of our collective future. The decisions we make, the partnerships we forge, and the policies we enact are the instruments that will determine the sustainability of our economies, the inclusivity of our societies, and the livability of our world.

Friends,

At this point right in the middle between 2015 and 2030, it is clear that we have not made enough progress in SDG and climate finance and investment in the first half of the 2030 Agenda. And we are going into the second half with much less accommodating financing conditions. Interest rates are rising with alarming speed, and this has an important effect on existing debts in the developing world, and on the future investments needed for the SDG transition. There is a 4 trillion-dollar SDG investment gap in the developing world, up from 2.5 trillion eight years ago. As I mentioned yesterday in the leader’s dialogue of this forum, to save the world we need to save the SDGs, and to save the SDGs we need to close the 4 trillion SDG investment gap.

This will require many things – it will require capital, it will require bold ideas, it will require creative use of novel technologies. And it will require new rules of the game and legal frameworks in investment, in trade, in international agreements; and that means policy and lawmakers!

So, above all, it will require something which forms the basis for everything else – building trust in our society and with the private sector, so we partner, synergize, and work together in the establishment of common agendas.

We at UNCTAD have for long stressed that bringing the development goals to fruition demands action from the entire spectrum of development stakeholders.

This tripartite dialogue brings around the table parliamentarians, policymakers, and the private sector, together with international organizations. This set-up is acknowledging the important role that parliaments play in delivering on the sustainable development agenda. Parliaments and their members are crucial in translating the SDGs into concrete national legislation, in transforming global objectives into local victories, and in holding governments accountable for their promises and actions.

But no national parliament can do this alone. This is not about one nation's legislation or one region's policy reform. It's about creating a harmonized approach to global investment in sustainability. It's about learning from each other, adopting best practices, and creating systems of accountability that transcend borders, such as UNCTAD’s own International Standards of Accounting and Reporting. And this is also about leveraging the interaction between parliaments, private sector, policymakers and international organization to better deliver on sustainable and inclusive development.

With this in mind, allow me to take this opportunity to thank my dear friend and colleague, Mr. Martin Chungong, Secretary-General of the Interparliamentary Union – for being our partner in this discussion. Dear Martin, I know how important this cause is for yourself and your organization. As I already mentioned, we have, year after year, been able to benefit from your precious insights and collaboration. I am sure that also today’s session will enrich the 2023 World Investment Forum deliberations and contribute to its outcomes. At the same time, I hope that the outcome of our discussions today can also contribute to the upcoming 147th IPU Assembly next week. 

Your excellencies, ladies and gentlemen,
In closing, our gathering today is not just about reflection; it's about action. It's about setting tangible, achievable goals and working relentlessly towards them. The stakes are too high, and the repercussions of inaction are too dire.

Let's ensure that this forum isn't just a place where we talk about change but a platform where we initiate change. Let's commit to transforming the aspirations of the SDGs into a reality for billions of people globally. It begins with us, here, with the decisions and commitments we make today.

Thank you for your engagement and dedication to this pivotal cause. I look forward to the fruitful discussions and the impactful initiatives that will emerge from our deliberations.

Thank you.