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Investment, both domestic and foreign, is critical for sustained economic growth and poverty reduction. Developing a business environment conducive to attracting investment and to maximise its contribution to economic and human development require the forging of effective partnerships of all kind-between developing and developed countries, between home and host countries, between governments, business and civil society and between regional and international organizations. Progress towards the Millennium Development Goals can be helped by such partnerships, which constitute a means of realising complementarities, synergies and cross-fertilisation. These are some of the key messages from the 2-day OECD Global Forum on International Investment (GFII), which concluded here today. The GFII was organised by the Government of India, Organisation for Economic Cooperation and Development (OECD) and Confederation of Indian Industry (CII), which was inaugurated by Shri Kamal Nath, Union Minister of Commerce & Industry.
Another finding of the Forum was that Official Development Assistance (ODA) alone will not be sufficient to meet the Millennium Development Goals. Private investment - domestic and foreign - is key to growth and poverty reduction. ODA can play an important role by acting as a catalyst for investment. Investment cannot act as a substitute for ODA; to achieve the hoped-for results an adequate quantity and quality of ODA is prerequisite.
Corporate responsibility has emerged as an important issue and a key component of international cooperation in the investment field, the Forum said. Integrating corporate social responsibility in the agenda pays off in the longer run, notably in terms of increased competitiveness and more harmonious relations with governments and communities. The participants welcomed the suggestions by Indian business and civil society representatives to organise roundtables to exchange experiences on corporate responsibility between multinational and national enterprises.
The next GFII for 2005 and 2006 would be hosted by Brazil and Turkey respectively, the Forum decided.
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