Following the dialogue between business and policy makers, the G20 Trade and Investment Promotion Summit 2012 concluded a successful two-day event on November 6 with a promising agenda and determined next steps.
Under an environment of close cooperation and discussion between agencies, the following five strategic challenges were identified:
1. Strong emphasis on policy coherence and sustainable development are more than ever needed due to: a) the emergence of the new global economic landscape characterized by the relevant link between trade and investment, b) the rapid evolution of global value chains in scope, scale and depth, and; c) the shift of trade and investment promotion paradigm.
2. Existing constrains of public funding for trade and investment promotion, and strong desire for working on customized trade promotion optimization (TPO) and investment promotion agency (IPA) country solutions while fostering international peer cooperation and learning.
3. Need for local small and medium-sized enterprises (SMEs) to access and benefit from global value chains (GVCs).
4. Include private business in the economic development strategy-making process.
5. Missing fast-moving networks for best practice exchange integrating trade and investment.
At the inauguration ceremony and plenary session, executives from the organizing committee provided an overview and positioning of the Summit, including the International Chamber of Commerce (ICC)'s executive director of policy and business practices Stefano Bertasi and welcoming remarks by ProMexico's CEO Carlos Guzman Bonfill. The World Trade Organization (WTO)'s chief of staff Arancha Gonzalez Laya spoke about the changing landscape of trade, where she highlighted the need to focus on global value chains to further trade and investment around the world, and later on the United Nations Conference on Trade and Development (UNCTAD)'s director for investment and enterprise division James Zhan discussed the key trends and strategic challenges global investment is facing nowadays.
Following a series of closed-door roundtables, key representatives offered a wrap up press conference where they presented the key strategic challenges listed above as conclusions for the summit. Key representatives speaking to members of the press included ProMexico's CEO Carlos Guzman Bonfill, UNCTAD's James Zhan, and OCDE's chief of staff and sherpa to the G20 Gabriela Ramos.
Alejandro Ramirez, CEO of Cinepolis and B20 chair, also attended the event, where he provided closing remarks and conclusions on a closed door session. In an exclusive interview with MexicoToday, Ramirez stated, "The G20 Trade and Investment Promotion Summit was one of the recommendations we presented at the B20 Summit in Los Cabos which recommended all trade and investment promotion agencies to get together to share best practices and analyze ways how business and government can work closer to advance free trade and investment, and put pressure on G20 countries at a time of growing protectionist threats." Ramirez also added, "This event allowed trade and investment promotion agencies to understand the importance of global value chains, and to analyze ways they can help, especially to small and medium enterprises, in having access to those global value chains which will make them more competitive, resulting on their countries to become more competitive."
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