UNCTAD Current Affairs - 2019

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Palestine takes over chairmanship of G77

Palestine has taken over the chairmanship of G77 from Egypt. Palestine will be formally elected chair at the annual G77 ministerial meeting, scheduled to take place in mid-September.

The chairmanship of the G77 is based on the system of geographical rotation. 2019 was Asia’s turn and the Asian group had unanimously endorsed Palestine. Egypt was representing the African Group of countries.

Palestine’s chairmanship of G77 which is the biggest UN block assumes great significance at a time it is being increasingly blacklisted by the Trump administration of US. Even though Palestine is not the member-state of UN, Palestine has been recognised by 136 UN members and has the status of non-member observer state similar to Holy city of Vatican.

G77

G77 is a coalition of 134 developing nations (including China) at the United Nations. Traditionally G77 speaks with a single voice before the 193-member General Assembly and also at all UN committee meetings and at international conferences.

G77 was formed on 15 June 1964 by the “Joint Declaration of the Seventy-Seven Countries” issued at the United Nations Conference on Trade and Development (UNCTAD). The group was credited with a common stance against apartheid and for supporting global disarmament.

G77 and China

The G77 grouping considers China as the member state. China is providing consistent political support to the G77 and even makes financial contributions. But it doesn’t consider itself as the member of the group. Hence official statements of the G77 are delivered in the name of the Group of 77 and China.

Month: Categories: InternationalUPSC

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Invest India wins UN Award for excellence in promoting investments in sustainable development

Invest India, the country’s investment promotion body, has won United Nations (UN) Award for excellence in promoting investments in sustainable development. The award was presented by Armenian President Armen Sarkissian to CEO of Invest India Deepak Bagla at the World Investment Forum, Geneva.

Key Facts

Invest India received this award for excellence in servicing and supporting major global wind turbines company in establishment of blade manufacturing plant in India while committing to train local staff and produce 1 gigawatt (GW) of renewable energy. Implementation of this project is expected to reduce India’s wind energy cost significantly.

Apart from Invest India, agencies from Lesotho (Lesotho National Development Corporation -LNDC), Bahrain (Bahrain Economic Development Board-EDB Bahrain) and South Africa (Invest South Africa) also won top honours at UN Investment Promotion Awards for excellence in boosting investment into sectors having social and economic benefits and will help meet Sustainable Development Goals (SDGs).

UN Investment Promotion Award

The awards are given annually by United Nations Conference on Trade and Development (UNCTAD) since 2002 as part of its investment promotion and facilitation programme. It honours investment promotion agencies (IPAs) and their governments for their achievements. It also seeks to showcase best practices in attracting investment into Sustainable Development Goals (SDGs)-related projects that can inspire investment promotion practitioners in developing and developed countries. The 2017 winners were Ethiopian Investment Commission, COFIDES of Spain, and Board of Investment of Mauritius.

Invest India

It is official Investment Promotion and Facilitation Agency of Central Government. It is mandated to facilitate investments in the country. It is first stop for potential global investors in country. It has been set up as non-profit venture under Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industries.

It serves as first stop for potential global investors in India. It provides sector and state-specific inputs and other supports to investors through entire investment cycle. Moreover, all efforts like hand-holding and facilitation support are made by Invest India under Make in India programme.

Month: Categories: Business, Economy & Banking

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