Annual Report AGU 2022 Web-Compressed

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TABLE OF CONTENTS
FOREWORD
OVERVIEW OF ACTIVITIES
RESEARCH
LEADERSHIP VISION FROM THE

STEERING COMMITTEE
AUDITED FINANCIAL
STATEMENTS
032 25TH GENERAL ASSEMBLY & 050 WORLD INVESTMENT FOR 068 EXCLUSIVE DISCUSSION FOR 076 INVESTMENT FACILITATION
WORLD INVESTMENT DEVELOPMENT ALLIANCE - WAIPA MEMBERS ON THE WORLD WEBINARS
CONFERENCE 21 WIDA INVESTMENT REPORT 2022
042 WAIPA & WORLD BANK 054 CAPACITY BUILDING FOR EIF 070 REGIONAL IPAs 080 ACCOMPLISHED PROJECTS
AWARDS ON STRENGTHENING COUNTRIES ON INVESTMENT WEBINARS
IPA ADVOCACY SERVICES PROMOTION (2ND PHASE)
044 WAIPA MEMBERS PORTAL 062 WAIPA 072 WAIPA LAUNCHES A NEW PROGRAM 086 WAIPA AT ANNUAL INVESTMENT
BUSINESS ADVISORY BOARD TO ENHANCE IP CAPABILITIES IN MEETING (AIM) 2022
(BAB) FRANCOPHONE LDCS
048 WAIPA AT DAVOS 2022 064 WAIPA – INVEST INDIA 074 NEW WAIPA MEMBERS 092 MEDIA INTERVIEWS
CAPACITY BUILDING PROJECTS 2021 - 2022
WAIPA INDIA PRESENCE
TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF C
NOTES OBJECTIVES
The WAIPA Annual Report 2021-2022 was produced by the WAIPA PROMOTE UNDERSTANDING
Permanent Secretariat. WAIPA would like to thank all those who have been
involved in the preparation of this report and for their various contributions. Promote and develop understanding and cooperation amongst IPAs.
We would also like to thank all those who cooperated with us towards
the accomplishment of the activities reported. For further information on SHARE EXPERIENCES
WAIPA please contact the WAIPA Permanent Secretariat at the following
Share country and regional experiences in attracting investment.
address:
FACILITATE ACCESS TO DATA

GENEVA
Maison Internationale Strengthen information gathering systems, promote the efficient use of
de I’Environnement 2 (MIE2) 9, Chemin de Balexert 1219
information and facilitate access to data sources.
Chatelaine, Geneva - Switzerland
+41 22 796 68 62
[email protected]
ADVOCATE FOR IPAs
Assist IPAs in advising their respective governments in the formulation of
appropriate investment promotion policies and strategies.
PROMOTE TRAINING
Facilitate access to technical assistance and promote training of IPAs.
ESSAGE FROM PRESIDENT MESSAGE FROM PRESIDENT MESSAGE FROM PRESIDENT MESSAGE FROM PRESIDENT MESSAGE FROM PRESIDENT MESSAGE FROM PRESIDENT MESSAGE FROM PRESIDENT MESSAGE FR
MESSAGE FROM THE

PRESIDENT
ESIDENT MESSAGE FROM PRESIDENT MESSAGE FROM PRESIDENT MESSAGE FROM PRESIDENT MESSAGE FROM PRESIDENT MESSAGE FROM PRESIDENT MESSAGE FROM PRESIDENT MESSAGE FROM PRESIDENT
MESSAGE FROM THE PRESIDENT
MESSAGE FROM THE PRESIDENT

The 26th World Investment Conference 2022 is set to be a
momentous edition with a wide range of unparalleled experiences,
covered and participated by more than 100 countries. Set against
the scenic backdrop of Geneva, this year’s conference boasts of
The World Association spirited panel discussions, masterclasses by global experts on
of Investment Promotion FDI, keynote addresses, start-up challenges, affiliate sessions and
much more.
Agencies (WAIPA) has The WAIPA Business Advisory Board brings together stakeholders
been a catalyst for driving with shared commitments to transform real world outcomes and
provide our members with multidimensional knowledge and tools
sustainable investments, to craft enabling policy environments. The WAIPA Members Portal
is a powerful tool for our member IPAs to share opportunities
knowledge exchange and and best practices and evolve as the largest network of IPA
professionals.
sharing of best practices in WAIPA is one amongst the 10 founding partners of the World
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investment promotion for Investment for Development Alliance (WIDA), which was recently
launched at the WAIPA-UNCTAD session during World Economic
8
over 100+ member countries. Forum 2022. WIDA joins us as a partner for the World Investment
Conference 2022 and stands tall as a testament to global 9
Invest India feel extremely commitment for collaboration and enhancement of economic
coordination.
fortunate in working with It is our honour to work with our members and partners, as they
our member IPAs towards collectively build a coherent vision for international investments
and contribute to the wholesome growth of global FDI.
achieving the goal of building
We are now amid a rapidly disrupted and disrupting ecosystem
sustainable and inclusive which necessitates new ideas, policies, partnerships, and
perspectives. WAIPA has a critical role in facilitating twin transitions
economies of tomorrow. not just for all its special members, but also to set a roadmap for
DEEPAK all nations and states.
BAGLA
We look forward to working together on every challenge and
President opportunity.
ESSAGE FROM EXECUTIVE DIRECTOR MESSAGE FROM EXECUTIVE DIRECTOR MESSAGE FROM EXECUTIVE DIRECTOR MESSAGE FROM EXECUTIVE DIRECTOR MESSAGE FROM EXECUTIVE DIRECTOR MESSAGE FROM
MESSAGE FROM THE

EXECUTIVE DIRECTOR
CUTIVE DIRECTOR MESSAGE FROM EXECUTIVE DIRECTOR MESSAGE FROM EXECUTIVE DIRECTOR MESSAGE FROM EXECUTIVE DIRECTOR MESSAGE FROM EXECUTIVE DIRECTOR MESSAGE FROM EXECUTIVE DIR
MESSAGE FROM THE EXECUTIVE DIRECTOR
MESSAGE FROM THE EXECUTIVE DIRECTOR

Dear members, The 2022 Annual Report is substantive efforts in evidence based
research, strong public-private partnerships and advocacy for improved
With global supply chain regulatory climate. The pace accelerated, the impact intensified.
I urge you to also access our projects for helping move the needle on on-
disruptions, cost-push ground economic activity. This is partly because we aim to bring concrete
value addition to local businesses and to enhance our collaboration with
inflation, and a rush towards our global partners. More projects will follow to transform our World
Association into a project based organization to create value for all.
mass job resignations post- Second specific focus is now sharply centered on private sector and
Covid era, we have a lot to investors. We do believe that the level of awareness about IPAs among
investors still remains low and few of them benefit from the opportunities
work on as an organisation and services that IPAs are providing. We recognise the need for IPAs to
tap into the broad range of service offerings. SDG targets are ambitious
tasked to drive the agenda and FDI seems to continue suffering from current challenges. IPAs are
meant to make the life easier for investors and today they are needed
of open investments. If every more than ever. With our newly launched Business Advisory Board
(BAB) we would like also in include the private sector more closely into
leader can keep foreign our work.
Moreover, peer reviews of selected draft FDI recommendations and
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investments a priority, it standards; as well as assistance to IPAs in member countries, and
affiliated to WAIPA, to become operational and to identify international
paves a way to progressive FDI best practices in their respective sector will be further intensified.
12 WAIPA is committed to empower IPAs and to tailor their role among FDI 13
laws. For decades, we have world.
striven to link FDI with We believe in the power of know-how and focus on research and
capacity development. We have recently launched a survey with the
development and fast-track ILO on “The contribution of IPAs to achieving SDG 8”, with UNIDO an
ACP Region Investment Promotion Agency Survey as well as our Global
trade to match FDI policy Survey together with the World Bank.
For all these items we thank our members and partners for their
because we strongly believe support and hope to give our members and the investment promotion
community valuable insights for their work.
it helps shock-proof nations I would like to extend in the name of the Permanent Secretariat and my
İSMAİL
ERŞAHİN against global recessions. colleagues our sincere appreciation to members and partners alike, as
well as to our strong Steering Committee presided by Invest India. We
are looking forward to continuing working closely together and hope
Executive Director
you keep us updated with your views on this report and the quality of
CEO (ai) our services.
ESSAGES FROM CONSULTATIVE COMMITTEE MESSAGES FROM CONSULTATIVE COMMITTEE MESSAGES FROM CONSULTATIVE COMMITTEE MESSAGES FROM CONSULTATIVE COMMITTEE MESSAGES FROM CONSULTAT
MESSAGES FROM
CONSULTATIVE
COMMITTEE
NSULTATIVE COMMITTEE MESSAGES FROM CONSULTATIVE COMMITTEE MESSAGES FROM CONSULTATIVE COMMITTEE MESSAGES FROM CONSULTATIVE COMMITTEE MESSAGES FROM CONSULTATIVE COMMITTEE
GLOBAL FRAMEWORKS
MESSAGES FROM CONSULTATIVE COMMITTEE

While global policy frameworks often have
the best intentions, they also need to be
connected to the national level and that
is why WAIPA is so important, you are
helping investment promotion agencies and
governments worldwide to better serve its
citizens through robust frameworks and tools ATTRACTIVE
such as the IPA Toolbox that help improve
the investment climate and as a result attract
more investments.
INVESTMENT CLIMATE
International investment frameworks help to
ensure that principles such as transparency,
JOHN W.H. protection, and non-discrimination are
DENTON AO underpinning the investment climate of a
Secretary-General country. Further, international investment
International Chamber
frameworks can help countries by
of Commerce (ICC)
www.iccwbo.org establishing a common language, shared
principles and these are crucial attributes
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for any country that strives to attract more
investment.
We are convinced that an enabling and
16
ICC IMPACT robust investment climate will help countries
attract more FDI that will in turn help drive a
17
As the institutional representative of over more peaceful, more sustainable, and more
45 million businesses, everything ICC does prosperous future for all.
FRAMEWORKS
is about making business work for everyone,
every day, and everywhere – and global
trade and investment are critical drivers of
competitiveness and create opportunities for
all.
With emerging and ongoing crises to economies worldwide, it is critical for global policy frameworks to
With ICC being the voice of the real economy,
enable business to invest while also encouraging all stakeholders to build resilience to ensure a prosperous
we recognize the value of investment
recovery and future for all.
promotion agencies that can help navigate
complex administrative environments and as
a result facilitate more trade.
DIVERSIFICATION
STRATEGY

In addition to being a job creation strategy,
entrepreneurship is a diversification strategy
as different types of businesses operating in
different sectors businesses may launch from
within the local economy. These businesses are
more likely to remain in the community due to
their local roots.
ENTREPRENEURIAL
ECOSYSTEMS
NATHAN Oftentimes, support for economic development
OHLE organizations means starting a new program to
President and CEO, support entrepreneurship, and possibly increasing
International access to capital and technical assistance for
Economic
Development Council
entrepreneurs. To truly support entrepreneurship,
(IEDC) economic developers need to concentrate on
waipa.org
waipa.org
www.iedconline.org developing entrepreneurial ecosystems, by
identifying all entrepreneurship resources and
stakeholders in their community, building linkages
18 amongst these various resources, and filling in the 19
gaps when they exist within these networks.
IEDC & WAIPA
IEDC is grateful and proud of our partnership
ENTREPRENEURSHIP
with WAIPA. Since formalizing our partnership
in 2004, IEDC and WAIPA have continuously
strengthened our joint resolve to advance
economic growth by empowering the global
Entrepreneurship plays a critical role in fostering vibrant and inclusive economic development strategies network of economic developers. IEDC is
within a community. Traditionally, economic developers have focused much of their resources on recruiting committed to continue to serve as a member of
businesses from other communities and utilizing business retention and expansion services to keep WAIPA’s Consultative Committee and we look
businesses from leaving for other areas. But in recent years, entrepreneurial development has become a forward to the upcoming year and its many
job creation strategy utilized more and more by economic development organizations. opportunities for collaboration.
FDI, IPAs, & SDGs
FDI is vital to achieving the SDGs, in particular SDG

8, and investment promotion agencies (IPAs) play
a key role in attracting the FDI that contributes
to national sustainable development objectives.
IPAs work to attract inward investment to spur the
creation of decent jobs, trade integration, and the
transfer of technology and know-how.
Because of their proximity to local businesses,

IPAs can serve as trusted partners of government
policymakers in helping to shape policies to
promote sustainable development, in particular
SDG 8. IPAs can also encourage responsible
GUY business conduct among foreign investors.
RYDER
Director-General,
International Labour
ILO & WAIPA

Organization (ILO)
www.ilo.org
waipa.org
waipa.org
The ILO and WAIPA have a long-standing partnership
to support IPAs and promote among policy makers
20 and investors the direct links between FDI facilitation 21
and more and better jobs, based on the guidance
provided in the ILO Tripartite Declaration of Principles
concerning Multinational Enterprises and Social Policy
SDG#8
(MNE Declaration).
In 2021 the ILO and WAIPA conducted a survey to identify

ways to better support IPAs in this work. Our findings will
form the basis for our continued collaboration to better
equip IPAs for their unique role and their contribution
The continuing impact of the COVID-19 pandemic, the worsening effects of the climate crisis and recent
to securing decent work for everyone, everywhere.
surges in inflation are fuelling economic, social and political instability around the world. While the 17
Sustainable Development Goals (SDGs) may seem further out of reach, they continue to be our guiding
The ILO is the United Nations’ specialized agency tasked
lights to steer foreign direct investment (FDI) towards the common objectives of a human- and planet-
with promoting decent work for all.
centred recovery from these multiple crises.
FOREIGN DIRECT
INVESTMENT (FDI)
FDI contributes to economic growth through

capital formation and technology transfer, as
well as through facilitating skills development
and improving access to global markets. The
impacts of FDI on host societies and economies
matter just as much as the size of that investment.
Indeed, FDI is rapidly shifting out of fossil fuels
and into renewables, accounting for 30% of new
investments in renewable energy globally in 2020.
SUPPORTING
MATHIAS
HIGH-QUALITY INVESTMENT
CORMANN The OECD developed the FDI Qualities
Secretary-General, Recommendation and Foreign Direct Investment
Organisation for Economic Qualities Policy Toolkit, both launched in June this
Cooperation and year. The new Recommendation and Toolkit are
Development (OECD)
www.oecd.org
designed to help governments identify priorities
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for reforms to attract and retain more private
investment. They can also help IPAs to prioritise
high-quality investment, and better monitor and
22 evaluate its impact. 23
QUALITY INVESTMENT
The Paris Agreement and Sustainable Development Goals (SDGs)
OECD & WAIPA
The OECD has been cooperating with WAIPA for
The ongoing COVID pandemic, Russia’s war of aggression against Ukraine and its impact on economies and several years. This year, I was pleased to launch
energy markets around the world are making it harder to meet the Paris Agreement objectives and the SDGs the World Investment for Development Alliance
at a time when the need for substantial progress has never been more urgent or more important. Overcoming with WAIPA and UNCTAD at the World Economic
these challenges and to achieve the necessary outcomes on climate and sustainable development will test Forum, as a platform to promote sustainable and
the resolve, resources and resourcefulness of the international community. inclusive investment. I very much look forward to
continuing our collaboration.
International investment will play a critical role.
2030 SDGs
With only few years left to achieve the goals of the 2030 Agenda
for Sustainable Development, the need for investment is enormous.
Global foreign direct investment flows have recovered in 2021. Still, the

COVID-19 pandemic and the effects of the war in Ukraine are creating
significant uncertainties. It is clear: funds need to be channeled to
where they are needed most. Investments in a green industrial future
and the energy transition are critical to avert a climate catastrophe.
IPAS & GREENFIELD PROJECTS

In 2021 international greenfield projects, investments in
GERD renewable energy have for the first time replaced oil and
MULLER gas as the largest FDI recipient. International equity funds,
Director-General, impact investors and sovereign wealth funds are making
United Nations their portfolios greener and more socially responsible.
Industrial Development
Organization (UNIDO)
www.unido.org
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Investment promotion agencies need to harness this: they
need to build skills and expertise to develop a bankable
pipeline of green investment opportunities to show to the
24
growing and increasingly sustainability-minded international 25
investor community.
GREEN INVESTMENTS
As the new Director General of UNIDO, “progress by innovation” is my motto for the Organization. Innovation,
UNIDO & WAIPA
industrialization and investment are the three key parts of the solutions to the challenges of our time. We UNIDO has been cooperating with WAIPA for several years on global
need to end hunger and poverty, create a fair global trading system, and transition to a green industrial investment related issues. I look forward to strengthening this cooperation in
future while decarbonizing industry. the future. I also look forward to enhancing our excellent cooperation with
WAIPA to enable investment promotion agencies and investors to make this
transition a reality.

ZURAB IPAS & TOURISM
POLOLIKASHVILI IPAs should differentiate their services based
Secretary-General, on a comprehensive understanding of global
The World Tourism and regional trends in tourism-related activities,
Organization (UNWTO) and on data-driven decisions. They must have
www.unwto.org
STRONG REBOUND institutional and financial autonomy, operational
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independence, strong coordination with key
The restart of global tourism is now underway. regulatory agencies at national and local level
International tourism saw a strong rebound in the and a close connection with their respective
26 first five months of 2022, with almost 250 million governments. 27
international arrivals recorded, a 221% increase on
2021. As tourism restarts, so too must investments
in the sector return. Moreover, investment needs
UNWTO & WAIPA
TOURISM
to be smarter and better-targeted. Governments
and Investment Promotion Agencies (IPAs) should To facilitate the above and considering new
support existing investors but also rethink tourism trends in the post-pandemic tourism sector –
investment strategies towards building a more chief among them accelerating digitalization
sustainable, inclusive, and innovative sector. and changing consumer behaviors –UNWTO will
Tourism was one of the sectors hardest hit by the pandemic. Almost overnight, international travel came
continue working closely with WAIPA. Enhanced
to a standstill. At the same time, levels of investment in tourism also dropped significantly. Indeed, foreign
cooperation between international organizations,
investment (fDi) into the sector dropped by 74% in 2020 compared to 2019, putting many initiatives,
as well as between IPAs, governments and private
including those with the potential to deliver wider economic and social opportunities, on hold.
sector partners, will be key to getting investment
in tourism back on track, so enabling the sector
to become more resilient, more sustainable and
deliver on its transformative potential.
IPAs ROLE INVESTMENT CLIMATE
Virtually every country relies on investment High uncertainty dampens investments, and
promotion agencies (IPAs) to rebuild investor rampant protectionism has not helped. The

confidence, improve the IC, follow dynamic global WB’s Global Investment Competitiveness report
value chain activities, attract FDI and foster a more reveals that political and economic stability and
sustainable recovery. Good-practice IPAs can be a predictable legal and regulatory environment
a good investment of public funds, by providing matter more to investors than low taxes, low
relevant services to investors resulting in more labor costs, or access to natural resources. A one-
quality FDI. Foreign investors value IPA services, percentage point reduction in regulatory risk tends
especially those to improve the Investment climate to increase investor entry or expansion likelihood by
(GICR2020). This inspired our joint IPA Advocacy up to 2 percentage points. This requires increasing
Services competition, showcasing IPAs’ exemplary transparency and legal protection for investors, as
advocacy efforts. well as giving them access to grievance mechanisms,
parts of a good investment climate (IC).
MONA E. WBG & WAIPA

HADDAD The WB provides technical and financial support and works with governments globally to help create
Global Director, Trade, more sustainable, resilient investment ecosystems. As IPAs play an instrumental role in fostering a green,
Investment and
Competitiveness, World Bank
inclusive, and resilient recovery, we are committed to continue collaborating with WAIPA to strengthen the
www.worldbank.org global IPA community with new research, best-practice publications, and knowledge sharing events.
waipa.org
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28 29
INVESTOR CONFIDENCE
Compounding crises have reduced investor confidence everywhere. World Bank (WB)’s Global Economic
Prospects report predicts a sharp deceleration of global growth from 5.7 percent in 2021 to 2.9 percent
in 2022, and no rebound is expected for 2023. Foreign Direct Investment (FDI) into developing countries
reached a record (nearly USD 870 billion) in 2021 (UNCTAD). However, FDI announcements in the 1st.
quarter of 2022 were 45% lower that pre-pandemic peak in 2019 (fDi Markets).
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25TH GENERAL ASSEMBLY &
WORLD INVESTMENT CONFERENCE 21 INVEST INDIA IS ELECTED AS THE NEW PRESIDENCY
The highlight of the day one was the convening of the General Assembly and the election of
WAIPA was elated that the jubilee, 25th edition Invest India to the presidency of the Steering Commi‫מּ‬ee for the term of 2021-2023.
of the WIC marked the come back of the physical

events post pandemic with the investment With India’s rising position as one of the world’s fastest-growing economies and
a key player in global economic affairs, the appointment of Invest India to the
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conclave of the year. presidency shall result in novel breakthroughs for IPAs as well as the advancement of
WAIPA’s mandate.
32 33
25th World Investment Conference and Steering Invest India will be supported by the Switzerland Business Finland- Invest Finland, Invest Cyprus,
Committee Elections held from 20-21 October at the Global Enterprise and General Authority for CINDE- Costa Rica Investment Promotion Agency,
Dubai Expo Centre and alongside the UNCTAD World Investments and Free Zones (GAFI) which were Invest Minas, Brazil, The Ministry of Commerce
Investment Forum (WIF) and for the first time in hybrid elected to the position of vice-presidency. Industry and Labour (MCIL) Samoa was also elected
format. Many fellow IPAs, FDI leaders and partners by the General Assembly.
travelled to #WIC21 Dubai to meet familiar faces in A new Steering Committee board of Regional
person for the first time after the Covid-19 pandemic. Directors comprising Ghana Investment Promotion The entire Steering Committee led by Invest India
Centre (GIPC), Kuwait Direct Investment Promotion was congratulated by the WAIPA community who
Authority (KDIPA), Azerbaijan Export & Investment also pledged their support for the crucial upcoming
Promotion Foundation (AZPROMO), Invest KOREA, tenure.
Bangladesh Investment Development Authority,
EXECUTIVE SUMMARY OF WIC21
REGENERATION OF IPAs IN A NEW DECADE
The conference which was held under the theme
“Regeneration of IPAs in a new decade” featured a notable
line-up of panelists who in several panels reviewed the past
two and a half decades of investment promotion, debated
the rise of digitalization and the importance of data-driven
investment promotion, and examined how investors and
locations alike benefit from IPAs and how IPAs are able
to highlight their role further as a critical element in the
promotion and facilitation of investments.
The WAIPA members exchanged views on imperative

themes for investment promotion covering topics such as
Global FDI outlook, Future of FDI Decisions, EXPO 2020
Dubai: Thriving Together, and The IPAs 2030 Agenda.
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The second day of the WIC was dedicated to discussion
sessions, which were:
34 35
• A quarter century of investment promotion: success
stories and the future Outlook
• Data-driven investment promotion: how data influences
the world of IPAs
• Business-oriented IPAs: high-end services and added
value for investors
The second day ended with an awards ceremony for the

global competition jointly organized with the World Bank
Group (WBG) for finding the best international practices of
IPAs. The last day of the conference was also dedicated to a
capacity-building workshop for FDI Practitioners.
The WIC21 was a definite success story with several key

takeaways for the WAIPA members and other participants.
1
A quarter century of
investment promotion:
PANEL SUCCESS STORIES
AND THE FUTURE
OUTLOOK
The creation of an overwhelming majority of IPAs Speakers suggested that even sectors such as tourism
during the 1990s led to the establishment of WAIPA which were one of the worst hit were supported by
under the aegis of UNCTAD in 1995. This session the work of IPAs as reflected through the reports of
focused on the 25 years of existence of WAIPA and more than 1000 potential hotel projects that were
analyzed how the IPAs have transformed over the being planned across the globe in 2021.
MODERATOR: years. The discussion was concluded by identifying
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Courtney Fingar challenges and opportunities for the expansion Panelists also alluded to the evolution of the
of investment promotion goals by IPAs for their assessment measures employed by IPAs to
Editor-in-Chief, Investment Monitor
respective markets. determine the potential of an investment. From
36 profit enhancement and maximation, these 37
PANELISTS: The session greatly emphasized the challenges measures have now been expanded to cover issues
Githa Roelans imposed by the Covid-19 pandemic noting that the such as the positive impact on the environment and
FDI, in particular, had declined by more than 35% the attainment of SDG goals.
Head, Multinational Enterprises and
in 2020. Given the critical role attributed to IPAs
Enterprise Engagement Unit, ILO in the investment promotion and facilitation field, A critical challenge was identified in the advancement
Bernardo Calzadilla it was highlighted that the agencies strengthened of the 4th Industrial revolution. The panelists spoke
Managing Director, Directorate of Digitalization, their online presence and assisted potential about the rapid converge of the digital sector with
investors on issues such as risk mitigation and the conventional manufacturing. IPAs were advised
Technology and Agri-Business, UNIDO
management. to attract and facilitate investments in this sector
Natalia Bayona and thereby ensure the holistic prosperity of their
Director of Innovat ion, Education and Investments, UNWTO Furthermore, the IPAs played an indispensable part in economy.
the overall growth of investments on the technology
Anne‫מּ‬e Ssemuwemba front since the outbreak of the pandemic. In excess The session concluded with remarks on modernizing
Deputy Executive Director, EIF Executive Secretariat of $22 billion has been invested in start-ups alone the existing rules and regulations that would be
by mid-2021. supportive to innovators and investors alike.
2
This session dwelled on the advancement of the outward FDI flows as well as that knowledge could
Data-Driven larger digital realm and the significance of data for

investment promotion. The relevance of technology
assist in the creation of complementary channels for
the generation of inward FDIs.
for IPAs was established at the very onset. It was
Investment Promotion: stated that while technology is needed for ensuring Additionally, given the current scenario where central
better facilitation of investments, IPAs have to attract banks and/or statistics agencies are involved in the
HOW DATA
investments in the emerging technology sectors like AI. monitoring of FDI inflows, IPAs were suggested to
PANEL Panelists had remarked that with AI and its capacity to
closely communicate and work on a collaborative
basis with such national bodies. Such data could be
INFLUENCES THE process large data relatively quickly, IPAs will be better
equipped to provide the requisite services to the
vital in the facilitation decision process.
WORLD OF IPAs investors such as data on skillsets, wages, and other

operational costs. With the advent of digitalization of
With IPAs already managing such an abundant
volume of data which is only expected to grow in
services particularly post Covid-19, it was highlighted the near future, the panelists strongly suggested
that investors now tend to expect the initial validation safety valves regarding the protection of data some
process to be done remotely to a large extent. of which might be confidential.
While data has been inevitably regarded as being The decision was concluded with the idea that even
crucial for the expansion of IPAs, the discussion though data is going to play an indispensable role in
emphasized the need to distinguish between the investment promotion in coming times, it has to be
varied categories of FDIs. Speakers also recommended complimented with values of professionalism, and
that IPAs have a thorough understanding of their responsiveness on the part of the IPA.
MODERATOR:
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Carlos Griffin,
Project Consultant, WAIPA
38 39
PANELISTS:
Ma‫מּ‬hew Stephenson,
Policy and Community Lead,
International Trade and Investment, WEF
Anne Chappaz,
Chief, Institutions and Ecosystems, ITC
Henry Loewendahl,
Group CEO, Wavteq
Koen Gijpers,
Senior Manager, IBM PLI
Sandro Zolezzi,
Head of Applied Research, CINDE
3
This panel discussion focused on enhancing the Furthermore, the discussion centered on the dual
Business-oriented capabilities and capacities of IPAs by intensifying

their collaboration with the private entities.
role of IPAs both as a facilitator of national policies in
the market and thereby ensuring the steady flow of
investments and the consequent job creation. And
IPAs: It is well established within the WAIPA community also as a feedback entity of the investor’s opinions
that the private sector can play a crucial role in the and actions in the market back to the State. IPAs’
HIGH-END SERVICES
overall investment facilitation environment through efforts to digitalize their services and operations
PANEL knowledge sharing on best practices and corporate
governance. The WAIPA Steering Committee took
following the outbreak of the Covid-19 pandemic
which ensured timely and suitable dissemination
AND ADDED VALUE forward this rationale and recommended the
creation of a Business Advisory Board (BAB) in April
of information among potential investors were
discussed and lauded.
FOR INVESTORS 2020.
Aftercare of investments by IPAs was presented as a
The panelists agreed that the existence of BAB particular thematic that could benefit from greater
shall aid WAIPA and its IPA members to gain a sustained innovation and streamlining of policies
comprehensive understanding of the needs and with grievance redressal mechanism being an
interests of the investors. It was highlighted that the example that was pointed out.
orientation of the present bureaucratic structure of
IPAs into a more investor-friendly service-provider There was a mutual consensus among the panelists
setting shall in the long run open up avenues for about the need for enhanced collaboration between
collaboration between the two entities such as IPAs and the private sector and revamping the existing
realizing SDG goals. structure of IPAs into a business-oriented landscape.
MODERATOR:
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Damien Bruckard
Deputy Director, Trade and Investment, ICC
40 41
PANELISTS:
Crispin Conroy,
Representative Director, ICC in Geneva
Armando Heilbron,
Investment Promotion Workstream Leader, WBG
Alpaslan Korkmaz,
Founding Partner & Vice-President, T-Healthcare
Michael Cullen,
Managing Director, Latin America, FTI Consulting
Monica Ramirez,
Director, CoCrea
AWARD WINNERS
WAIPA & WORLD BANK AWARDS ON Congratulations
STRENGTHENING IPA ADVOCACY SERVICES
Working together with the WBG to deliver this global competition
is a testament of the strategic partnership to serve WAIPA
members and the global community.
GOLD
Ethiopian Investment
SILVER Commission (EIC)
BRONZE
Toronto Global Invest India
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The World Association of Investment Promotion Agencies
together with the World Bank launched the first joint
42 Strengthening IPA Advocacy Services Awards to recognize Honourable Mentions 43
investment promotion agencies (IPAs) that implemented

effective advocacy services leading to the adoption of reforms
that successfully improved the investment ecosystem in
their respective cities, regions or countries. The winners of
the 2021 Awards and a brief overview of their extraordinary
achievements are highlighted in the short video (in QR code).
Bangladesh Investment Invest Cyprus
Development Authority (BIDA)
The award winners were announced on October 21, 2021 during the World
Investment Conference held alongside the UNCTAD World Investment Forum.
WAIPA Members Portal is the first community of its
kind where all professionals working in Investment
Promotion or Economic Development get together,
communicate, and support each other.
WAIPA MEMBERS PORTAL

CONNECT. SHARE. GROW.
https://members.waipa.org
WHAT’S IN THE MEMBERS PORTAL?

WAIPA is jubilant to announce the soft launch of the
exclusive Members Portal, which is a community portal
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for WAIPA member Investment Promotion Agencies
(IPAs), where they can connect, network, and meet, Experience Sharing
44
MEMBERS share knowledge, experiences, and successes, and stay
up to date with what’s happening in the Foreign Direct
The most valuable experiences and expertise 45
PORTAL
are multiplied when shared and exchanged
Investment (FDI) sector all over the globe.
with others.
The first training for the registered members happened
Discuss in the forum’s topics and issues about
on 10 August, to showcase features of the Portal.
economic development and investment
promotion. Get inspired and inspire with your
WAIPA Members Portal lets users create their profiles
expertise and know-how, your next intuitive
along with IPA’s customized page to share their latest
might be around the corner.
happenings, experience knowledge sharing and best
practices across IPAs while promoting their own events
and projects.
Meet for Coffee News & Updates
Networking
Make the best of your time when you Stay up to date and keep up with what
have a trip in another city or country and other IPAs, in different locations and
Get to know, interact, and build
meet with a colleague for a cup of coffee industries, are doing and achieving and
relationships with other FDI professionals
and some investment talk. Use the trips share your success stories for collective
all over the world. Make use of the people
section for meeting people. motivation and inspiration.
MEMBERS directory, private messaging and more.
PORTAL
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46 47
Exclusive Content Not yet a member?

Grab your chance to be part of the largest IPA/FDI community and drop email at
Resources, papers, and content that is
only available for members in the portal. [email protected]
Enhance your investment promotion,
facilitation, and more. Moreover, find
a comprehensive resource section for https://members.waipa.org
training and development.
WAIPA AT DAVOS 2022
WAIPA delegation at Davos which consisted of WAIPA’s President Mr. Deepak Bagla,
Executive Director, a.i. Mr. Ismail Ersahin and Senior Advisor Mr. Dushyant Thakor was
honored, pleased, and delighted for valuable and fruitful meetings and discussions
with companies and organizations at the World Economic Forum Annual Meeting 2022
Davos
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WIDA LAUNCH
WORLD INVESTMENT FOR The launch of The World Investment for

DEVELOPMENT ALLIANCE - WIDA
Development Alliance (WIDA) during
World Economic Forum at Davos on May
23, 2022, was a momentous event.
WIDA has launched. The journey has just begun. At the launch, a two-part session co-
organized by two of WIDA founding
organizations; WAIPA and UNCTAD, titled;
Driving Development with Investment
Alliances, which delved on topics of
It all began with an idea, co-operation & co-creation for relevance to help accelerate FDI.
sustainable investments. The session started with a Keynote address
by James Zhan, Director of Investment
and Enterprise at UNCTAD, followed by
“The World Investment for Development Alliance will the Official launch of World Investment
for Development Alliance (WIDA) which
create the mechanism to grow and scale collaboration on also included a video with statements by
sustainable investment.” all participating organisations mentioning
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why they have joined establishing this
important alliance specially at this
WIDA is co-created, co-developed and co-implemented through extensive partnerships and collaboration. challenging time.
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WIDA’s mission is to promote sustainable and inclusive investments through an open and structured The second part was a panel discussion
network of multiple stakeholders. about Accelerating GVC reconfiguration,
where Global supply chains has been discussed and how restructuring them create resilience in the new
The impact and importance of WIDA rests on the shoulders of its stalwart founding members AIB, AUC, changing world post the pandemic and during these challenging times. These large-scale adjustments to
IISD, ITC, OECD, UNCTAD, UNESCAP, WAIPA, WBG and WEF. WIDA will remain focused on developing production systems will help determine international capital flows.
a coherent vision for international investment, to promote inclusive and sustainable investments,
beneftting all of mankind.
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WIDA LAUNCH 1ST SESSION WIDA LAUNCH 2ND SESSION
The projects will be developed to facilitate investment, called ‘Enable Action on Sustainable
“This is the first-time leading organizations from the Investment’ or EASI projects.
investment for development community have come together
The working groups which will be created for key themes identified as areas of mutual interest for
to collaborate on existing investment promotion activities collaboration, and hold regular calls and meetings. The next meeting is scheduled at the 26th WAIPA
and launch new initiatives to scale investment promotion at World Investment Conference on 13th September in Geneva.
national, regional, and multilateral levels.”
Ma‫מּ‬hew Stephenson
Policy and Community Lead, International Trade and
Investment, WEF
Mathias Cormann
Secretary-General, OECD
Ismail Ersahin,
Executive Director a.i., WAIPA
Athaliah Lesiba
Molokomme Sithembile Ntombela
Ambassador and Permanent
Representative of Botswana to Mandaba
the UN & other IOs in Geneva Acting CEO, Brand South Africa
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James Zhan Jonathan Wong
52
Director, Investment & Chief of Technology and Innovation, 53
Enterprise, UNCTAD United Nations ESCAP
Gunjan Krishna
Commissioner of Industries,
Government of Karnataka, India
For videos and more information,
visit WIDA official website:
widalliance.org
EIF – WAIPA Co-Funded Project for LDCs on
CAPACITY BUILDING FOR EIF COUNTRIES

ON INVESTMENT PROMOTION (2ND PHASE)
OVERVIEW
BANGLADESH
Seeking to more fully operationalize its Strategic Roadmap 2020-2024, an institutional strategy
with prime ministerial endorsement and developed in partnership with IFC, the Bangladesh
Investment Development Authority (BIDA) is leveraging WAIPA-EIF’s technical expertise to
develop a complementary communication strategy.
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BIDA’S Communication
In 2020 and 2021, WAIPA and EIF held a series In 2022, WAIPA and EIF are building on this
BIDA’s ambitious strategy to attract, facilitate, and retain a variety of new and existing investors through
of capacity-building workshops aimed at helping foundation to help eight IPAs, chosen for their
54 multiple BIDA offices demands that it communicate a variety of messages to a wide range of investors 55
investment promotion officials in least developed excellent work and commitment in Phase I, to
and socioeconomic stakeholders. These messages aim to stimulate action, raise awareness, build
countries (LDCs) better understand and implement concretely implement institutional reforms and best
support, and allay concerns, but BIDA’s many offices have a complex variety of specific communication
best practices within their specific, individual practices that will lead to improved FDI outcomes.
goals and activities, each with its own informational content requirements and timetable, from one-off
contexts. The direct objectives of this “Phase I” was The eight beneficiary IPAs have been allowed to
messages to multiyear campaigns.
to give participants foundational knowledge for the select the technical assistance delivered to them
selection of appropriate IPA priorities, structures, based on their own needs and objectives. Selected
and systems; new and improved staff skills in IPA deliverables relate to an investment climate survey Project’s Focus
set-up, operation, and oversight; and transformed report; investment promotion strategies; an investor
With WAIPA-EIF support, BIDA is developing the master communication strategy and
attitudes about the potential for investment aftercare strategy; an investor-targeting campaign;
internal procedures which will advance their coordinated communication activities
promotion impact. The larger, indirect objective an investor relationship management system; and a
for all objectives along a single efficient timeline, thereby optimizing coherence,
was to have the improved knowledge, skills, and communication strategy. With each of these being
efficiency, and impact. This will increase the impact of BIDA’s collective voice and
attitudes of individual participants translated into delivered simultaneously in a span of 4-10 months,
national leadership, whether for short-term objectives, such as piquing investor
institutional reforms and improved inter-institutional the WAIPA-EIF project aims to demonstrate just
interest and facilitating a project; for long-term objectives, such as increasing the
coordination. how fast, flexible, and effective tailored technical
country’s business-friendliness and institutional coordination; or for the nimble
assistance can be.
handling of new obstacles to strategy implementation as they arise.
BHUTAN LESOTHO
In Bhutan, FDI promotion is led by a very capable but very small team, one division within one The Lesotho National Development Corporation (LNDC) has just four aftercare staff across three
department within the Ministry of Economic Affairs. This had severely limited the ability of regional offices providing the country’s foreign investors with license and permit renewals,
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the FDI Division to track, follow up, and analyze inquiries, project proposals, and other leads. notification of regulatory changes, investor grievance handling, investment climate advocacy,
It had also impeded their ability to nurture strong relationships with investors after project and support for industry-labor relations. Aware that their many mandates provide an opportunity
establishment. The FDI Division understood that overcoming these challenges demanded a level to build useful investor relations but also a challenge to LNDC’s bandwidth for pursuing its own
56 57
of data management and persistent, outcome-oriented follow-up which they were not equipped strategic objectives, LNDC selected a deliverable which would help it optimize its effectiveness and
for, either in terms of technology or internal practices. efficiency in meetings its obligations and objectives: An FDI retention and expansion strategy.
Project’s Focus Project’s Focus

To better enable and incentivize the necessary data practices and follow-up, WAIPA In addition to providing its technical guidance on the strategy design, WAIPA is
is working with the FDI Division to set up relevant key performance indicators, a providing implementation guidance to staff on a roll-out of initial activities including
basic monitoring and evaluation framework, a CRM software, and standard operating identification of pilot-phase beneficiary investors; a training workshop for aftercare
procedures for the CRM’s effective use for facilitation and aftercare. This is being staff; e-mail templates and call scripts to get initial aftercare meetings with established
supplemented by a market and competitiveness intelligence service, which will help investors; interview questionnaires; guidance on debriefing next steps for individual
identify threats and opportunities to generating leads, investments, and expansions companies; and processing multiple investor issues into a single, coherent and
that will feed into the follow-up pipeline. strategic workplan.
NEPAL TANZANIA
WAIPA-EIF is supporting Nepal’s development of an investment promotion strategy to guide the With WAIPA-EIF’s technical support, Tanzania Investment Centre (TIC) is building its capacity for
coordination of multiple agencies tasked with promoting sectors, preparing and approving projects, investor-targeting and preparing for the execution of targeting campaign in agroprocessing. As
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reaching out to investors in target markets, and facilitating investment. The Foreign Investment the IPA function which seeks to initiate contact with investors and persuade them to invest in the
and Intellectual Property Section of Nepal’s Ministry of Industry, Commerce, and Supplies (MOICS) country, TIC understands it is among the most challenging activities an IPA can undertake. However,
is the national lead for FDI promotion strategy. It sits within a division of MOICS which also has understanding that successful investor-targeting generates some of the most direct and significant
58 59
responsibility for industrial policy and promotion of the domestic private sector. This provides impacts an IPA can aspire to, TIC is undaunted, and the project aims to give TIC the same capacity
for good coordination of policy and promotion for private sector development but leaves some for generation of jobs, tax revenue, export earnings, and even new sectors, which distinguishes the
institutional distance between MOICS’ investment promoters and its partners in Nepal’s Investment world’s most effective IPAs.
Board and Ministry of Foreign Affairs.
Project’s Focus Project’s Focus

The strategy development process is clarifying institutional roles and focus areas in WAIPA-EIF is providing guidance through the preparation and planning of TIC’s
alignment with national development objectives, identifying areas for information- investor-targeting campaign. This includes data-based selection of a subsector/
sharing and joint action, and providing MOICS’ investment promoters with strategic activity ripe for investor attraction; articulation of a value proposition and validation
guidance for its day-to-day operations. MOICS’ focus on competitive sectors will with existing investors; the generation, qualification, and prioritization of leads; the
come with key performance indicators; quantitative, time-bound targets; and a design of pitches tailored to target investors; training on campaign execution; and
logical framework linking daily activities and resource inputs to promotional activities provision of communication templates.
and consequent concrete investor outcomes. This will allow MOICS both to hold itself
accountable and to demonstrate its positive impact on the country’s economy.
VANUATU ZAMBIA
With experience tracking the project status of hundreds of foreign investors, the Vanuatu Foreign The Zambia Development Agency’s (ZDA’s) Investment Division is just one of several promotional
Investment Promotion Agency (VFIPA) aims to leverage its investor database for fuller, more proactive and regulatory divisions responsible for investment, trade, export processing zones, privatization,
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retention and expansion work with its existing community of investors. and SMEs. And, ZDA is just one of several national institutions whose work touches on investment.
ZDA’s Investment Division must, therefore, plan meticulously and undertake extensive stakeholder
outreach to ensure that it is serving national development objectives, that it is internally synergetic
60 61
with ZDA’s overall strategy, and that it is fulfilling its leadership role in the development and
Project’s Focus execution of the whole-of-government National Investment Promotion Strategy.
VFIPA is enlisting WAIPA-EIF’s technical expertise to conduct an investment climate
survey of its investors with a particular focus on identifying potential divestments and
opportunities for expansion. The resulting investment climate report will be shared
with the government and the country’s FDI stakeholders. It will provide (i) analysis of Project’s Focus
general and sector-specific investment climate issues and their impacts, (ii) reform
recommendations, (iii) public-private dialogue recommendations, and (iv) plans to For this reason, ZDA has enlisted WAIPA-EIF’s technical expertise for the development
institutionalize periodic investment climate reviews. of strategic inputs to ZDA’s institutional strategy and for the development of a
framework for the National Investment Promotion Strategy. The strategies are
Follow-up to issues raised by investors during the survey is expected to help clarifying institutional roles, increasing effective promotion through a focus on
individual companies avoid divestment and realize long-term growth plans, through competitive sectors, and fostering a result orientation with quantitative impact
individually tailored problem-solving and improvement of the general investment targets. By incorporating capacity-building measures, key performance indicators,
climate. By making the survey and report an annual activity, VFIPA would build and a time-bound implementation plan, the strategies will promote institutional
investor satisfaction with VFIPA services and the country’s investor-friendliness, as effectiveness and efficiency by closing gaps, avoiding duplication, and gearing the
well as build the expectation for continual investment climate reform.
day-to-day activities of staff toward concrete outcomes.
WHAT IS BAB?
BAB is a consultative body at WAIPA which will consist of 20
WAIPA distinguished business executives who are recognized for their

outstanding contributions to FDI either in their field of operation,
BUSINESS ADVISORY BOARD

respective countries or worldwide. Members will represent a
comprehensive coverage of key issues and sectors.
(BAB) BAB ROLE

BAB will advise the IPAs as well as policy makers in respective
countries on the elaboration of international best practice and
standards in investment promotion, facilitation and after care.
It will also assist Member IPAs with the implementation of best
practices in FDI and standards through high-level consultative
meetings.
The BAB will undertake a number of activities including focus
BACKGROUND meetings, consultative meetings and other events including but

not limited to; experience sharing sessions, trainings, capacity
building activities, conferences, seminars, webinars and other
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The private sector will play an important role in the
events organized by WAIPA throughout the year.
work of the WAIPA in establishing best practice
and helping Investment Promotion Agencies
62 (IPAs) to enhance their corporate capacity and 63
to provide the best possible assistance to private
sector before, during and after their investments.
Of all groups the private sector understands the
need to put the UN’s SDGs in their priority list, that,
projects which can generate sound rates of return
and at the same time have the most ideal socio
economic impacts. The private sector‘s main role in
WAIPA will be performed within the WAIPA BAB.
CAPACITY BUILDING WORKSHOPS (09 MAY – 10 MAY)
WAIPA conducted tailor-made programs on various aspects of the investment lifecycle for (i) Invest
India team (ii) the sub national IPAs in India and (iii) project development cells supported by Invest
India. The training programs focused on the skilling and upskilling of the employees along with
sharing of best practises and update on current trends of FDI across the globe. The session was
conducted by WAIPA inhouse team and Industry experts.
INDIA VISIT
The WAIPA Permanent Secretariat was on a 5-day visit to India, where they
have kickstarted the first chapter of the WAIPA capacity building initiatives
in India. This visit was full of workshops, presentations, sessions, meetings,
and more. Here are the highlights of what this visit included.
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MEETINGS IN INDIA
WAIPA secretariat met corporate CEOs from Renew Power, DP World and Mahindra to understand
trends, explore collaboration and corporate insights.
WAIPA Executive Director (a.i) had the opportunity to meet Indian Ambassadors and briefed on
the global investment scenario, emerging trends and the important role WAIPA and IPAs are
playing in the new world order.
WAIPA INDIA PRESENCE
WAIPA and our multilateral partner, International Solar
Alliance (ISA) renewed their MoU to work on various
initiatives to promote investments in Solar and to
partner during the upcoming WAIPA World Investment
Conference 2022.
WAIPA officially inaugurated the WAIPA India Presence.
We welcome all investment promoters and colleagues to
visit us at the Invest India HQ.
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66 67
WAIPA & PRESIDENCY INVEST INDIA

WAIPA continues to offer new opportunities for capacity building, knowledge sharing and regional
cooperation. WAIPA Presidency Invest India has been a gracious host and together we are on a journey to
create maximum value and impact for IPAs.
HIGH-LEVEL DISCOURSE
EXCLUSIVE DISCUSSION FOR WAIPA

The high-level discussion highlighted the key findings of the UNCTAD WIR 2022, focusing on Global
Investment Outlook, Investment Policy Developments, emerging markets, and sectors, amongst
many other report determinants.
MEMBERS ON THE WORLD INVESTMENT James Zhan also elucidated on FDI flow patterns, post-pandemic recovery, sustainable investments,
REPORT 2022
etc. to learn about the upcoming trends and the global outlook in investment promotion.
This year’s edition also included an interactive Q&A session with IPA CEOs from around 40 IPAs, joined
by Deepak Bagla, WAIPA President and moderated by Ismail Ersahin, Executive Director (a.i.).
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WAIPA gathered the CEOs of the member IPAs to listen on

the outcomes of this year’s World Investment Report from its
main author James Zhan UNCTAD, Director of Investment and
Enterprise at the United Nations Conference on Trade and
Development (UNCTAD) and Chief Strategic Adviser of WAIPA
and to engage into discussion on the current pressing issues in
investment promotion.
REGIONAL IPAs WEBINARS Regional Investment Regional Workshop
Webinar for South for MENA IPAs
American IPAs WAIPA’s Regional Directorship KDIPA organized in
partnership with WAIPA a regional virtual meeting
The event featured the main authorities in attracting
for members from the region on 26 July 2022. This
investment and foreign trade from the main IPAs in
EU, SOUTH AMERICA, MENA, APAC meeting with the heads of the relevant IPAs discussed
South America and the Inter-American Development
current and upcoming trends both in FDI but also
Steering Committee Members organized in collaboration with WAIPA, Bank (IDB), in addition to the participation of the
challenges and opportunities in the daily work of the
regional workshops for Member Investment Promotion Agencies in WAIPA President and WAIPA CEO.
agencies.
Eastern Europe, European Union, MENA, South America, APAC
Themes and topics related to the main technical and
Moreover, Andreas Dressler and Henry Loewendahl,
strategic aspects involved in the process of attracting
two prolific experts on FDI held lectures on FDI Future
companies were discussed.
as well as FDI challenges, opportunities and trends
respectively.
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70
Regional Workshop for Regional meeting of The first APAC CEO roundtable for heads of Investment 71
Eastern European IPAs European Union IPAs Promotion Agencies took place on 3 August 2022.
WAIPA’s Regional Directorship Invest Cyprus organized Under the WAIPA Regional Directorship of the EU, The first WAIPA Asia Pacific IPAs CEO Roundtable in the Asia-pacific region was addressed the development of a
in partnership with WAIPA a regional virtual meeting a regional roundtable was organized by Business regional capacity-building framework and opportunities for the application of global WAIPA programs, partnerships,
for members from the Eastern European region on Finland - Invest in Finland with representatives from and networks on a regional and direct basis to APAC investment promotion agencies with the theme ‘Enhancing
31 May 2022. This meeting with the heads of the European IPAs present. APAC Investment Promotion Capabilities & and Intra-APAC Collaboration’.
relevant IPAs discussed the latest developments in
Eastern Europe and provided valuable insights on Hosted by WAIPA Executive Director a.i. Ismail The virtual program moderated by Andrew Keable WAIPA Regional Advisor and led by Mr. Ismail Ersahin Executive
how IPAs can exit the pandemic and go through a Ersahin and Regional Director for the EU & Executive Director a.i WAIPA., and Mr. Dushyant Thakor, Senior Advisor WAIPA / Vice President at Invest India and joined by
regional crisis era. Director of Invest in Finland, Antti Aumo the group CEOs or nominated C level / Leadership and advisors from regional federal Investment Promotion Agencies and
discussed under Chatham rules the current climate Ministries from APAC Region
of investment promotion as well as challenges and
opportunities in the region. This meeting was part of
a recurring series of regional discussions.
TRAINING THEMES
WAIPA LAUNCHES A NEW PROGRAM

The program will focus on what IPAs can improve to attract and facilitate sustainable investments
as well as improve the business climate and leverage additional resource to meet the sustainable
development goals (SDGs) targets. It will also encourage and facilitate dialogue and cooperation
TO ENHANCE IP CAPABILITIES IN with the relevant ministries and other local stakeholders as well as with relevant international
organizations for investment promotion in the francophone countries and regions.
FRANCOPHONE LDCS The training will cover the entire cycle of

investment with 4 key priorities:
FDI Strategy
Organization & Governance
First investment promotion capacity-building program

Business Intelligence & Research
Marketing & Communication
specifically designed for Francophone LDCs IPAs Lead generation

Investor assistance
Aftercare
Monitoring of the FDI performance
Policy advocacy
WAIPA – EIF – IsDB joined efforts to create and launch the first
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program to enhance investment promotion capacities and
capabilities of francophone least developed countries (LDCs), The program will involve training workshops and roundtable discussions, case studies and also
which started its operations with a kick-off meeting virtually on testimonials from foreign investors and how they see the role of IPAs to better address their needs.
72 1 June, 2022. Focus on sustainability and digitalization will be addressed in each module and investor views 73
brought into content.
This new program, being offered first time in French, follows
the success of a similar training program by EIF and WAIPA on
capacity building for EIF Countries on investment promotion. CERTIFICATION
Certificates will be awarded to participants who will demonstrate the acquisition of the new skills
and qualities taught in investment att raction and promotion.
PROJECT BENEFITIARIES
OCO Global has been commissioned to deliver this program scheduled to be completed in mid-
2023, with the core objectives of improving the capacities and skills of selected participating
organizations including Investment Promotion Agencies (IPAs), National Implementation Units
(NIUs), and other government officials in francophone LDCs.
Montenegro
Montenegrin Investment
Agency (MIA)
WAIPA in its agenda has excellent seminars and courses for our staff to
NEW WAIPA MEMBERS 2021 - 2022 attend which will broaden their perspective and build their capacities
to anticipate and develop activities that are very important for the
successful functioning of MIA.
Tchad
National Agency for Investments and Exports (ANIE)
Nigeria WAIPA has become a “must” in terms of Investment Promotion. It has
Kaduna Investment Promotion Agency (KADIPA) established itself as the reference transmission belt in terms of
capacity building, the exchange of best practices and experiences.
As one of its strategic aims to become a World Class Subnational Investment Promotion Agency (IPA), the
Kaduna Investment Promotion Agency (KADIPA), is working assiduously towards building and ensuring it
adopts global best practices in investment promotion via the global networking opportunities, technical
assistance and support that would be made available to it once it becomes a member of WAIPA. Madagascar -
Economic Development Board
Office of Sustainable Goals and Investments (Lagos Global)
of Madagascar (EDB Madagascar)
Joining the WAIPA family is an integral part of
Liberia the Economic Development Board of
National Investment Commission (NIC) Madagascar’s (EDBM) investment recovery
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As the government’s entity with the responsibility to attract, promote and strategy to strengthen international networking,
facilitate investment in every sector of Liberia’s economy, the National access to technical assistance, capacity building,
Investment Commission (NIC) decided to become a member of WAIPA in information about trends and best practices, and
order to have access to a network of other IPAs across the world. Through share experiences with IPAs around the world.
74 75
this medium, we are expecting to acquire new ideas and methodologies on
how to attract sustainable investments to Liberia. We also expect to
participate in all WAIPA programs (webinars, conferences, training, etc).
Turks
and Caicos
Sao Tome and Principe
Invest Turks
Agencia de Promocao do
and Caicos
Chile Comercio e lnvestimento (APCI)
Invest Araucania
With WAIPA membership, APCI can have
InvestAraucanía, the Regional Unit of Foreign Investment Promotion of the greater visibility, be aware of the business
Regional Government of La Araucanía, was the first subnational IPA opportunities that arise from this important
established in Chile. Being a member of WAIPA give us the opportunity to network of agencies, promote and attract
exchange best practices with other IPAs, to network with them and with investment worldwide, exchange of
other international organizations, and to take part in courses and trainings to experience with other countries and regions,
build a strong team of services providers for foreign investors. We are looking and access to systems for collection and
forward to take part in trainings, to articulate collaboration with other IPAs exchange of information between IPAs.
and to promote our Value Offer and Investment Opportunities Portfolio.
Green FDI – How can FDI help achieve climate goals?
INVESTMENT FACILITATION
Against the background of the challenges of the climate crisis and the opportunities
WEBINARS offered by new technology, the 12th investment facilitation webinar focused on
identifying the most important measures that policymakers can adopt to facilitate
foreign direct investment (FDI) that contributes to achieving climate goals: ‘climate
FDI’. Examples of such measures included incentives, standards and reporting,
guarantees, financial instruments, targeted investment promotion, etc.
27 APRIL
2022
WAIPA-ITC-DIE-WEF Supplier development programs:

A key to facilitating FDI and development impact
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The 11th webinar focused on the importance of establishing supplier development
The webinars were held in the framework of the programs in order to facilitate FDI and specifically the development impact of FDI.
76 Investment Facilitation for Development project, 77
jointly implemented by the ITC and DIE. The webinar focused on identifying concrete measures to create and deepen
linkages between foreign investors and the local economy through the establishment
The webinar series meant to assist investment of supplier-development programs. It addressed the importance of linkage ready
promotion agencies (IPAs) and policymakers domestic firms to facilitate the locational decision-making process of foreign investors
strengthen their capacity to facilitate higher FDI and good practices and lessons learned regarding operational dimensions and the
flows, especially investment flows that directly implementation of supplier development programs to support linkages between
contribute to development; it also provided an foreign affiliates and local suppliers. The webinar also discussed the possibilities of
opportunity to exchange experiences regarding including sustainable development aspects in supplier development programs.
investment facilitation, including with investors.
The first 8 webinars were held in 2021 and 31 MARCH
2022
continued throughout first half of 2022.
What should home countries do to facilitate
sustainable outward FDI? The role of partnerships in facilitating investment
The 10th webinar focused on identifying the most important measures that home The 8th webinar focused on practical issues regarding the role of partnerships in
country governments can adopt to support outward foreign direct investment (OFDI). facilitating investment. Countries are increasingly adopting investment facilitation
frameworks as well as entering into regional initiatives to facilitate investment. In
This webinar asked investors and IPAs what measures are most important and addition, a framework on investment facilitation for development is being negotiated
effective when it comes to facilitating OFDI, especially sustainable FDI. The findings at the World Trade Organization among over 100 Members. Partnerships can be
has been shared through a summary report, which informs individual governments, an important element to successfully implement such frameworks. There is growing
regional efforts, and the negotiations of a WTO Agreement on Investment Facilitation interest for cross-border cooperation as investment authorities are increasingly signing
for Development. Memoranda of Understanding. In addition, stakeholder engagement – especially
with investors – are essential to identify investment facilitation needs and monitor
10 MARCH
2022 the effectiveness of measures in practice. The webinar have addressed partnership
mechanisms between investment authorities and public and private actors that are
essential if investment facilitation frameworks are to be effective in practice.
12 OCTOBER
2021
Optimizing national and sub-national cooperation

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on investment facilitation for development Implementing Investment Facilitation for Development:
What are the next steps?
78 79
The webinar focused on key issues regarding the relationship between national and
sub-national IPAs, as well as best practices and practical lessons and, in particular,
measures regarding how national and sub-national IPAs can cooperate and coordinate The 7th webinar focused on practical issues regarding implementing investment
to facilitate FDI, including in regard to legal frameworks, institutional mechanisms, facilitation measures for development. Implementing investment facilitation measures
the division of labor, guidelines and protocols, and information and communications is increasingly important for at least three reasons. First, foreign direct investment (FDI)
technology tools. fell by 35% in 2020 according to UNCTAD’s latest World Investment Report, motivating
increased efforts to reverse this trend. Second, countries are adopting investment
facilitation frameworks – both at the national and subnational levels – as well as
25 JANUARY
2022 entering into regional initiatives to facilitate investment. Third, negotiations on a World
Trade Organization (WTO) investment facilitation for development (IFD) agreement
are advancing rapidly, with more than 100 Members participating. Experience with
the WTO Trade Facilitation Agreement (TFA) shows that implementation is a key
element to achieve benefits from an agreement.
17 SEPTEMBER
2022
OBJECTIVES
The WAIPA-EIF series of four capacity-building competitive sectors, and adoption of low-cost
workshops aimed to help investment-promoting systems and tools for effective operations.
officials in LDCs better understand and implement The objectives of the workshop were to give
ACCOMPLISHED PROJECTS best practices in investment promotion within

their specific, individual contexts. To this end,
the training emphasized effective institutional
participants foundational knowledge for
the selection of appropriate IPA priorities,
structures, and systems; new and improved staff
divisions of labour, evaluating, and managing skills in IPA set-up, operation, and oversight;
promotion based on its impacts instead of its and transformed attitudes about the potential
activities, proactive promotion of internationally for investment promotion impact.
OUTCOMES
CAPACITY BUILDING FOR LDCs
When the original plan to conduct in-person training for
ON INVESTMENT PROMOTION one person per participating LDC was precluded by the
COVID-19 pandemic, remote training was adopted as an
(1ST PHASE) alternative. Remote training consisted of video lectures,
online quizzes, self-directed homework assignments
WAIPA and EIF successfully completed the “Capacity Building for Enhanced Integrated Framework (EIF) with instructor feedback, and 24 teleconferences
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countries on Investment Promotion within WAIPA activity” project. This two-year effort (2020-2021) was during which participants presented homework,
co-funded by EIF and aimed to improve the capacities of investment and trade professionals in least shared experiences, heard guest presenters, and asked
developed countries (LDCs) and to enhance their cooperation. questions.
80 81
The direct objective was met, with dozens of investment
promoters in LDCs successfully collecting the number of
PROJECT OVERVIEW Implementing period: 2O2O – 2O21 performance points needed to achieve the certifications
awarded at the end of capacity-building Workshops.
Project title: Main implementing entity:
Within the year 2021 the courses were finalized.
Capacity building for EIF countries on World Association of Investment Promotion Moreover, as the 25th WAIPA WIC was held in hybrid
investment within WAIPA activities Agencies (WAIPA) form in Dubai, UAE in October 2021, participants were
invited to join the event. As the event coincided with
the beginning of the Dubai EXPO 2020 this was a
Target countries and stakeholder groups:
good opportunity for the beneficiaries to not only join
 (08) Asia-Pacific LDCs on the path of graduation from the LDC status: Bangladesh, Bhutan, a WAIPA event and discuss with their peers, they also
Cambodia, Nepal, Myanmar, Lao PDR, Solomon Island and Vanuatu were able to join the Dubai EXPO.
 (engaging up to about 12) other LDCs in Africa
AFTERCARE CAPACITY DEVELOPMENT
FOR JORDAN
WAIPA have implemented with the European Bank for Reconstruction and Development (EBRD) a tailormade
capacity development project on aftercare in Jordan funded by the UK Department for International
Development.
OUTCOMES
PROJECT OVERVIEW Implementing period: 2O2O – 2O21
Training programs were created based on the survey’s
results and virtual meetings developed by the selected
Project title: Main implementing entity: expert and WAIPA. WAIPA formulated a training
Support to the Jordan Investment Commission World Association of Investment Promotion program for investment aftercare professionals from
JIC, tailormade to their needs.
/ Investment Aftercare Agencies (WAIPA)
The project consultant of the first two phases of the
Target countries and stakeholder groups: project was Andreas Dressler who has been active in
JORDAN INVESTMENT COMMISSION – JIC foreign direct investment (FDI) for over 20 years. The
third and the last phase of this project was led by
Carolina Arriagada Peters is the premier consultant and
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OBJECTIVES trainer in all matters post-investment. Her upcoming
book “Investment Aftercare Explained”, eagerly
expected by FDI professionals from around the world,
82 Contribute to the improvement of the internal As a result of the Assignment, the trained account 83
provides step-by-step methodologies of how to excel
governance of aftercare in JIC, which would managers will be able to establish trustworthy
in Aftercare.
generate better predictability, transparency, and credible longer-term relationships with
accountability and in turn inspire confidence in existing investors and work more effectively
Trainings modules were structured to enable networking
investors and increase their willingness to work in partnership with chambers of commerce,
and experience sharing among participants, and to
with JIC on aftercare. business associations, and other private and
improve coordination among JIC departments and
public entities that have a deeper knowledge of
knowledge partners.
The allocation of the staff to work on aftercare the various economic sectors.
will be carried out based on criteria that are
more specific. Such profiles, trained in account Lastly, based on the trainings, a number of high
management, will be better able to carry out potential investors present in Jordan will be
the aftercare function. approached proactively to explore opportunities
to improve, facilitate, or scale-up existing
investments offering them valuable support.
DISTINGUISHED AND DIVERSE SPEAKERS
The WAIPA – IsDB capacity development program was organized in collaboration with
Wavteq and included guest speakers from UNCTAD, the World Bank, Dubai FDI, Czech Invest,
Ethiopian Investment Commission (EIC), Abu Dhabi Investment Office (ADIO), Investment Office
of the Presidency of the Republic of Turkey (Invest Turkiye), Invest Kuala Lumpur, Moroccan
WAIPA – ISDB PROJECT CAPACITY DEVELOPMENT Investment and Export Development Agency (AMDIE), General Authority for Investment and
Free Zones (GAFI), BKPM (Indonesia), Invest India, Jones Lang LaSalle, Nxt Zones FDI 4.0,
PROGRAM ON FDI & IPAS DURING COVID-19 Invest Cyprus, Rwanda Development Board, FIPA Tunisia and Business Finland.
WAIPA in partnership with the IsDB successfully concluded the first online capacity development
program on FDI in post Covid-19 pandemic era, which was a‫מּ‬ended by 58 investment promotion
agencies. PARTICIPANTS TESTIMONIALS
The program was designed to address the needs of investment promotion agencies (IPAs) of OIC
countries which are facing significant challenges in the near and medium terms as they are at the “I find the WAIPA – IsDB Online Capacity Development Program both exciting and rewarding to
forefront of investment and business attraction as well as supply chain management. me as Manager for the Vanuatu Foreign Investment Promotion Agency (VFIPA).
Accordingly, a Capacity Development Program has been designed by IsDB and WAIPA to cover the The knowledge and skills I have learnt from this joint online capacity building have equipped
entire investment life cycle from strategy to aftercare, attraction and facilitation, while also considering me to make effective contributions to the Agency’s FDI promotion and facilitation strategy,
how IPAs need to adjust their strategies and plans with the structural changes in the FDI market. particularly within the context of the Covid-19 pandemic.
The online program was a‫מּ‬ended by 143 participants from 43 countries and provided an important This opportunity has enabled me to know and interact with IPA colleagues and experts – a wonderful
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opportunity to increase knowledge on the short- and long-term implications of Covid-19 and how experience for me indeed and looking forward to similar training opportunities in the future.”
to for scale up their FDI promotion efforts.
Raymond Vuti, Manager for the Vanuatu Foreign Investment Promotion Agency (VFIPA)
84 85
In the first part of the training program, themed: “The impact of COVID-19 on FDI: “I truly enjoyed and benefited from the online capacity building initiative jointly launched by
PHASE 1 Implications for FDI retention and attraction”, the sessions aimed to provide latest update WAIPA and IsDB in both phases I and II.
on the global and regional FDI market and included in-depth assessment on the impacts
the COVID-19 pandemic has had on FDI and how IPAs around the world have adopted As a veteran regional investment promotion expert, I would describe this initiative as a “triple
their strategies and activities for existing investors. golden opportunity” in the EDBs/IPAs space as they provided equitable and open access to
capacity building to IPAs, deliberated on truly pertinent topics like digitization, talent nurturing,
and supply chain disruptions, as well as engaged both industry experts and successful IPAs to
share their narrative based on successful measures to maintain their resilience in response to
In the second phase, “Post-Covid FDI landscape: How can IPAs leverage new FDI
PHASE 2 opportunities’ topic was explored. the unprecedented conditions triggered by the pandemic.
The first part of the training courses covered the entire investment life-cycle from strategy Thank you to WAIPA and IsDB hoping to keep up with such conducive capacity building,
through to aftercare, attraction, and facilitation, while the second part of the training considering expanding to other areas like FDI for impact investing and circular economy.”
courses looked at how IPAs need to readjust their strategies and plans to structural
Mona Salim Bseiso, Economic consultant (IPED) from Director General Office, KDIPA
changes in the FDI market.
The webinar program incorporated some innovative ideas on new areas of training which
IPAs needed as a result of the Pandemic (e.g. reshoring, talent attraction, digital services).
WAIPA STEERING COMMITTEE MEETING
The WAIPA Steering Committee meeting was held on the
WAIPA AT ANNUAL INVESTMENT MEETING sidelines of the Annual Investment Meeting in Dubai. The
hybrid meeting gathered regional directors of WAIPA to
(AIM) 2022
discuss the achievements of the first quarter, the further
plan, and strategic goals for the near future.
The SC board has also elected the Bangladesh Investment

Development Authority as the regional director of South
Asia for which the position stayed vacant after the elections
in 2021.
In the regards of the current global events, the Steering

Committee has also hosted Krzysztof Drynda, CEO of
WAIPA was delighted Polish Investment and Trade Agency and Stelian Manic,
to be part of the Annual General Director of Invest Moldova as guests at the
meeting.
Investment Meeting
Congress, which took Finally, the debate also included preparations for the 26th
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WAIPA World Investment Conference, which will be held
place which took place
this year on 13-14 September in Geneva, Switzerland.
in Dubai, UAE. It was
86 a pleasure to organize 87
and partner at 5
different events; a pre-
conference workshop,
training course, Steering
Committee meeting, and
a book launch. Follow
are the highlights of
these activities.
Participants from Lesotho, India, Ghana, Panama, United Arab Emirates,
FDI EXCELLENCE SERIES: Nigeria and Azerbaijan joined us for two days of insightful sessions on:
ATTRACTING QUALITY FDI
Global FDI Trends:
Which sectors are generating projects and what types of companies are most actively expanding their
international presence
The first session of the FDI Excellence Series 2022 edition was the first WAIPA event at AIM, which
was held on March 26 - March 27 2022 and was focused on “Attracting Quality Investment” and Defining Quality Investment:
how to identify FDI that contributes to location’s overall economic and social goals and is aligned with
gaining essential knowledge and skills for identifying and attracting high-value investment projects
government policy
and maximizing the benefits of FDI for their economies.
Providing customized value and support:
how Dubai CommerCity has developed a suite of ‘E-commerce-as-a-Service’ offerings that reflects the
needs of the target companies that it is seeking to attract to its e-commerce ecosystem.
Identifying Quality Investor:

how to identify companies that may have plans for specific kinds of investment
India’s approach to attracting quality investment:

how Invest India has been able to attract quality FDI in the electronics sector
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Providing value:
how agencies around the world are developing innovative types of support in response to the changing
needs of investors
88 89
Attracting Sustainable Investment:

a case study of how InvestChile changed critical functions of the agency to be able to successfully
attract sustainable FDI
Measuring Impact:
different methods that IPAs around the world are using to measure and communicate their performance
and the impact of FDI
This training was organized by WAIPA in collaboration with Andreas Dressler and
FDI Center, hosted by the Annual Investment Meeting.
PRE-CONFERENCE WORKSHOP:
INTEGRATING INNOVATIVE APPROACHES IN INVESTMENT PROMOTION
The WAIPA “Integrating innovative approaches in
investment promotion” pre-conference workshop was
held on March 28 2022, one day before the official
opening of the Annual Investment Meeting, with a
great array of participants from different locations.
The participants have gained insights into how IPAs INVESTMENT AFTERCARE EXPLAINED:
can support governments in terms of trends and talent
creation as well as supporting investors. Furthermore,
BOOK LAUNCH
they have learned what tools they can use in their
daily work and how they see the future of investment
promotion. “Investment Aftercare Explained. A Guide for FDI
Practitioners and Policymakers on How to Grow and
Valuable insights, expertise, and experiences on the Retain Investors,” the first book to systematically
topic were presented by our colleagues from UNIDO, map the last step of a foreign investor’s journey, was
Invest India, Ghana Investment Promotion Centre launched at the Annual Investment Meeting in Dubai,
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and Caribbean Association of Investment Promotion UAE. Speakers at the launch included next to one of its
Agencies (CAIPA). authors Carolina Arriagada Peters, also former WAIPA
President and CEO of DubaiFDI H.E. Fahad Al Gergawi,
90 and Ismail Ersahin, Executive Director, a.i., of WAIPA. 91
“Aftercare is an essential service that IPAs offer. Being

in close touch with existing investors helps IPAs to
understand and learn their concerns and problems, but
also their ideas and future investment opportunities.
Therefore, WAIPA collaborates closely with the HCFI on
the joint-programme “IPAs Capacity “2030” to establish
future-fit learning and development trajectories for IPA,
for them to offer state-of-the-art services benefiting
locations and investors alike” said Ismail Ersahin.
The Investor Magazine
MEDIA INTERVIEWS
Oxford Business Group

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92 93
SEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEAR
RESEARCH
CH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH RESEARCH
RESEARCH
RESEARCH
WAIPA - ILO: THE CONTRIBUTION OF IPAS
TO ACHIEVING SDG8
The present report summarises the findings of surveying investors on FDI impacts on employment
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a survey that was jointly conducted by ILO and creation skills development.
WAIPA, which included sixty-eight respondent IPAs.
The purpose of the survey was to identify current This report does not attempt to provide an economic
96 practices in investment promotion, identify the needs analysis of the survey responses. While the questions 97
of IPAs, and gauge the level of interest among IPAs and the data extracted from the responses permit
in defining a future investment promotion agenda valuable inferences and assumptions to be drawn,
aligned with SDG 8. A critical insight provided by the main purpose of the survey is to ascertain
the survey results is that on a scale of 1 – 10, IPAs the approaches, methods and needs of IPAs in
rated the importance of SDG 8 for their work at 9, performing their functions. This information is
and 88% of IPAs confirmed that SDG 8 is likely to intended to help ILO and WAIPA determine how
become more important for their work. best to support IPAs to use the resources at their
disposal and to access new tools and information
However, the survey also reveals certain challenges to assist them in performing their functions; as well
faced by IPAs in terms of their ability to provide the as to potentially secure additional donor resources
services required by both investors and local firms to improve their efficiency and effectiveness in
to attract and retain FDI in the context of SDG 8. identifying quality FDI with greater positive impacts
Many such challenges relate to the lack of resources on decent work and inclusive economic growth.
required to perform certain functions, such as
99
RESEARCH waipa.org
RESEARCH waipa.org
98
2022 GLOBAL SURVEY OF NATIONAL
UNIDO-WAIPA ACP REGION
RESEARCH
RESEARCH
INVESTMENT PROMOTION AGENCIES (IPAs)
The respective expertise, experiences and UNIDO and WAIPA were conducting an online To advance the field of investment promotion, Promotion Agencies (WAIPA) 2022 Global
networks underpinned UNIDO’s and WAIPA’s survey between June and August 2022 the World Bank Group (WBG) and World Investment Promotion Agencies (IPAs) survey is
decision to join hands for pinpointing and where the IPAs were requested to complete Association of Investment Promotion Agencies launched. Almost all nations compete to attract,
addressing the capacity development needs of a questionnaire made up of two clearly (WAIPA) formalized their collaboration and retain, and expand foreign direct investment
the IPAs in the ACP states, to delve into key demarcated sections, one focused on collecting engaged in joint Investment Promotion Agency (FDI) because of its potential to add value to
themes affecting the mandates of IPAs and to relevant, public information which will populate (IPA) research and related initiatives. Since the local economy. IPAs are at the core of these
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provide innovative solutions. In this context, the Invest-in-ACP Platform and could also be 2018, both organizations are collaborating to efforts, and during last two years, they have
UNIDO has recently launched the cloud-based used by WAIPA to populate their website, and launch a single standard questionnaire every faced unique opportunities and challenges,
Invest-in-ACP Platform, to which WAIPA acts as a the other focused on the characteristics and two years to save agencies’ time and resources, and have adopted increasingly innovative
100 101
partner, where potential investors will be able to activities of your IPA for research purposes seek synergies, build a database, and produce approaches to differentiate themselves and
explore investment opportunities and search for and pinpointing technical cooperation needs in useful (and free) reports for all investment their locations. This survey aims to capture key
and contact the country-specific IPAs for more support of IPAs. promotion practitioners. Our last report is a first IPA characteristics and practices, especially
information and assistance as well as obtain product of such collaboration. those that changed during these challenging
information on industrial parks, priority value times. To get a truly global perspective of
chains and economic sectors in the ACP states. In June of 2022, a second World Bank Group IPAs’ practices, all national IPAs worldwide are
(WBG) – World Association of Investment invited to take part in this survey.
NEW ALLIANCE IS HELPING GROW The challenge is to develop a coherent vision for At the same time, capital earmarked for
COLLABORATION ON INTERNATIONAL
RESEARCH
RESEARCH
international investment, under which different sustainable investment has been growing
investment reform processes and initiatives can dramatically, even during COVID-19, reaching
be aligned and mutually supportive. more than $35 trillion. Yet well over 95% of
INVESTMENT Such collaboration is needed today more than

ever. In 2020, owing to the shock of COVID-19,
this pool remains in developed economies.
The challenge is therefore not the availability
of capital, but the flow of this capital to where
global FDI (foreign direct investment) fell by it is most needed: productive investments in
35%. In 2021, it rebounded but very unequally: developing economies.
Authors: of the total increase in global FDI flows in
• Deepak Bagla, Managing Director and Chief Executive Officer, Invest India 2021, almost three-quarters were recorded in
• Ismail Ersahin, Executive Director (Ad Interim), World Association of Investment developed economies.
Promotion Agencies (WAIPA)
• James X. Zhan, Senior Director, Investment and Enterprise, United Nations
Conference on Trade and Development (UNCTAD)
• Sean Doherty, Head, International Trade and Investment; Member of the Executive Developing Developed Industry Infrastructure
LDCs
Committee, World Economic Forum economies economies
+199% + 53%
• Capital earmarked for sustainable investment has been growing dramatically,
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even during COVID-19, reaching more than $35 trillion.
• Yet, well over 95% of this pool remains in developed economies. The challenge
is to get this capital to where it is most needed: productive investments in
102 103
developing economies.
• The launch of the World Investment for Development Alliance (WIDA) at the +19% +30% Greenfield project
World Economic Forum’s Annual Meeting 2022 aims to meet this challenge. announcement
International project
- 1% finance deals
When investing is sustainable from an economic, addressing some of the greatest challenges the
social, environmental and governance world faces today.
perspective, it can provide not only capital
but also drive job creation, alleviate poverty, However, despite this potential, many of
encourage technology transfer, and upgrade the frameworks that guide investment were
industries. It can increase peace and stability designed in another era and have not been
and advance climate and environmental goals, updated to reflect today’s realities and priorities.
We are learning from, and building on, previous These examples of investment facilitation show
Guiding sustainable investment flows toward developing economies experience – such as helping to implement the how public and private actors – together with
World Trade Organization’s Trade Facilitation expert organizations – can work together to
Agreement through the Global Alliance for identify and address bottlenecks and barriers
RESEARCH
RESEARCH
Trade Facilitation, which has cut red tape, that hold back investment.
We were excited to announce the launch streamlined activities and increased trade in
of the World Investment for Development developing countries. In the forthcoming results of a survey of
Alliance (WIDA) at the World Economic Forum’s investment promotion agencies (IPAs),
Annual Meeting 2022. By bringing all relevant In addition, pilot projects specifically geared many indicated that they are looking for
stakeholders onto one platform, WIDA can to exploring sustainable investment facilitation capacity building to facilitate investment that
enable conversations and coordination to and promotion show it is possible to better contributes to sustainable development goals
identify opportunities for collaboration. enable sustainable investment flows in (SDGs) in their country. For instance, 87% of
developing countries. For example, a pilot in IPAs found capacity-building in relation to
This is the first time leading organizations from India helped drive a series of actions identified investment facilitation and promotion either
the investment for development community and implemented through public-private extremely important or very important; 32%
have come together to collaborate on collaboration. The pilot: specifically requested capacity building on how
growing sustainable investment flows. The 10 to grow sustainable investment. WIDA can help
founding organizations include the Academy • promoted the adoption and rollout coordinate and grow such support.
of International Business, the African Union of ESG metrics to increase sustainability
Commission, the International Institute for reporting and thus sustainable investment; WIDA can also help advance efforts to tackle
Sustainable Development, the International the world’s investment challenges, both those
Trade Centre, the Organisation for Economic of today and tomorrow. One way is through
• helped orient industrial zones and
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Co-operation and Development, the United launching collaborative activities and projects,
parks to focus on sustainable operations; including in the areas of investment facilitation
Nations Conference on Trade and Development,
the United Nations Economic Commission for and promotion, sustainable investment and FDI
Asia and the Pacific, the World Association of • grew the use of home-country measures qualities, and investment treaties. WIDA can
104 105
Investment Promotion Agencies, the World to support Indian firms’ outward FDI bring together the work of each organization
Bank Group, and the World Economic Forum. in a way that provides a new channel to be complementary and mutually supportive,
Additional organizations with activities and for India’s sustainable development, helping each achieve its objectives more effectively
capacity in this area are warmly invited to join. complementary to facilitating inward FDI; and efficiently. At the same time, where there are
WIDA will not only help to coordinate gaps or needs, new efforts can be started.
organizations’ existing investment activities • and encouraged wider use of deemed
and efforts across geographies, but also create We look forward to working with others to help
approvals to expedite authorizations
new collaborations to facilitate the growth and improve the sustainable investment landscape.
for new investments, whereby, after a WIDA warmly welcomes other organizations
scaling of investments and promotional efforts
at the national, regional and multilateral levels. certain amount of time has elapsed, that want to join this effort and work towards
This can help improve the investment climate in authorization is automatically granted to the goal of increasing investment to achieve
emerging and developing markets, increasing new investments. development impact.
investor interest.
This article is part of the World Economic Forum Annual Meeting

ADERSHIP VISION FROM THE STEERING COMMITTEE LEADERSHIP VISION FROM THE STEERING COMMITTEE LEADERSHIP VISION FROM THE STEERING COMMITTEE LEADERSHIP VISION FROM THE STEERING CO
LEADERSHIP
VISION FROM THE
STEERING
COMMITTEE
SHIP VISION FROM THE STEERING COMMITTEE LEADERSHIP VISION FROM THE STEERING COMMITTEE LEADERSHIP VISION FROM THE STEERING COMMITTEE LEADERSHIP VISION FROM THE STEERING COMM
SWITZERLAND GLOBAL ENTERPRISE
LEADERSHIP VISION FROM THE STEERING COMMITTEE

In terms of FDI, Switzerland looks back on two and activities based on current global political and
strong years in 2020/2021 with better results than economic developments.
in the last ten years. We are convinced that business Full access to leading innovation and technology
locations that are agile in adapting to changing ecosystems with best talents and partners, combined
customer needs have the chance to grow in the with a secure and stable environment, are key to
years to come. IPAs have the important task of successfully attract today and in the future.
rethinking and potentially adjusting their strategy
Best Practices
Sharing best practices is a key element of learning
organizations. Switzerland Global Enterprise
therefore strongly supports WAIPA. I am proud
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to contribute in my role as Vice President at the
Steering Committee of WAIPA and congratulate
WAIPA for increasing activities and networking
108 opportunities for our industry. 109
To ensure a unique customer experience,
Business locations that are agile Switzerland Global Enterprise allocated end-to-
end responsibilities in Investment Promotion
in adapting to changing customer along the customer journey. This enables our
needs have the chance to grow in employees to take clear responsibility and fosters
their engagement and commitment.
the years to come. Vice-Presidency
The cooperation and co-creation with relevant
actors of the Swiss investment promotion is key
Ms. Simone Wyss Fedele to our success. We have prioritized collaboration
and achieved a stronger alignment with our
CEO, national and subnational partners, starting now
Switzerland Global Enterprise to strategically work together.
GENERAL AUTHORITY FOR INVESTMENT AND FREE ZONES
As spoken by many International reports, despite to figure out opportunities to foster sustainable

recovery efforts, a return to pre-pandemic levels of development.
inward FDI is unlikely in the coming years, and the
road to FDI recovery will be difficult. New project Correspondingly, GAFI takes advantage of its role
activity is already showing signs of increased risk in the region and its circle of friends among many
aversion among investors. This uncertainty could put regional and international organizations by sharing
significant downward pressure on global FDI in the experiences as well as learning from best practices
coming year especially in the developing world. too.
Reaching the Sustainable Development Goals Being recognized as the second largest host of FDI
(SDGs) is the principal economic development on the African continent in 2021, GAFI along with
challenge of our time – it has become the lodestar other national authorities joined forces together
of development policymaking, supported by all to provide additional incentives to the investment
countries. Increased foreign direct investment (FDI) projects in many fields especially that contribute
can make a significant contribution to reaching the in achieving country’s economic development plan
SDGs. However, the issue is not only more FDI, but and the Sustainable Development Goals (SDGs),
quality investment that has the characteristics of including green economy projects that take into
‘sustainable FDI’. account the environmental dimension in a way that
It’s imperative for organizations achieves the sustainability of natural resources.
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to build in the necessary Focusing on cooperation and unity is highly needed
to provide support to all countries to adjust their
Furthermore facilitating the business environment
in Egypt by simplifying procedures and setting a
110
operational resiliency to survive investment policy and adopt a multilateral solution specific time limit for services and addressing any
111
to remove implementation constraints and mitigate challenges that investor may face.
the new reality. This challenging the risks towards implementing SDGs.
time has showcased the value Moreover, GAFI has further updated its Investment
Our collaboration besides policy choices that Map, which includes more than 2,500 investment
of unity and cooperation to turn governments make today will determine our success opportunities, a number of sectoral studies and
the crisis into an opportunity to in building a transition to a greener, more inclusive
and more resilient tomorrow. One of the key
indicative feasibility studies which can be accessible
online.
accelerate the transition Vice-Presidency recognizable efforts as a concrete example of such
collaboration is the creation of WIDA “The World Now more than ever, it is an opportunity to chart
Mr. Mohamed Abdel-Wahab
Investment for Development Alliance” by WAIPA a path that empowers everyone to face the future
along with extensive partnerships, which is a global with confidence.
Chief Executive Director
platform that aims to bring together stakeholders
General Authority for Investment and Free
to identify and address investment challenges and
Zones (GAFI)
GHANA INVESTMENT PROMOTION CENTRE
Without a doubt, these are trying times. Turbulence on the the highlights of service improvements include aftercare
geopolitical landscape, fastened by the Russian-Ukraine services harnessing the power of the Diaspora in increase
war, has compounded the global effects of the shocks FDI.
of COVID-19. These could leave a lasting impression over

several years, if not as much as a decade (AfDB, 2022). Our IPAs must also be committed to supporting
However, it is worth saying that opportunities can be governments use of business continuity and problem-
found in difficulties. The launch of the Africa Continental solving techniques as engines to restore their economies
Free Trade Agreement (AfCFTA) has made the African while also becoming more effective service providers
Opportunity more apparent. through a variety of means. Digital tools should also be
Having served as the World taken advantage of. It is important to maintain dialogue
Global Foreign Direct Investment (FDI) is expected to with current investors, bringing up relevant programs and
Association of Investment follow a downward trajectory in 2022, as the world faces policies while supporting their ongoing investments or
Promotion Agencies (WAIPA) a weaker macroeconomic environment and a combination
of crises exacerbated by the ongoing war in Ukraine,
operations. This will help them to also adjust to changing
times.
Regional Director for Sub- according to UNCTAD’s World Investment Report 2022.
The report further indicated that FDI to African countries A case in point is GIPC’s execution of a Business Continuity
Saharan Africa since 2019, hit a record $83 billion in 2021, more than double the program with support from the Deutsche Gesellschaft für
amount reported in 2020, when the COVID-19 pandemic Internationale Zusammenarbeit (GIZ) GmbH to inform
and as the CEO of the Ghana weighed heavily on investment flows to the continent. businesses on how to recover more quickly after COVID
Investment flows increased in Southern Africa, East and benefit from the AfCFTA. Also, with support from the
Investment Promotion Africa, and West Africa on a subregional level, while they World Bank, the GIPC is in the process of setting up a
Centre (GIPC), my belief in remained unchanged in Central Africa. functional CRM that will allow it to effectively manage the
entire investor life cycle.
the value of collaboration According to the World Bank, Sub-Saharan Africa’s (SSA)
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growth will slacken from 4.2 percent in 2021 to 3.7 percent There is no denying that cooperation between IPAs,
and cooperation amongst in 2022. Assuming continued success with pandemic despite being competitors, will facilitate peer learning in
containment, favorable terms of trade for commodity terms of investment-promoting policies as we strive to
112
Investment Promotion exporters, and a gradual easing of the pressure on global meet or exceed international standards.
113
Agencies (IPAs), international food prices, economic growth will only rise slightly to an
average of 3.9 percent in 2023–2024. I reckon WAIPA has demonstrated its commitment to
organizations and various Against the foregoing, the need to attract the much-
supporting IPAs during these difficult times by holding
a number of workshops and capacity-building programs
networks has grown deeper. needed investments into the continent could not be more (webinar series). Referring to the IPA Toolbox, which
pressing. was created in collaboration between WAIPA and the
WAIPA has and continues GIZ, is also quite exciting. The contributions from several
As the WAIPA Regional Director for Sub-Saharan Africa international organizations, networks, and IPAs including
to be a strong convening Regional Directorship for Sub-Saharan Africa (SSA), I am proud of our recent successes in recording the GIPC from SSA are good to write home about. The
platform to forge a more Mr. Yofi Grant encouraging FDI figures, but I also know that we cannot
let up on the accelerator pedal. To replenish investor
defining point of an IPA in today’s world in elevating the
standards of investment facilitation.
dynamic future for IPAs. CEO,
confidence in these times and give our IPAs more
enlightened views on sustainable investments that will WAIPA’s ongoing contributions to bettering investment
Ghana Investment Promotion Centre (GIPC) deepen our footprints in global value chains and guarantee promotion practices around the world fuels my
healthy growth, we need to strengthen our partnerships/ confidence that, if we keep collaborating, we will be able
collaborations on a regional and global scale. Some of to strategically make the most of the African Opportunity.
KUVAIT DIRECT INVESTMENT PROMOTION AUTHORITY
It is important to highlight the importance of the to adopt immediate measures to address needed

“Regeneration of IPAs in a new decade” theme which changes, execute major developmental projects,
should duly trigger a genuine thrust to pursue a and nurture the national manpower talents to
more resilient, accommodating, and innovative role. deliver aspired results.
In this Next Normal, IPAs will no longer compete but
work together beyond borders to tackle challenges KDIPA continues its mission to support economic
humanities face today to be able to live in a diversifications for sustainable growth in line with the
sustainable and prosperous planet. country’s Vision 2035. In response to repercussions
of the pandemic, KDIPA resolved to intensify its
This post pandemic era will impose more challenges networking channels, and building competitive
as our industry is rapidly changing, in response to linkages with various stakeholders, locally, regionally,
the Next Normal. Our government leadership has and globally.
openly discussed this impending issue with resolve
KDIPA is pleased to extend

its warm congratulations to
WAIPA for another successful
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year in attaining several
114 milestones towards further 115
consolidating its role as the

global FDI reference point,
opening new venues for its
member IPAs, and providing
an active platform for Regional Directorhip for Middle East and
North Africa (MENA)
exchanging expertise. Mohammed Yousef Mulla Yaqoub
Assistant Director General for Business Development

at Kuwait Direct Investment Promotion Authority
(KDIPA)
AZERBAIJAN EXPORT AND INVESTMENT PROMOTION FOUNDATION
The areas hit hard by the pandemics are recovering Azerbaijan is the Regional Director for Central Asia

at a rather fast pace. The inflow of foreign tourists within the framework of WAIPA and strives to
in the country has grown significantly and overall regularly communicate and exchange experiences
business activity across various sectors is booming. with other IPAs throughout the region. We believe
It should certainly be mentioned that liberation of that enhanced competition for FDIs is resulting in
the previously occupied territories of Azerbaijan sophistication of approaches to both investment
and their enhanced restoration process is adding attraction and retention. In the meantime, we strongly
to new capital investments, creation of modern believe that successful investment promotion should
infrastructure, the boom in the construction sector be based on the joint efforts by the regional IPAs to
and results in creation of new jobs. Overall, we see promote Central Asia and Caucasus area.
a lot of interest from foreign investors towards our
economy. We believe this trend will continue and
economic activity in Azerbaijan, as well as inflow in
FDI levels would be increasing in 2023.
It would probably be correct

to presume that the recent FDI
trends in Azerbaijan are somehow
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indicating the diminishing effects
116
of the COVID-19 era and could be 117
described cautiously as a return to

pre-pandemic normal. We witness
the increase in the FDI inflow into
the country, especially in the first
half of 2022. Regional Directorship for Central Asia
Mr. Yusif Abdullayev
Director,
Azerbaijan Export and Investment Promotion
Agency (AZPROMO)
INVEST KOREA
The global supply chains built in the age of economic in greenfield. To achieve such outcome amid the

globalization with the pursuit of market expansion COVID-19 pandemic, Invest KOREA has exerted
and production efficiency have recently undergone its utmost efforts. With the “Untact Investment
reorganization. Was this triggered by the COVID-19 Consulting Service,” we resolved difficulties of
pandemic, or tensions among global powers? foreign firms and encouraged investment reporting.
Frankly speaking, there is no single cause for supply Also, with the user activity log analysis system on the
chain restructuring. But, one thing for sure is that Invest KOREA homepage, we enhanced investment
its pace, scope, and direction have puzzled all of us. promotion activities and services, and established
the user big data for targeting core groups. By
Production value chains have transformed and FDI sharing these practices, I hope that IPAs in the region
trends have continued to fluctuate accordingly, to the can gain momentum in investment promotion even
point where they have become even more difficult in the face of the current difficulties.
to predict. Global FDI flows in 2021 were $1.6 trillion,
up 64 percent from the exceptionally low level in Two great issues await global FDI in the coming
2020. However, most of the growth took place in years: Introduction of the global minimum tax and
developed countries rather than in developing increasing importance of sustainable finance in
countries, and greenfield investment in industries the market. The global minimum tax can increase
has been slow to recover, while project finance has corporate tax for multinational enterprises, which
boomed. Multinational enterprises in the digital top can affect existing investment incentives. Also, there
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It is a great honor to greet 100 are becoming increasingly important, while are concerns that growth of the sustainable finance
cross-border investment by small and medium- is concentrated in advanced markets, and that it
the members of WAIPA as a sized enterprises is in decline. Reorganization in can trigger ‘greenwashing.’ In this circumstance,
representative of East and supply chains such as reshoring and nearshoring the global investment network and partnerships
118 119
has affected restructuring in global FDI as well. between IPAs are more significant. I expect that
Southeast Asia. First of all, I FDI will play the role of a healthy blood vessel for
Despite the drastic transformation, FDI inflows to the global economy in the age of transformation in
would like to extend my sincere Korea reached its record-high last year. FDI inflows global supply chains, with the close academic and
gratitude to you for your have increased more in the service sector than in technical cooperation between the members of
the manufacturing sector, and more in M&A than WAIPA.
unwavering cooperation and Regional Directorship for East Asia and
support in the past years. South-East Asia
Mr. Shawn Chang
Commissioner of Invest KOREA

BANGLADESH INVESTMENT DEVELOPMENT AUTHORITY
South Asia will hopefully do much better in 2023 held more dialogues with current and potential

by enhancing its readiness for FDI. Building a strong investors, ramped up our post-investment services,
and structured regional IPA network for exchanging got an honorable mention at the 2021 WAIPA-WBG
key information will be valuable for us in South Asia. Advocacy Awards for providing hassle-free services
In Bangladesh, we understand and embrace the through our One Stop Service portal and organized
fact that we have come a long way and that there a successful ‘hybrid’ international investment
is still much ahead of us. Our FDI was on the rise summit. As we are again faced with challenges, we
when we got hit by the Covid-19 pandemic, but we are actively exploring all avenues of achieving safety
took it as an opportunity to ramp up overall efforts and success for us and our region.
– we implemented more business climate reforms,
We are encouraged because

global FDI flows are going
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back to pre-pandemic
120 levels, but to continue the 121
trend governments and

IPAs must double their
efforts to overcome current
challenges, including
higher prices of fuel and Regional Directorship for South Asia
Mr. Md. Sirazul Islam
commodities.
Executive Chairman,
Bangladesh Investment Development Authority
(BIDA)
BUSINESS FINLAND
Despite the global downward pressure on FDI, reputation as a safe investment location. Compared

European locations have shown a certain degree of to the worst pandemic period, the flow of new FDI
resilience this year. Investors have also expressed projects in Finland in the first half of 2022 has been
their confidence in the long-term attractiveness steady. Some remarkable examples of investments
of Europe. For example, foreign investors’ trust in are Microsoft’s new data center mega-investment in
Finland has not declined. Quite in an opposite way, Helsinki region and Netflix’s acquisition of a Finnish
After the FDI recovery in the quick measures against Covid and the ongoing gaming company Next Games.
NATO-conversation have increased Finland’s
Europe in 2021, investors’
confidence has decreased
in a global scale in the
first half of 2022. The
Best Practices
uncertainty that is a result Sustainability is the new black. Companies are
of the pandemic and the looking for new solutions and concrete actions
behind their sustainability strategies. Make sure
war in Ukraine, and the that the investments that you are advancing follow
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following food, energy, sustainability standards and help the companies
with their sustainability journey in your country.
and finance crisis, is
In these unstable times, it is also important that
122
affecting the cross-border governments maintain long-term actions for a
123
investments in Europe. stable and predictable business environment. Here

an IPA can play important role by communicating
Companies’ plans to investors’ concerns to the decision makers.
establish and expand in
Europe have declined in Regional Directorship for European Union
2022. The global trends Mr. An‫מּ‬i Aumo
have also shifted the focus
Executive Director,
on certain industries, such Invest in Finland – Business Finland
as green energy.
CYPRUS INVESTMENT PROMOTION AGENCY
The global challenges of the last few years, which aiming to limit the impact of the recession through

disrupted the economic stability, have also impacted their efforts. Despite the ongoing challenges and
the Eastern European economies. The IPAs of uncertainty, the importance of FDI in achieving
the region work closely with their governments, sustainable growth is greater than ever.
Best Practices
Recognizing the need to diversify the economic
model, Invest Cyprus adopted a new strategy
back in 2019, focusing on growing the ICT cluster
and empowering the tech industry. Since then, a
series of new incentives to attract business and
talent have been introduced with significant
results.
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124 125
Despite the ongoing challenges

and uncertainty, the importance
of FDI in achieving sustainable
growth is greater than ever Regional Directorship for Eastern Europe
Mr. George Campanellas
CEO,
Invest Cyprus
COSTA RICA’S INVESTMENT PROMOTION AGENCY
In 2021 worldwide FDI rebounded after the first year may affect the growth of this trend in 2023-2024.

of the pandemic. Costa Rica was not the exception. The tax regime is a factor in investment decisions,
Greenfield investment announcements in Costa and although tax incentives are frequently the most
Rica, an indicator of future investment plans, were important one, they have traditionally been one of
up 35% from 2020 and the inflows to Costa Rica the most widespread policy tools in this region to
returned to pre-pandemic levels, almost doubling attract and retain foreign investment. The pandemic
to $3.2 billion with new investments in special has accentuated the importance of incentives and
economic zones (72% of total inflows). However, the tax relief efforts as part of the economic recovery
implementation of Pillar II of the global minimum tax and resilience packages adopted worldwide.
Best Practices
In these uncertain times, one of the best
investment promotion strategies is to improve the
country’s investment climate. This allows foreign
companies operating in the country to strengthen
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their roots and support new expansions. In
addition, this helps to make the country more
attractive for greenfield projects. Legal certainty
126 must be guaranteed to face global changes in tax 127
planning.
One of the best investment

promotion strategies is
to improve the country’s Regional Director for Central America and Caribbean
Ms. Pilar Madrigal
investment climate.
Director,
Investment Advisory,
CINDE- Costa Rica’s Investment
Promotion Agency
INVEST MINAS
Cycles complete, and cycles commence. The transition investments, having received a record 484 projects

between one and the other gives us experience and and generating more than 120,000 jobs.
teachings which, with persistence and vision, enable
us to embrace increasingly significant opportunities. ESG has emerged as a definitive part of this virtuous
circle. Investments in renewable energy in socially
Thus, after 53 years of positive experiences, INDI challenged areas across our region, such as those
It is with a feeling of great now becomes Invest Minas. by English-Dutch group Shell, demonstrate that
satisfaction that I come to the end The new brand reflects the fact that investment is a
new investments need to be sustainable from
environmental, social and governance points of view.
of another cycle of activities as part pathway of economic development, and conveys a
leading role upon the region in which Brazil’s best I would like to mention our activities as Regional
of the WAIPA Steering Committee. opportunities are concentrated. Director for South America: due to unfavourable
The actions and results presented Covid-19 conditions in some areas, we promoted the
In the same manner, another cycle has begun. virtual Waipa South America Investment Webinar
in this Report of Activities are After difficult moments across the globe due to the 2022 with the remote participation of partner
an outcome of the planning and Covid-19 pandemic, I have borne witness to a strong
resumption of investment flows. In Minas Gerais,
agencies from countries such as Argentina, Colombia
and Paraguay. The success of this event and abating
determination of several forums the 2021 results in investment amounts or job pandemic leaves us optimistic about the possibility
creation were up by more than 300% against 2020. of an in-person event in Minas next year.
and people. I would like to
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Between January 2021 and June 2022 alone, more
convey my most sincere thanks than 81,000 jobs were created in the state. When I am encouraged that we are going in the right
we widen our horizons and consider the period in direction, and working together towards sustainable
128 to colleagues on the Steering which I have had the privilege of serving on the development through mutual economic growth, 129
Committee, and to the Permanent Steering Committee – since 2019 – I can assertively
say that Minas Gerais is enjoying its best moment for
sharing success stories and business opportunities.
Secretariat, for their dedication in

delivering value to our members
today and preparing our institution
for tomorrow. Regional Directorship for South America
Mr. João Paulo Braga
CEO,
Invest Minas
MINISTRY OF COMMERCE, INDUSTRY AND LABOUR
With the prevalence of Covid-19, most PICs have been is collaborating with Development Partners to

implementing different targeted macroeconomic continue the review of its investment regime
policies to sustain economies and ensure minimal including the institutionalization arrangements for
disruption to inward FDIs. Furthermore, legislative investment promotion.
reforms were carried out in most countries to
ensure robust legislative frameworks are in place As a member of WAIPA, Samoa and other member
to govern foreign investment into the region in countries in the Oceania region will continue to utilize
Pacific Island Countries (PICs) have light of the current crisis. For some PICs, more work
had been conducted on the promotion arena to
the platform provided through WAIPA to assist with
recovery and post COVID-19 development strategies
always been vulnerable to global entice FDIs including strengthening cooperation and interventions to be able to gradually reach the
with regional and international partners and level they were at pre-COVID19.
economic and environmental streamlining registration procedures in efforts to
shocks which have been remove bureaucratic red tapes. Samoa in particular
exacerbated by Covid-19. As the

Oceania Region gradually recovers
from the pandemic, FDI although
currently declining, member
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countries remain optimistic that
130 it will see a positive movement in 131
2023 and in the next three to five

years as PICs slowly move to open
international borders and ease
respective restrictions of national
Regional Directorship for Oceania
State of Emergencies.
Mr. Pulotu Lyndon Chu Ling
Chief Executive Officer,

Ministry of Commerce,
Industry and Labour (MCIL), Samoa
UDITED FINANCIAL STATEMENTS AUDITED FINANCIAL STATEMENTS AUDITED FINANCIAL STATEMENTS AUDITED FINANCIAL STATEMENTS AUDITED FINANCIAL STATEMENTS AUDITED FINANCIAL STATEMENTS AUD
AUDITED FINANCIAL
STATEMENTS
D FINANCIAL STATEMENTS AUDITED FINANCIAL STATEMENTS AUDITED FINANCIAL STATEMENTS AUDITED FINANCIAL STATEMENTS AUDITED FINANCIAL STATEMENTS AUDITED FINANCIAL STATEMENTS AUDITE
Geneva, June 30, 2022
FINANCIAL STATEMENTS
As statutory auditor, we have examined the financial statements (balance sheet, income
statement and notes) of the World Association of Investment Promotion Agencies for the
financial year ended December 31, 2021.
These financial statements are the responsibility of the Steering Committee. Our
responsibility is to perform a limited statutory examination on these financial statements.
We confirm that we meet the licensing and independence requirements as stipulated by
Swiss law. An employee of our company assisted in the bookkeeping during the reporting
year. This individual was not involved in the limited statutory examination.
__________________________________________________________
We conducted our examination in accordance with the Swiss Standard on the Limited
report of the statutory auditor on the limited Statutory Examination. This standard requires that we plan and perform a limited
statutory examination to the general assembly of statutory examination to identify material misstatements in the financial statements. A
the financial statements for the year ended limited statutory examination consists primarily of inquiries of company personnel and
December 31, 2021 analytical procedures as well as detailed tests of company documents as considered
necessary in the circumstances. However, the testing of operational processes and the
internal control system, as well as inquiries and further testing procedures to detect
fraud or other legal violations, are not within the scope of this examination.
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Based on our limited statutory examination, nothing has come to our attention that
causes us to believe that the financial statements, disclosing accumulated reserves of
USD 530’450, do not comply with Swiss law and the association’s statutes.
134 Berney Associés Audit SA 135
Philippe JOERG Sébastien BRON

Expert-réviseur agréé Expert-réviseur agréé
Réviseur responsable
Enclosures : - financial statements (balance sheet, income statement and notes)
1207 Genève 1700 Fribourg 1950 Sion

Rue du Nant 8 Boulevard de Pérolles 37 Place de la Gare 2
+41 58 234 90 00 +41 58 234 93 00 +41 27 322 75 40
1003 Lausanne 1896 Vouvry En ligne

Rue Etraz 4 Rue Arthur Parchet 1 berneyassocies.com
+41 58 234 91 00 +41 58 234 90 20 [email protected]
WORLD ASSOCIATION OF INVESTMENT PROMOTION AGENCIES, Geneva WORLD ASSOCIATION OF INVESTMENT PROMOTION AGENCIES, Geneva
BALANCE SHEET AS OF DECEMBER 31, 2021 INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2021
NOTES 31.12.2021 31.12.2020 NOTES 2021 2020
USD USD USD USD
ASSETS OPERATING REVENUES
CURRENT ASSETS Membership fees 403'777 363'809

Consultancy revenues 86'176 -
Cash and cash equivalents 6.1 900'930 740'785
Training fees and contributions 61'675 -
Accounts receivable 10'968 27'987
Grants 6.4 40'015 621
TOTAL CURRENT ASSETS 911'898 768'772 Financial support for the rent 6.5 11'462 -
Presidency sponsorship 400'000 400'000
TOTAL ASSETS 911'898 768'772
TOTAL OPERATING INCOME 1'003'105 764'430
LIABILITIES AND RESERVES OPERATING EXPENSES

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CURRENT LIABILITIES Annual conference costs and meeting expenses (73'620) (205)
Workshops and training expenses (62'126) (498)
Other current liabilities 6.2 34'555 229
136 United Nations Office project expenses (40'015) (621) 137
Accrued expenses 6.3 179'790 70'106
Staff expenses (604'857) (503'631)
Grant received in advance 6.4 167'103 99'379
Other operating expenses 6.6 (271'575) (130'919)
TOTAL CURRENT LIABILITIES 381'448 169'714

TOTAL OPERATING EXPENSES (1'052'193) (635'874)
TOTAL LIABILITIES 381'448 169'714

OPERATING EARNINGS BEFORE INTEREST (49'088) 128'556
RESERVES Financial income 15.26 - 4'240

Financial expenses 6.7 (19'520) (8'180)
Accumulated reserves 530'450 599'058
RESULT FOR THE YEAR (68'608) 124'616
TOTAL RESERVES 530'450 599'058
TOTAL LIABILITIES AND RESERVES 911'898 768'772

WORLD ASSOCIATION OF INVESTMENT PROMOTION AGENCIES, Geneva
WORLD ASSOCIATION OF INVESTMENT PROMOTION AGENCIES, Geneva
NOTES TO THE FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021
4. INCOME AND CAPITAL TAX, SOCIAL TAXES
1. GENERAL
WAIPA does not pay any income or capital taxes as it benefits from a tax exemption, which is renewed every five
The World Association of Investment Promotion Agencies (hereinafter « WAIPA ») is a Swiss association, established years. WAIPA employees are subject to social charges and withholding tax on their remuneration.
in 1995 and registered as a non-governmental organization in Geneva, Switzerland. WAIPA acts as a forum for
investment promotion agencies to provide networking opportunities and facilitate the exchange of best practices in
investment promotion and capacity-building. 5 RENTAL AGREEMENT
WAIPA has no capital and is not registered in the Geneva Trade Register. WAIPA has entered into a new rental agreement for its Geneva office in 2021. Under this agreement, the non-
The seat of WAIPA is in Geneva - Switzerland. The administrative offices of WAIPA were located in Turkey until 2021 cancellable leases amount to CHF 69'992 (USD 76’468).
and have progressively moved to Geneva during 2021. In addition WAIPA has entered into a car lease agreement. Under this agreement, the non-cancellable leases amount
to CHF 11'099 (USD 11'970).
The financial statements have been prepared in accordance with the Swiss law and in particular with articles 957 to
963 of the Swiss Company Law dealing with the commercial accounting and the presentation of financial statements. INFORMATION AND EXPLANATIONS RELATING TO ITEMS ON THE BALANCE SHEET
6.
AND PROFIT AND LOSS ACCOUNT
2. ACCOUNTING PRINCIPLES 31.12.2021 31.12.2020

6.1 Cash and cash equivalents USD USD
The main accounting and valuation principles used, which are not already specified by the Code of Obligations, are
described as follows: Cash in Turkish Lira 16'535 -
UBS Swiss francs account 232'884 94
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UBS US dollars account 643'461 732'375
2.1 Revenue recognition
UBS Turkish Lira account 20 -
UBS Swiss francs - guarantee for rental agreement 8'030 8'315
Membership fees and conference related fees are recorded on an accrual basis. Membership fees and conference fees
138 not collected at the time of the preparation of the financial statements are not accrued for. 139
Total 900'930 740'785
Other revenues such as grants and financial revenues are recorded on an accrual basis.
Donations are recorded on a cash basis except for donations for specific projects which are recognized as income 6.2 Other current liabilities
when the related project expenses are actually incurred.
Pension fund liability 16'155 -
Withholding tax on salaries 18'400 -
2.2 Foreign currency
Debt due to third parties (credit card) - 229
The currency in which WAIPA operates is the US dollar. Transactions in foreign currencies are converted into the
Total 34'555 229
currency in which the association operates at the exchange rate on the day the transaction takes place.
The assets and liabilities in foreign currencies are converted into the currency in which the association operates at the
6.3 Accrued expenses
exchange rate on the balance sheet date. Any profits or losses resulting from the exchange are recorded in the income
statement. Members' contributions received in advance 3'997 -
Accrued professional fees and expenses 49'204 43'106
3. CONFIRMATION WITH RESPECT TO THE AVERAGE NUMBER OF FULL-TIME EQUIVALENT EMPLOYEES Accrued personnel costs and social charges 126'589 27'000
Total 179'790 70'106

The average number of full-time equivalent employee for the year 2021 is lower than 10 (2020: <10).
WORLD ASSOCIATION OF INVESTMENT PROMOTION AGENCIES, Geneva WORLD ASSOCIATION OF INVESTMENT PROMOTION AGENCIES, Geneva
Total (271'575) (130'919)
31.12.2021 31.12.2020
6.4 Grant received in advance USD USD
6.7 Financial expenses
Grant received in advance 167'103 99'379
Exchange loss (7'625) -
Total 167'103 99'379
Bank fees (9'307) (8'180)
WAIPA has obtained a grant of maximum USD 378'000 from the United Nations Office for Project Services. Such grant
shall be used for the implementation of the project capacity building for EIF countries within WAIPA activity. The project
started in 2020 and is still in progress. The amount of the grant collected by WAIPA have not been fully used by the
Total (19'520) (8'180)
end of the year. The amount of the grant that has not been used as of December 31, 2021 and 2020, has been
recorded as a deferred income. The remaining amount of the grant will be collected in 2022.
In 2021, WAIPA has also obtained a grant of USD 32'100 from the United Nations Office for Project Services. Such
grant shall be used for the EIF UNCTAD multiagency project .
Grant received in advance at the beginning of the year 99'379 -

Grants collected during the year 107'739 100'000
Amount expensed during the year (40'015) (621)
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Grants received in advance at the end of the year 167'103 99'379
The grants collected during the year include USD 32'100 for the EIF UNCTAD multiagency project and USD 75'639 for
the capacity building.
140 141
6.5 Financial support for the rent
In 2021, the Canton of Geneva granted a financial support to WAIPA to cover its rental expenses for a total amount of
CHF 30'564 (approximately USD 33'500). Such financial support covers two years of rental from April 1, 2021 to March
31, 2023.
6.6 Other operating expenses 2021 2020

USD USD
Rental expenses (30'150) (12'727)

Administrative expenses (30'368) (27'146)
IT expenses (4'686) (4'087)
Professional fees (136'096) (43'595)
Travel expenses (44'785) (24'544)
Other expenses (9'465) (10'674)
Marketing and advertising expenses (5'538) (8'101)
Other taxes (10'487) (44)
NOTES NOTES

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ASSOCIATIONOFINVESTMENTPROMOTIONAGENCIES WORLDASSOCIATIONOFINVESTMENTPROMOTION

004 030 094 106 132

LEADERSHIP VISION FROM THE

FACILITATE ACCESS TO DATA

MESSAGE FROM THE

MESSAGE FROM THE PRESIDENT

MESSAGE FROM THE

MESSAGE FROM THE EXECUTIVE DIRECTOR

MESSAGES FROM CONSULTATIVE COMMITTEE

MESSAGES FROM CONSULTATIVE COMMITTEE

MESSAGES FROM CONSULTATIVE COMMITTEE

Because of their proximity to local businesses,

ILO & WAIPA

In 2021 the ILO and WAIPA conducted a survey to identify

MESSAGES FROM CONSULTATIVE COMMITTEE

MESSAGES FROM CONSULTATIVE COMMITTEE

IPAS & GREENFIELD PROJECTS

MESSAGES FROM CONSULTATIVE COMMITTEE

MESSAGES FROM CONSULTATIVE COMMITTEE

MONA E. WBG & WAIPA

of the WIC marked the come back of the physical

The WAIPA members exchanged views on imperative

The second day ended with an awards ceremony for the

The WIC21 was a definite success story with several key

Data-Driven larger digital realm and the significance of data for

WORLD OF IPAs investors such as data on skillsets, wages, and other

Business-oriented capabilities and capacities of IPAs by intensifying

investment promotion agencies (IPAs) that implemented

WAIPA MEMBERS PORTAL

WHAT’S IN THE MEMBERS PORTAL?

Exclusive Content Not yet a member?

WORLD INVESTMENT FOR The launch of The World Investment for

CAPACITY BUILDING FOR EIF COUNTRIES

Project’s Focus Project’s Focus

Project’s Focus Project’s Focus

WAIPA distinguished business executives who are recognized for their

BUSINESS ADVISORY BOARD

(BAB) BAB ROLE

The BAB will undertake a number of activities including focus

BACKGROUND meetings, consultative meetings and other events including but

WAIPA & PRESIDENCY INVEST INDIA

EXCLUSIVE DISCUSSION FOR WAIPA

WAIPA gathered the CEOs of the member IPAs to listen on

WAIPA LAUNCHES A NEW PROGRAM

FRANCOPHONE LDCS The training will cover the entire cycle of

First investment promotion capacity-building program

speciﬁcally designed for Francophone LDCs IPAs Lead generation

WAIPA-ITC-DIE-WEF Supplier development programs:

Optimizing national and sub-national cooperation

ACCOMPLISHED PROJECTS best practices in investment promotion within

The SC board has also elected the Bangladesh Investment

In the regards of the current global events, the Steering

Identifying Quality Investor:

India’s approach to attracting quality investment:

Attracting Sustainable Investment:

“Aftercare is an essential service that IPAs offer. Being

Oxford Business Group

INVESTMENT Such collaboration is needed today more than

This article is part of the World Economic Forum Annual Meeting