Indian Wins Investment Promotion Award 2020 | UPSC
United Nations Declares Invest India The Winner of the Investment Promotion Award 2020
WHY IN NEWS:
Hot from PIB !
SYLLABUS COVERED: GS 1 : Awards
For PRELIMS go through the aim , best practises followed by Invest India and basics of UNCTAD .
For MAINS go through UNCTAD and its impact on global trade . Let us dive in !
INVESTMENT PROMOTION AWARD 2020
- The COVID-19 pandemic has led to numerous challenges for Investment Promotion Agencies.
The Pandemic is forcing agencies to shift focus from :
- Routine investment promotion and facilitation towards crisis management
- Notification of government emergency
- Economic relief measures
- Provision of crisis support services
- Contribution to national COVID-19 business response efforts.
- In March 2020, UNCTAD constituted a team to monitor the response of IPAs to the pandemic.
- UNCTAD reported best practices from Investment Promotion Agencies in the IPA Observer publications in April and July 2020.
- The award ceremony took place on 7th December 2020 at UNCTAD Headquarters in Geneva.
- The response of IPAs to the pandemic became the basis for the evaluation of the 2020 United Nations Investment Promotion Award.
- UNCTAD highlighted good practices followed by Invest India.
- The Business Immunity Platform
- Exclusive Investment Forum webinar series
- Social media engagement
- Focus on COVID response teams (such as business reconstruction, stakeholder outreach and supplier outreach) created as a response to the pandemic, in its publications.
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- Invest India has also shared long-term strategies and practices being followed for investment promotion, facilitation and retention at UNCTAD’s high-level brainstorming sessions.
- UNCTAD is a central agency that monitors performance of IPAs and identifies global best practices.
- Germany, South Korea and Singapore have been some of the past winners of the award.
- Globalization, including a phenomenal expansion of trade, has helped lift millions out of poverty.
- There are tremendous challenges which still remain.
- It also helps them to deal with the potential drawbacks of greater economic integration.
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Working at the national, regional, and global level, UNCTAD helps countries to:
- Comprehend options to address macro-level development challenges
- Achieve beneficial integration into the international trading system
- Diversify economies to make them less dependent on commodities
- Limit their exposure to financial volatility and debt
- Attract investment and make it more development friendly
- Increase access to digital technologies
- Promote entrepreneurship and innovation
- Help local firms move up value chains
- Speed up the flow of goods across borders
- Protect consumers from abuse
- Curb regulations that stifle competition
- Adapt to climate change and use natural resources more effectively
- The award is a testament to the Hon’ble Prime Minister’s vision of making India a preferred investment destination.
- It bears testimony to his focus on Ease of Living, Ease of Doing Business and creating an Aatmanirbhar Bharat”.
SOURCES: PIB | Investment Promotion Award 2020 | UPSC