Industries Minister Amir Hossain Amu has urged Unctad to take lead in taking supportive measures for the countries with vulnerabilities, including LDCs, to ensure adequate investment flows for implementation of Sustainable Development Goals (SDGs).
“Unctad (United Nation Conference on Trade and Development) should take lead in ensuring that investment flows to SDGs,” Amu told an event titled “Investing in Sustainable Development: Dialogue with Parliamentarians.”
The event was arranged as part of the World Investment Forum-2014 in Geneva, Switzerland yesterday, reports UNB.
Unctad brought the parliamentarians together at this high-level dialogue at a time when the Millinium Development Goals (MDGs)’ time-line is approaching its end-timeline, while the countries are embarking on a much inter-linked post-2015 Development Agenda.
Amu said strong partnership between Unctad, the global platform for overseeing investment and development, and Inter-Parliamentary Union (IPU) could be useful to collectively work on these fronts.
That’s how we could contribute effectively towards achieving progress on investments for sustainable development, said Amu adding, “as a parliamentarian myself, I believe, each of us can and must lend our voice.”
He said capacity building will be needed to make parliamentarians oriented with the changing nature of development discourses and the needs of people.
In low-income developing countries like Bangladesh, national development approaches must be shaped and driven by governments, not by development partners, Amu said.
Amu said strengthening the capacity of parliaments to engage in the planning and assessment of development policies and programmes is important.
The Industries Minister said the SDGs lay much emphasis on ‘effectiveness’ of ‘institutions’ at national and global levels.
Proper functioning of public institutions and institutional mechanisms is increasingly recognized to bring in difference in many ways, he said.
Amu said implementation of the SDGs will require concerted efforts by all stakeholders, much more than the MDGs required. “Parliamentarians can promote dialogue on development policies and issues among the stakeholders, within and beyond parliaments.”
Later, the Industries Minister addressed the ministerial roundtable titled ‘Investing in the Sustainable Development Goals (SDGs)’ with Unctad Secretary General Mukhisa Kituyi in the chair.
The meeting focused on possible ways and means for mobilising efforts and investible resources for the SDGs.
Referring to the world investment report, Amu said total investment needed for SDGs in the developing countries alone could be about $3.9 trillion every year, as against the current investment of around $1.4 trillion.
“We must recognise that countries within the developing world face unique circumstances. Therefore, some interventions at global level would be crucial to ensure that non-public resources do flow to such marginalised countries,” he added.
During the Post-2015 period, the Industries Minister said, it needs to be estimated as to how the crucial investment needs of the countries vulnerable due to climate change would be met. “For the LDCs and the climate-vulnerable economies, robust and special investment regimes would be even more crucial in that context.”
Amu said creation of a national space and enabling environment also need to be supported through external factors, policies and environment.
“Securing this balance must receive greater attention. Otherwise, as we did see before, the precious development gains of countries like Bangladesh might be stake as a result of external shocks or absence of supportive external environment,” he added.