GROUP OF 77
GENEVA

OPENING STATEMENT ON BEHALF OF THE GROUP OF 77 AND CHINA BY CAMBODIA AT THE 14TH SESSION OF INVESTMENT, ENTERPRISE AND DEVELOPMENT COMMISSION
(Geneva, 29 April 2024)

Excellency President of the 14th Session of the Investement, Enterprise and Development Commission,
Mr. Deputy Secretary-General of UNCTAD,
Excellencies,
Distinguished delegates,
Ladies and gentlemen,

I have the honor to deliver this statement on behalf of the Group of 77 and China.

1. At the outset, the G77 and China wishes to congratulate you Excellency President, Vice-Presidents and rapporteur on the election for this 14th Session of Investment, Enterprise and Development Commission. We extend our full support and cooperation to you and the bureau to accomplish our tasks at this session.

2. Let me first acknowledge the insightful and comprehensive opening remarks of the Mr. Pedro Moreno, Deputy Secretary-General of UNCTAD.

3. Taking this good opportunity, the Group of 77 and China would like to express its appreciation for UNCTAD's work and analysis on Foreign Direct Investment (FDI) and other investment flows, as presented in the annual World Investment Report (WIR) and its Investment Trends Monitors. It would also like to recognize the work across UNCTAD's three pillars in the areas of science, technology, and innovation.

Mr. President,

4. During the forthcoming days, we are about to discuss relevant tools in the efforts to attain the SDGs as investment facilitation. The international community is facing an increasingly pressing issue concerning insufficient investments necessary for advancing the Sustainable Development Goals.

5. Based on UNCTAD's data, this shortfall in investment across all SDG sectors has ballooned from $2.5 trillion in 2015 to now exceed $4 trillion annually. Despite positive sustainability trends evident in global capital markets, this surge is primarily due to ongoing underinvestment and the rising expenses linked to meeting additional demands, particularly in critical areas. The Group of 77 and China echo UNCTAD's findings, stressing the critical need for a significant boost in both public and private investments to narrow these gaps and attain the global objectives by the 2030 deadline.

6. In the area of investments, it is critical to consider the ultimate objective of sustainable development, considering its three pillars: social, economic, and environmental. Investments, under a proper framework, can have the potential to significantly contribute to the development of skills, harnessing technologies, and enabling an innovative local environment.

Mr. President,

7. The Group of 77 and China values the discussions on science and technology due to their crucial impact in overcoming the multiple crises our planet is facing, particularly the climate crisis. Climate and environmental issues cannot be seen in isolation from the economic and social pillars of sustainable development. Intellectual property and investment frameworks are fundamental, as well as discussions on technological tools that can be used for development.

8. The Group welcomes how the topic of blockchain is framed in the background note for this commission.

Thank you, Mr. President!