The ‘IPAs of the G20 & Guest Countries’, established by India leveraging its G20 and WAIPA leadership, is an informal engagement group that aims to achieve the common objective of universal and all-inclusive development with collaborative efforts. Investment Promotion Agencies (IPAs) are governmental or non-governmental organisations whose primary goal is to attract domestic and foreign investments to promote economic growth, generate employment, and facilitate overall development.

Under this group, 12 consultations were conducted wherein opportunities across areas such as Digitalisation & Investible Projects, Sustainability & Climate Change, Future of Work, Skilling & Gender Balancing (FSG), and Resilient Global Value Chains (GVCs) were identified. Member countries such as Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, South Africa, Turkey, the United Kingdom and the United States and the European Union, attended the consultations and envisaged outcomes based on discussions. Bangladesh, Egypt, Mauritius, Netherlands, Singapore, Spain, and UAE were some of the guest countries that attended meetings.

For India, the three cutting-edge priorities that remained the highlight of discussions in the group were financing tomorrow’s cities and establishing them as engines of economic growth, transitioning from carbon-intensive energy to renewable energy, and creating sustainable health systems. Globally, an investment of around $5.5 Trillion is required to develop urban infrastructure over the next 15 years. The private sector could help fulfil these needs and make cities a hub for entrepreneurship, jobs, and skill development.

Decarbonisation has become a top priority as the demand for sustainable solutions is growing in the modern world. India, being the third-largest producer of renewable energy, can lead the energy transition and drive global collaboration to reduce the cost of achieving net-zero emissions. The Government of India has already announced programs such as National Hydrogen Mission and Production-Linked Incentives for Electric Vehicles, which aim to support clean hydrogen generation and reduce dependence on fossil fuels.

The G20 IPAs group can significantly shape a global healthcare agenda focused on providing universal, affordable, and quality healthcare. The support of IPAs for facilitating India’s global initiative on Digital Health and transforming the National Centre for Disease Control into a Regional Centre can help create a resilient and responsive health system and advance preparedness efforts towards pandemics.

African Union Becomes Permanent G20 Member

Inclusivity remained at the heart of the G20 presidency for India. Following an invitation from the summit host, Hon’ble PM Narendra Modi, the African Union assumed its position as a permanent G20 member. With the admission of AU, G20 becomes G21, which now represents around 85% of the global GDP, 80% of the world’s population, and 75% of global trade. The move gives the AU the same status as the 27-member European Union and provides a platform for the continent to have more voice, visibility, and influence on global issues.

African Union’s active participation in the summit would ensure that policy decisions are fair for all stakeholders and beneficial to the global community. Besides, the African Union’s membership can be pivotal in securing global acknowledgement of Africa's potential in climate change mitigation strategies.

India’s support of African Union’s entry into G20 is a landmark moment in international diplomacy, making the country a global leader advocating the cause of the Global South.

Conclusion

Enhanced coordination among G20 IPAs has contributed towards more streamlined and efficient processes, fostering a more conducive environment for cross-border investments, building climate resilience, and achieving SDG targets. The positive development reflects a recognition of the growing importance of international collaborations in promoting investments that contribute to achieving the economic goals of the G20 countries.

Register to know more about what IPAs of G20 have in store at the 27th World Investment Conference: https://waipa.org/wic-register/