Invest more in people to face future challenges

GENEVA (Switzerland), Oct 23 (UNB): President Abdul Hamid on Monday called for greater investment in human capital - education, health and skill development - to face the future challenges.

"We must invest more and more in our people, in their education and skill development. Only the right investment in the human capital can prepare us for the very demanding future," he said.

The President made the remarks while delivering his speech at a conference titled 'Investment in a New Era of Globalisation' in Global Leaders Investment Summit here.

The five-day UNCTAD's World Investment Forum- 2018 began at the Palais des Nations, the UN office in Geneva, on October 22.

He said, "We should make sure investments also respect the preservation of environment and facilitate sustainable development in line with our commitment to the Sustainable Development Agenda.

We must, therefore, encourage the private sector to invest in the green and renewable energy by providing incentives and preferential treatments."

Hamid said globalisation is not a very recent phenomenon though they witnessed spectacular manifestations of some of its discontents recently.

Industrial revolution and scientific inventions sped up the process over the years, President Hamid said adding: "Unprecedented technological advancement in the 20th century and the resulting ever enhancing connectivity brought revolution in transfer of goods and services.

But the benefits of the wealth didn't reach everyone equally."

Mentioning the recent discontents of globalisation, the President said, "We may explore what remedies could be made in investment policymaking so that more people could benefit from globalisation.

Referring to UNCTAD's World Investment Report 2018, the President said global FDI fell by 23 per cent in 2017 while FDI to developing countries did not recover after a 10 per cent drop in 2016.

The FDI to the LDCs also fell by 17 per cent last year.

"So, we've reasons to be concerned, especially because in the wake of the last financial crisis.