KUWAIT CITY, Oct 19: Kuwait actively participates in the Eighth World Investment Forum organized by the United Nations Conference on Trade and Development (UNCTAD), in Abu Dhabi from October 16 to 20, 2023, under the slogan "Investing in Sustainable Development."

The Kuwaiti delegation was led by Finance Minister Fahd Al-Jarallah, representing Prime Minister His Highness Sheikh Ahmed Nawaf Al-Ahmad Al-Sabah. The forum's primary objective was to foster discussions and initiatives addressing global investment and development challenges, both existing and emerging, reports Al-Rai daily.

The forum tackled key investment challenges stemming from multiple worldwide crises, including methods to boost investments in food security, the transition to low-carbon energy sources, healthcare systems, supply chain flexibility, and strategies to enhance productive capabilities in less developed nations. A dedicated session was also convened to focus on climate action and investment solutions, particularly pertinent with the approaching launch of the Conference of the Parties (COP28) scheduled for November in Dubai.

Furthermore, the forum delved into measures to bolster clean energy investments in developing countries, where there exists an annual investment shortfall of $2.2 trillion in transitioning to low-carbon energy, as highlighted in UNCTAD's World Investment Report 2023.

Minister Al-Jarallah emphasized the forum's significant and constructive role in addressing global investment challenges, extending appreciation to the Department of Economic Development in the Emirate of Abu Dhabi for its pioneering efforts in establishing this influential platform. He commended the valuable discussions and topics presented during the forum's opening day, which sought to devise solutions to economic and investment challenges. Al-Jarallah conveyed his gratitude and well-wishes for the success of those overseeing the forum and hoped for recommendations that would address investment challenges comprehensively.

The UNCTAD World Investment Forum is a biennial event, gathering various stakeholders at the level of Heads of State and Government, Ministers, Executive Directors, and Heads of International Organizations. It is considered a foremost global assembly for investment partnership and policy formulation, offering a platform for engagement among various stakeholders, including policy-makers, business leaders, investment promotion agency heads, and sovereign wealth fund managers, as well as representatives from academia and civil society.

Minister Al-Jarallah underscored the need to spotlight Kuwait's investment climate and promote promising investment opportunities through collaboration between the public and private sectors. During his visit to the "Direct Investment Promotion" and "Public-Private Partnership" pavilions at the forum, he stressed the importance of showcasing Kuwait's investment landscape, emphasizing the diverse and viable investment prospects within the country.

Al-Jarallah also highlighted the importance of participation in international investment forums, as they serve as pivotal platforms for shaping public policies and global decisions in a collective effort.

He reiterated Kuwait's commitment to attracting foreign investments, expanding cooperation with global markets, and staying abreast of developments and technological advancements to advance sustainable development in the country. He emphasized that Kuwait's participation in the forum aimed at knowledge sharing and gaining insights into global investment practices within one of the most significant and advanced international platforms.

The forum received sponsorship from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the United Arab Emirates, Prime Minister, and Ruler of Dubai, and was graced by the presence of His Highness Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Executive Council of the Emirate of Abu Dhabi, and His Highness Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance.