The ‘Invest India’ initiative of the Union Government on October 22, 2018 won the top United Nations Investment Promotion Award in recognition of its efforts to boost investments in the renewable energy sector in India.
The award was presented by Armenian President Armen Sarkissian to Deepak Bagla, the CEO of Invest India, in Geneva, Switzerland at the inauguration of the World Investment Forum organised by the UN Convention on Trade and Development (UNCTAD).
What is Invest India and why was it honoured?
• A non-profit venture of the Department of Industrial Policy and Promotion, Invest India promotes sustainable investment.
• Invest India is the official Investment Promotion and Facilitation Agency of the Union Government, mandated to facilitate investments in the country.
• It is the first stop for potential global investors in the country.
• It provides sector and state-specific inputs and other supports to investors through entire investment cycle.
• All efforts like hand-holding and facilitation support are made by Invest India under the Make in India programme.
Invest India received the award for excellence in servicing and supporting major global wind turbines company for establishing blade manufacturing plant in India while producing 1 gigawatt of renewable energy. Implementation of the project is expected to reduce India’s wind energy cost significantly.
Other Winners: Bahrain, Lesotho, South Africa and Special Recognitions
Apart from India, agencies from Bahrain, Lesotho and South Africa won top honours at the United Nations Investment Promotion Awards for excellence in boosting investment into sectors that will have social and economic benefits and will help meet the Sustainable Development Goals (SDGs).
Bahrain Economic Development Board (EDB Bahrain)
The EDB Bahrain was awarded for its role in attracting a large-scale regional data center, which will provide cloud computing services in Bahrain and neighbouring countries. The award was presented by Mokgweetsi EK Masisi, President of Botswana.
Lesotho National Development Corporation (LNDC)
The LNDC received the award for a large horticulture investment project that will create 15000 direct and indirect jobs. The LNDC was honoured for its proactive role in securing the project and facilitating a partnership approach with joint financing by local and international private investors. The award was presented by Khaltmaagiin Battulga, President of Mongolia.
InvestSA (South Africa)
InvestSA was awarded for its role in facilitating two pioneering waste-to-nutrient recycling projects to up-cycle organic waste into natural and high-protein animal feed. Each project will offer much-needed jobs in local communities and is expected to save an annual 80000 metric tons of carbon dioxide emissions by diverting organic waste from landfill.
The award was presented by Maria Fernanda Espinosa Garces, President of the 73rd session of the United Nations General Assembly.
Three Investment Promotion Agencies (IPAs) were also honoured with special recognitions at the awards. These IPAs were:
• Apex-Brasil of Brazil: It received a Special Recognition for fostering partnership for its efforts in initiating and facilitating strategic, financial and technology partnerships between foreign-invested auto parts companies and local suppliers.
• Invest Pacific of Colombia: It received a Special Recognition for promoting investment for targeting and attracting a seed nursery project by a Peruvian company in a region affected by armed conflict. The project consolidated peace and generated 120 direct jobs, especially for women.
• Tatarstan Investment Development Agency (TIDA) of Russia: It received a Special Recognition for promoting investment by targeting and securing American investment in an advanced radiotherapy medical centre through a public-private partnership.
UN Investment Promotion Award
• The Investment Promotion Awards, organised by UNCTAD, honours Investment Promotion Agencies and their governments for their achievements.
• It honours agencies that showcase best practices in attracting investment into SDG-related projects that can inspire investment promotion practitioners in developing and developed countries.
• The Awards have been given annually since 2002 as part of UNCTAD’s investment promotion and facilitation programme.
• The 2017 winners were COFIDES of Spain, the Ethiopian Investment Commission and the Board of Investment of Mauritius.
Video: Check out the latest current affairs of this week
Who: Invest India