Invest India has been declared as the winner of the 2020 United Nations Investment Promotion Award by the United Nations Conference on Trade and Development- UNCTAD. The news was shared by the Ministry of Commerce and Industry.
The award ceremony took place on December 7, 2020, at the headquarters of UNCTAD in Geneva. The award by United Nations recognizes and celebrates the outstanding achievements of the best practice investment promotion agencies of the world.
Prime Minister Modi through his official Twitter account congratulated Invest India on the achievement and noted that the award is a testimony of the government's focus on making India the most preferred investment destination in the world.
Congratulations to @investindia for winning the 2020 United Nations Investment Promotion Award given by @UNCTAD. This is a testimony to our government’s focus on making India the world’s preferred investment destination & improving ease of doing business.
— Narendra Modi (@narendramodi) December 8, 2020
What was the basis for the evaluation of the award?
The award was evaluated on the basis of the United Nations Conference on Trade and Development’s assessment of work undertaken by 180 national Investment Promotion Agencies all over the world.
A proud moment for the country! @investindia wins the prestigious UNCTAD Investment Promotion Award 2020 amongst 180 agencies across the world for its response to the #COVID19 pandemic! 🏆
— Invest India (@investindia) December 8, 2020
Watch here 👉 https://t.co/Tszd8VVSa2 #TeamIndiaWins #ThankYouPMModi @PMOIndia @UNCTAD
UNCTAD, in March 2020, has constituted a team for monitoring the IPA’s response to the pandemic. It then reported best practices from the agencies in the IPA Observer Publications in April and July 2020.
The response by Investment Promotion Agencies to the pandemic was the basis on which the winners of the United Nations Investment Promotion Award 2020 were evaluated.
Invest India: Reasons for the achievement
UNCTAD highlighted the good practices which were followed by Invest India amid the pandemic. These practices were:
• Social media engagement
• Exclusive Investment Forum Webinar Series
• Business Immunity Platform
• Focus on COVID response teams such as stakeholder outreach, business reconstruction, and supplier outreach. These teams were created as a response to the ongoing pandemic in its publications.
• It shared long-term practices and strategies being followed for the investment promotion, retention, and facilitation at the high-level brainstorming sessions of UNCTAD.
Remarkable work by Investment Promotion Agencies amid pandemic:
The Union Commerce Ministry informed that the ongoing pandemic had created important challenges for IPAs- Investment Promotion Agencies. It forced them to shift the focus from routine investment promotion and facilitation towards the provision of crisis support services, crisis management, notification of government emergency and economic relief measures, and the contribution to national COVID business response efforts.
As per the release by the ministry, all this was being done when the Investment promotion agencies had closed offices, the staff was asked to work from home, and functions were moved online.
About Invest India:
It is a National Investment promotion and facilitation agency of India which acts as the first point of reference for Indian investors. It is a non-profit venture. Invest India was set up in 2009 under the Promotion of Industry and Internal Trade Department, Minister of Commerce and Industry, India.
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