UNCTAD launches project to attract foreign investors

The United Nations Conference on Trade and Development (UNCTAD) and the International Chamber of Commerce (ICC) launched a joint project today to help six of the world’s least developed countries (LDC’s) attract more foreign direct investors. The six countries - Mali, Mozambique, Uganda, Ethiopia, Madagascar and Bangladesh - are among 48 LDC’s of which 33 are in Africa. Less than one percent of private foreign direct investment goes to these countries, UNCTAD said in a press release. Once the project is well established, the intention is to extend it to other least developed countries. The governments of China, Finland, France and Norway are providing financial support, UNCTAD added. “The project has two aims,” a project officer for UNCTAD told IRIN today. “In the short term, to produce information guides on investment opportunities and in the long term, as a tool to initiate dialogue between governments and foreign investors.” UN Secretary-General Kofi Annan has described the initiative as “a showcase project” that illustrates the benefits of partnership between the UN and business, UNCTAD said.