Geneva: President Abdul Hamid on Tuesday 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, reports the UNB.

The President made the remarks while delivering his speech at a conference titled ‘Investment in a New Era of Globalization’ 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 percent in 2017 while FDI to developing countries did not recover after a 10 percent drop in 2016. The FDI to the LDCs also fell by 17 percent last year.

‘So, we’ve reasons to be concerned, especially because in the wake of the last financial crisis. The weakened globalization had a devastating impact on global economic growth, trade and investment,’ Hamid added.

Calling for making the international system just and equitable, the President said, ‘We need to assist the graduating LDCs with smooth transition by continuing the preferential treatment for a reasonable period to provide duty- and quota-free access to them and to increase private FDI to the LDCs, offer incentives to the private entities of the developed countries for transfer of technology in line with Articles 66.2 and 67 of the TRIPs Agreement.’

Presidents of Mongolia and Montenegro Khaltmaagiin Battulga and Milo Đukanović, President of the UN General Assembly, Secretary General of UNCTAD MukhisaKituyi, representatives from international organisations and multinational companies were present at the programme.