‘It’s time’ for open global in­vest­ment en­vi­ron­ment

China Daily (USA) - - G20 2016 CHINA - By ZHONGNANin Hangzhou zhong­nan@chi­nadaily.com.cn

Gov­ern­ment lead­ers’ vi­sion of build­ing an open and trans­par­ent global in­vest­ment en­vi­ron­ment and curb­ing trade pro­tec­tion­ism will of­fer growth reme­dies to the world econ­omy in the long run, es­pe­cially to de­vel­op­ing economies, of­fi­cials and ex­perts said onMon­day.

“It’s time for the G20 to move for­ward with an ef­fec­tive agenda on in­vest­ment and trade. De­vel­op­ing coun­tries oth­er­wise may con­tinue to con­front chal­lenges caused by lack of for­eign in­vest­ment, and higher tar­iffs to ship Ni­hat Zey­bekci, goods to cer­tain coun­tries,” said James Zhan, se­nior di­rec­tor of in­vest­ment and en­ter­prise for the United Na­tions Con­fer­ence on Trade and De­vel­op­ment.

Pres­i­dent Xi Jin­ping urged G20 mem­bers to build an open world econ­omy and con­tinue to pro­mote the lib­er­al­iza­tion and fa­cil­i­ta­tion of trade and in­vest­ment dur­ing the G20 Sum­mit in Hangzhou.

Tur­key’s Min­is­ter of Econ­omy Ni­hat Zey­bekci said, “Fur­ther sim­pli­fy­ing cross­bor­der in­vest­ment, in­clud­ing merger and ac­qui­si­tion ap­proval pro­ce­dures, would be a wise way to at­tract more for­eign di­rect in­vest­ment, be­cause that would en­cour­age more for­eign in­vestors to build man­u­fac­tur­ing and ser­vice fa­cil­i­ties, as well as re­search cen­ters in dif­fer­ent lo­ca­tions through­out the world”.

Zey­bekci also ex­pressed in­ter­est in the China-Pak­istan Eco­nomic Cor­ri­dor, say­ing that Tur­key has been pay­ing close at­ten­tion and hopes to par­tic­i­pate in the pro­gram.

Ning Gaon­ing, chair of the B20’s trade and in­vest­ment task force and chair­man of Sinochem Group, said the G20’s big­gest chal­lenge is to over­come eco­nomic dif­fi­cul­ties the world has en­coun­tered since 2008, and to do so it is im­por­tant to re­move ex­ist­ing ob­sta­cles, such as trade pro­tec­tion­ism, in in­ter­na­tional trade.

“It would be help­ful to fa­cil­i­tate ex­changes, re­duce trade costs and im­prove in­fras­truc­ture. A mul­ti­lat­eral in­vest­ment deal would also be use­ful to make it eas­ier to in­vest in de­vel­op­ing coun­tries,” he said.

HuangYanghua, a re­searcher at the Chi­nese Academy of So­cial Sciences’ In­sti­tute of In­dus­trial Eco­nomics, said small and medium-sized com­pa­nies will ben­e­fit, when con­nected to the global value chain, with con­ve­nient mar­ket ac­cess, lower-cost pro­duc­tion and in­no­va­tion-ori­ented part­ners.

Fur­ther sim­pli­fy­ing cross-bor­der in­vest­ment ... would be a wise way to at­tract­more for­eign di­rect in­vest­ment.” of Econ­omy Tur­key’s Min­is­ter

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