UN Geneva - Multimedia Newsroom : UNCTAD Press conference

[Other language spoken]

Good morning, everybody and apologies for the few minute delays, but we're here.

Thank you very much for attending the launch of the the World Investment Report 2025.

We're joined by the Secretary General of UN Trade and Development, Rebecca Greenspan, by the Director of the Division of Investment and Enterprise, Nan Lee Collins, that would speak in that order.

After which we open the floor for questions to dive deeper and for what we're also lucky to count on with Richard Bothwin, who's a head of investment of the Investment Trends and Issues branch.

Thank you very much for those in the room and for those joining us online.

Secretary General, thank you.

Thank you very much, Marcelo.

Thank you to all of you.

I already saw some of you in the elevator.

Let me let me just thank Natalie Collins and Richard Baldwin for a wonderful work and thank you for joining us today in person and and online for the launch of 1 of Ankat's key annual flagship publications, the World Investment Report 2025, which gives a comprehensive picture of the state of foreign direct investment all over the world, helping us understand the state of the world economy and the challenges for developing countries.

This year's report brings a clear and urgent message.

Productive global direct foreign direct investment continues to be weak with a further negative outlook for 2025 and with consequences most sharply felt in the developing world.

The top line figure of a 4% increase is a 4% increase in global foreign direct investment.

But this 4% increase in global direct investment is due to volatile financial flows because of conduit flows through a few economies.

So if we correct for these volatile flows in 2024, what we find is a stark picture that productive international foreign direct investment is shrinking.

In 2024, global foreign direct investment fell 11%.

That's the third straight year of decline.

And behind those numbers are very real consequences.

Jobs not created, infrastructure not built, sustainable development delayed.

So what we see here is not just a downturn, it is a pattern.

It's not already something that happened one year and will recover the other year.

[Other language spoken]

And this is happening because of growing geopolitical tensions, rising trade barriers, increasing screening measures on foreign investment, especially in the developed countries in a shifting priorities towards short term risk avoidance and national interest.

So the global investment landscape has become more volatile, more selective and more uncertain.

This is a pattern we must break.

And as the world navigates overlapping crisis, climate, conflict, inequality, the flow of investment capital has surely not responded to the urgency we need.

The report also offers regional insights where some countries show signs of resilience and these are good news and we need to stress this too.

While the global picture is very worrying, as I said before, there are also examples of resilience and opportunity.

Let's recognise and build on them and let me give you some of the main figures.

Africa, so a 75% increase in foreign direct investment inflows.

This was driven mainly by a landmark project in Egypt.

But even if you take that project away, Africa saw a rise in foreign direct investment of 12%.

So these are good news in Southeast Asia.

Asia Greenfield investments had the second highest level ever of $225 billion.

India showed strength in new projects even if the total inflows declined slightly.

We see in important new projects going ahead.

In Latin America and the Caribbean, we saw a 12% drop overall, but strong activity in three countries, in Argentina, in Mexico and in Brazil.

In the Middle East especially, the Gulf countries continue to attract solid flows as part of broader efforts to diversify beyond beyond oil.

So as we can see, these are success stories, but unfortunately we feel they are more the exception than the rule.

The world needs more than isolated success stories.

So who is being left behind?

Too many developing countries are not catching up despite the urgency of the moment.

Investment remains highly concentrated and it's true, stable in many cases, but stability in a very low in a very low level.

So it doesn't allow us to see the future with more optimism.

These developed countries, landlocked nations and small island developing states are still capturing only a small fraction of global flows.

Investment in SDG sector, and this is a one of our main worries in the report is that investment in SDG sectors is falling fast and seriously hurting the development of countries in an already concerning moment for the world economy and global trade.

So the most worrying trend is this continue continuing decline in investment in key development sectors, precisely those directly aligned with the Sustainable Development Goals.

Investment in renewable energy fell by 31%.

Water and sanitation is down by 30%.

Agri food systems dropped 19%.

Only the health sector saw an increase, up nearly 20%, but still accounts for less than $15 billion globally.

So let's be very clear.

You cannot build sustainable development if you don't invest in its foundations right now.

Those foundations are crumbling.

And the special feature of this report is about the digital and the digital economy.

But we see that the digital divide is growing wider.

Yes, there is growth in digital sectors.

Foreign direct investment in digital industries rose by 14% last year.

But as we said before, 80 percent, 80% of those investments went only to 10 countries.

Of the 100, 95 countries part of the Conference on Trade and Development, only 10 countries received 80% of those investments.

Most developing countries remain excluded from the digital boom held bike, held back by poor infrastructure, limited policy readiness and weak investment ecosystems, and Nan Lee Collins will be expanding on these findings.

Many of these countries have digital strategies, but without links to industrial policy, to investment frameworks, to data governance, so it's difficult for them to deliver an impact.

Digital transformation must connect, not exclude.

Right now, the door to opportunity is still close for too many.

Even more alarming is what we see in infrastructure investment.

International project finance, so critical for energy, transport and public services, fell by 26%.

And the worst impact are in the countries that need it most.

So what can we do to have not only more but better investment in foreign direct investment?

So what can we do for the current, for the investment system to deliver for people and the planet?

So the report, the report calls for action in six key areas.

First, the reform of the international financial architecture, especially important for the financing for development conference that will take place in Seville at the end of this month.

So we know that we have to strengthen the multilateral development banks, use new tools like hybrid capital de risking and guarantee tools, the re channelling of the special drawing rights and to address the debt problem.

Because the debt problem is also at the heart of what is happening to many of the developing countries.

And we know that last year our optimism was based in the possibility of having higher growth in 2025 and lower interest rates.

But today we know that the projections for this year, precisely because of the uncertainty on the trade system, growth is not going to be as high as we expected.

Growth will be weaker 2.3% according to our in constant prices, according to our projections and we coincide in this with the projections of the World Bank and interest rates will be higher for longer as we saw in the decision yesterday of the Federal Reserve to maintain interest rates and not go down.

Our second problem is to unlock capital through multilateral cooperation to mobilise sustainable finance.

And so we talk here about the blue and green bonds that are are very are are good news is a new development and they are picking up, but private sustainable finance is not picking up.

So we need to align both public and private capital with long term development priorities.

We need to embed sustainability in the investment decision making, align with standards, combat greenwashing and support countries for policy reform.

Only doing this, we can regain trust and credibility and sustainable finance.

Four, we need to close the digital investment divide.

And as I said, we will expand on this to support infrastructure, inclusive strategies and innovation ecosystems.

5th, we need to reform investment policies and direct capital to the real economy, energy, industry, tech, infrastructure so we can steer capital towards this very important sectors.

And finally, we need to modernise the international investment, government governance, update international rules to protect public interest, ensure fair treatment for investors and preserve national policy space.

So these six recommendations are a blueprint for change, not A to do list are a blueprint for change.

So today we are sounding an alarm.

This moment matters because 2025 is a crucial year on the global agenda.

As we head towards the 4th International Conference of Financing for Development, these stakes are high.

If we want to redirect global capital towards a fairer, more inclusive and more sustainable future, the time to act is now.

Investment is not just about money, it is about trust it, it is about fairness, and it's about a future that includes everyone.

I thank you, thank you, Thank you very much.

Sorry.

Thank you very much, Secretary General.

To make the most of the time also for the the Q&A afterwards, I give the floor to our Director of the Division of Investment and Enterprise, Natalie Collins.

[Other language spoken]

As Secret General, Greenspan has comprehensively laid out the global trends and challenges and made a powerful call for actions.

I will briefly focus on the future prospect and the theme of this year's report, international investment in digital economy.

The outlook for 2025 is even more uncertain.

Geopolitical tensions, trade barriers and unpredictable policies are disrupting investment decision making.

Early 2025 saw a sharp decline in project announcements, both in terms of numbers and values.

Many decision makings are being delayed again.

The consequences will be felt most sharply in the developing world.

Investment policies are influenced by growing national security concerns in critical sectors as high tech industries and critical minerals governments are tightening screening regions amid intensifying geopolitical tensions and fragmentation.

Sustainable finance is also facing mixed prospect.

While sustainable bonds is growing and has reached a record $1 trillion value in 2024, the sustainable funds set up and the net inflow is staggering, and this is all because of the lowest actually come to the lowest level since 2015 due to rising regulatory pressures and sustainability concerns.

Amid the uncertainties and challenges, there are also sectors that are working as growth engine such as the digital economy and new sources of capital such as private equity, institutional investors and Southern Wells funds are playing an increasingly prominent role in shaping international investments.

This brings me to the theme of this year's report on international investment, Digital Economy.

So what's new for this report?

The chapter can introduce a refined 3 tier framework for mapping the digital economy, offering policy makers A comprehensive view of where investment is concentrated and where gaps persist.

We renewed the rankings of the world's largest digital multinational enterprises.

Highlighting emerging market actors alongside the will established Take giants, this year's thematic chapter is shaped through a series of regional consultations with governments, take firms, financial institutions and civil society, making the findings not just rigorous but also relevant and practical for implementation.

Let me share with you 3 key perspectives of the report.

First, the uneven investments and concentration effect.

Digital investment has been growing fast, but unevenly.

Developing countries attract about 530 billion in digital Greenfield projects between 2020 and 2024.

Yet as you mentioned as well, 80% of that went to just 10 countries.

Our new ranking of the top digital M and ES shows rising concentration effect 2.

Just five firms now account for nearly half of the total sales.

This raises important questions about competition, innovation and policy space for developing countries.

The top 20 players in the global digital economies are mostly from the US and China.

Investment in ICT infrastructure remain far below what's needed.

sub-Saharan Africa captures only about 5% of the 62 billion are required annually.

This leave many developing countries excluded from the digital boom not for lack of ambition, but due to missing enablers, infrastructure skills and capabilities, regulatory frameworks and policy coherence.

Second, what are the emerging opportunities?

We see SS investments rising.

A few Asian economies have become major sources of investment.

The fast growing sectors are digital services and data centres which grow 6 foot and three foot between 2020 and 2024.

On data centre investment, these developed countries have started to appear on the radar screen of the MES as 16 companies have invested in data centres in 15 least development countries.

Fintech represents a key frontier for Greenfield investment.

Developing countries in Asia and Latin America have seen significant increases in Fintech related Greenfield projects.

VC, venture capital and private equity provide immense source of funding for high growth startups.

In the last four years, technology companies in developing countries received more than 200 billion from foreign venture capital and PE funds.

Third, policy challenges recommendations.

How can developing countries capture those growth opportunities?

Most of the developing countries now have the national digital strategies, but many lack investment strategies.

Key regulatory gaps on data protection, cybersecurity, IP, intellectual property persists.

The report lays out clear policy recommendations to align digital strategies with investment policy, strengthen regulatory frameworks and implementation, and balance FDI openness with national security and public interests.

Countries need to focus on developing digital skills and capabilities and can promote technology transfer on mutually agreed terms via international investment agreements.

Lastly, when we come to a multi stakeholder action agenda, building trust and strengthen multilateral cooperation for investment is essential, especially for developing countries.

We propose a multi stakeholder action agenda across 7 priority areas, from better measurement of FDI in digital economy to launching a global partnership for digital infrastructure investment, supporting developing countries in investment rule making, capturing leapfrogging opportunities as well as mitigating risks.

Digital transformation is happening fast, but whether that can be inclusive or sustainable depend on the choices we are making now.

Let us use this report not just to inform, but to inspire actions.

[Other language spoken]

Thank you very much for this, for this overview.

Thank you, Secretary General.

[Other language spoken]

Dear Nan, we open now the floor.

You know the drill name media outlet whom you direct your your question to.

We start with those here in the room at the Palais.

Yes, please around France press crystal voltage on France press.

So that's a very the the the image you gave of investment is is quite dire.

There is one name that didn't come up it's Donald Trump.

So I would like to know how much responsibility you give to the American president in what's happening in terms of uncertainty, reluctance to invest?

And is it the only one responsible?

[Other language spoken]

I said actually I have to correct something because I said that this is the third straight year of decline.

Is the second straight year of decline, not the not the third.

I'm sorry.

First of all, if this is the second year, straight year on decline, Donald Trump was not there when they started.

This is first.

Second, let's remember something that we have said many times and is that investment in fact never recovered after the 2008 crisis and we forget we have a short memory.

Yes, we forget that 20, the 2008 crisis really was a a major crisis of the financial markets and and at the end and not investment and not trade recovered with the same dynamic that we saw before the 2008 crisis.

So there are more structural issues here and in the concentration of investment in a few countries, there are much more elements than the uncertainty than we are having today.

So it's very important to look at the structural at the structural issues.

At the same time, it's true that we saw, we saw starting a good science of recovering trade, for example, 2004.

So for the first time international trade growing faster than GDP than global GDP.

It, it was the first year after the COVID, after COVID.

So we saw that there was like some springs coming up, but the uncertainty of today have killed that possibility for 2025, let me say, because the worst thing for, for, for investment is uncertainty.

So it's not only that we see a, a, a lot of discussions with respect to the tariff regime.

The problem that we have is that we don't see an end to it, that there is not a final decision.

So we know what is it that is going to happen and what is it that we can plan for and strategize for the future.

The uncertainty continues.

And So what we see immediately is what Aceo said in one interview that I that I read is sit and wait and sit and wait means no investment this year, delays in the investment decisions.

But there is something important that the team has told me today when we were discussing precisely and these not necessarily even if more certainty comes, not necessarily the investment projects have been delayed forever because many of these are projects that the private sector needs for the future, for their plans for the more long term strategies.

So it is possible that if if we can bring more certainty to the global economy that we will see a re.

How would you say yes, a comeback, that's the word, a comeback of the projects that have been put aside for the moment.

The major problem then in the structural aspects is what we have to do for investment to go to all places and not be as concentrated at as we see today.

First problem and there is where we have been so strong calling, yes, for policy reforms within the countries, but specially for the complementarity of the financial international architecture.

Because if we don't have the multilateral development banks crowding in private investment, being able to smooth the perceived risks in the developing countries, bringing in guarantees, we will continue to see a high concentration of investment everywhere.

And the other big challenge is to bring the investment to the sectors that matter most, that are the sectors that are being suffering a lot.

So sustainable, sustainable finance, as was said before and for example, the example that we have a, a put precisely in the digital economy and closing the digital divide continues to be essential.

And for that, we need public and private coming together for a different result.

But this will be my my response to you.

[Other language spoken]

So we keep it, keep it agile and give the opportunity.

I saw a hand for sorry in the back there.

[Other language spoken]

Well, thank you, chairperson.

Thank you, Greenspan.

Thank you everyone on the stage.

This is Mr Liliang from China Economic Daily.

[Other language spoken]

I wouldn't like to specify anyone who could answer because if anyone feels like to just please come ahead.

So my question is with regards to 1 chapter on global collaboration for inclusive and equitable AI.

And one section says there is a need for global AI governance.

So my question is now in Geneva when we are talking about AI governance, there are dozens of organisations if not more who are working on this.

So what differentiates Ankitas approach when we are talking about AI governance in Ankitas perspective, is it going to be more purely directed Orient investment oriented with the purpose of laying a framework of what is best for promoting investment or is it going to be more generalised?

This is my question.

Thank you very much.

I will give Nan also the the floor.

But let me let me say AI governance is not A1 sector and not one organisation problem.

[Other language spoken]

And that's why the pact of the future puts a lot of emphasis in the in AI.

And one of the important things of the fact of the future, what is the, the coordination of the, all the actors, let's say for a better governance.

Actually, the confirmation of the scientific group is very important of the expert group.

Because let's be honest, do we understand, You know, it's not if we don't understand what is really in it from a scientific point of view, from expert point of view, we would regulate it badly.

And let's learn from climate change, Yes, Let's remember when we started to discuss in the, in, in, in the first Rio summit about climate change, you know, there was no scientific body that will give us the information to us and to the public for us to take the right decisions.

And that's when the CCCAAUNFCCC part was was formed with the scientific body and that's what the Pact of the Future gave the UN task.

So that's a task for everybody and we will all participate in support.

But there are things that are specific to that or to other organisations.

That's, you know, one of the things about the new technologies is that they are what is called the wide spectrum technologies.

They influence everything.

So it's not a specialised agency.

The one that is going to deal with AI, Yes, in our case we are dealing with data governance.

That is a mandate that we received for the CSTD, for the Commission on Science and Technology for Development.

That is a mandate given by ECHO.

So 2 to ANK that and we are and it is included in the fact of the future and we are already working in a special working group for data governance within the Commission with the private sector and all in the intergovernmental, the intergovernmental body.

So that's one thing that we are doing.

And the second you, you mentioned investment, obviously yes, because we are really the most specialised agency in investment, investment matters.

And I will give you also the floor Nan to to expand, expand on it.

[Other language spoken]

And we know that in trade what we are seeing when we look at the numbers is very steep and important growth in in trade services, nothing in trade goods.

And this goes directly to digital, not only to AI, but to digital and AI will be part of this, Yes.

And let's go to productive diversification, you know, if we they don't help the countries to have better policies for digital, but also not to be only users, but to be able to be also innovators in the future, they will have we will have to help them also to build some AI infrastructure.

For the moment, AI is completely concentrated, yes, and and probably most of us are more technology takers than technology innovators.

But I think that there is a role for us to understand better in which way in what we do.

We can incorporate more capacity building, more good policies and a support for for the developing countries, but they may be done.

Please come in.

[Other language spoken]

Quickly add one point to compliment what SG said.

Yes, indeed, in Geneva we have a lot of international organisations and we're actually complementing each other on this agenda.

For example, in the whole preparation of this report, we work closely with ITU to look at their data strategies collected for every country in this whole policy analysis.

And then in fact, ITU is partnering with us and we will actually launch the Global Partnership for Digital Infrastructure Investment at the upcoming Financing for Development Summit in Seaview and investment rulemaking.

We are also discussing with WTO.

This is where we need to work also with WTO and other countries in countries in global South as well, North and South to and we also partnering with OECD in this process to really get a broader perspective on the latest issues, AI rulemaking and particularly affecting investment.

Of course, in this process, we also brought many tech firms, invest investors, financial institutions in the process to include their perspective in this.

And all these consultations are informing policy making.

[Other language spoken]

Thank you to both, I think.

Yes, Isabel, Good morning, Isabel Sacco for a fed Spanish news agency.

I would like to ask first how bad I understood the, the, the picture is bad for this year already.

But I, I would like to know how bad it is in, in, in the context not only of the trade war that as you said, we don't see the end our decisions on this, but also in the context of the new geopolitical tensions of the war between Iran and Israel.

The, the risk that it means for the region, for the Middle East and fire.

And this, this is one of my questions.

The other one would be on on Latin America.

I saw that there is there was a fall from 100-8887 to 164 billion dollars for of investments in one year.

I would like to know why, especially what were the sectors more affected for this and how this the instability effects.

Also the plans of investment in the region because of the trade war.

Let's see, for example, Mexico, what could happen with Mexico if there is absolutely no idea what will give the, the, the, the middle and the, the long term in terms of tariff with its main partner.

[Other language spoken]

No, thank you very much.

First, let me let me agree with you that the the growing geopolitical tensions are, are a problem.

And obviously let me link this to another report that we did precisely last year.

I think yes, last year on, on the maritime transport, in the chalk point in maritime transports, we mentioned the Hormuz Strait precisely and we said we need to build more resilience in maritime transport.

That is 80% of international trade goes through maritime means.

And we talked about the problems that we see because you can diversify supply chains and but the checkpoints are the checkpoints, you know, the diversification of those logistical very important points is, is very difficult and, and we already called on looking at this last year.

So the only thing I can tell you is that we are all worried, yes, because this is another element of uncertainty in the global economy that is already weak.

And obviously we have to see if there also will have an impact on inflation and in oil prices and what how how that will play with respect to Latin America.

Let me let me go through some of the elements that you ask.

What is the main points in terms of what is going, what is more affected in terms of foreign investment?

Well, first Greenfield investment and, and maybe you, you can go into more detail Richard there or or none, but we understand that the cross-border mergers and acquisitions felt sharply in the region and that international project finance special specially infrastructure and public services did a slump during 2024.

Actually this is true more for Latin America because the Caribbean, the Caribbean showed more resilience and the the the Caribbean showed a notable in increase in this regard.

So these are good news.

And we saw more resilience also in the whole small island developing states, but in Latin America especially, especially that South America went down in total 18%.

Central America went up 4% and the Caribbean went up 21%.

So really probably a lot of the concentration of the downturn is in South America because it's also the bigger economies.

Argentina and Brazil are are there, but please none in recharge if you can add to this.

Yes, thank you SG and thanks for the question.

So I think the SG has answered most of the of these points.

I would think the major factors in South America where there was an 18% decline in FDI are on the one hand the decline in international project finance, which in South America was stronger than the global average.

So we have worldwide downturn in international project finance of -26% but in South America it was -33% so stronger than the global average.

And that is always the case as investment in the region is very much affected by volatility in exchange rates vis A vis the dollar, volatility and interest rates and generally investor uncertainty in financial markets.

So that's one factor.

Another is lower energy prices, which tend to correlate very closely with FDI values in South America, where a lot of investment is connected to to energy prices.

So those two factors I think play a major role, but there are some bright spots and the SG mentioned them as well.

Earlier, there were several countries in the region that had an increase in announcements of new investments in industry.

So that doesn't affect last year's numbers on FDI, but it bodes well for a potential recovery going forward.

[Other language spoken]

Thank you very much as she is.

[Other language spoken]

Thank you, Richard.

We've also now online doesn't end up it's is Alda Aghatsi, please.

[Other language spoken]

Thank you very much.

I would like to to rebound on something that Miss Grisman said, meaning the 6th recommendation where she says that we need to modernise the international investment governance to protect public interest and preserve a National Party space.

Can you be a bit more specific about that?

And also has there been an increase in ISDS cases during the year under review?

Well, thank you so much.

[Other language spoken]

The is is very, very interesting.

Thank you for your for your question.

Well, I would say that the main thing in terms of protecting the public interest is that we have had very close analysis of the investment agreements that are in trade regimes or in in specific investment agreements and many of them are very old.

And so they didn't include any provisions, for example, for a climate change issues, new regulations in climate and environment.

So many times countries want to do the right thing and modernise their policy with respect to sustainability and, and, and regulations and standard.

That is something that also is asked from them, from the trade partners, for example, from Europe.

But when they do that, many times they are taken to court because the interpretation that this investment agree that it goes against the investment agreements and the rules that were established 20 years ago.

And there is a tension there in terms of doing, you know, modernising the agreement, having the flexibility for in a policy in the right direction and the rules of the game for stability of investment that the investors need.

So we are helping countries in a dialogue and negotiate, for example, negotiate being a fashion to be able to get out of those agreements and to be able to have a win win policy with the private sector.

But that's not an easy thing.

And and many times what we've what we find is contradictions in terms of the interest today and what it was signed 20-30 years ago.

So a new wave of investment agreements, if necessary, the rules of the game are essential, but a new wave of agreements is necessary so we can bring the private and the public interest together, for example, in this in this area.

So maybe none, you can go to the ISDS.

[Other language spoken]

Thank you, SJ, We'll just complement that with the specific numbers you are asking for.

So since 2010, we've seen really growing numbers of ISDS cases reached really 1400, right.

So just last year alone we see 58 new cases and more than 55% of that is against the developing countries.

And some of these cases now are particularly large in size.

So it's very important to really through the policy advisory work, we capacity building work stream, we have to help developing countries to look into those international investment agreements and reform agenda so that we can preserve the regulatory space while also protect investors interests.

[Other language spoken]

I'm not sure I'd see any other.

I don't have any follow up here in the room online.

Oh, yes, Isabel, excellent.

No, don't be sorry.

[Other language spoken]

Curious about what you said that the investment never recovered after 2000, the crisis of 2008 and you mentioned that it was because of there, there there are some structural problems that you didn't detailed.

So I would like that you explain for people like me that doesn't know anything, what are these Of course, putting apart the the pandemic, but from 2008 to 2019 or 18, what happened?

First of all, the financial system in developed countries had to rebuild, rebuild the reserves, recover from a very strong blow.

And that happened much more in the developed countries than in the developing countries.

Yes, the developing countries suffered the stress of the of the markets and the restrictions very heavily, while in the the developed countries has more resilience and more elements, a more strength to recover from it.

So the regulations in the financial system and the rebuilding of the strength of the banking system was very important during all that time and it didn't happen overnight.

Yes, that that was it despite the low interest rates that we had during during that.

[Other language spoken]

The second, the second thing is if you, if, if you go through such a financial crisis, you are more aware of risk, yes.

And in in a way that more risk awareness of many of the companies that suffered because of the financial crisis already not, not in the financial part, but in the productive part.

They will concentrate their investments much more in a risk averse fashion.

And I think, but I will turn here to the experts, I think that the recovery from the 2008 was much faster in the mature in the mature countries.

And a lot of what happened was, and I'm sorry to say this very straightforward was buybacks of shares from the big companies instead of investment in new sectors and new ideas precisely because of.

So this period of low interest rates was not a taken advantage of to go to to different sectors, to more ideas to different areas.

It went to very mature productive sectors and very mature economies and a lot went just to the profit of big companies.

Buybacks were part of it.

But I suppose that they none in Richard, they want much more than that on, on, on their behaviour.

So it really, let me say disappointing because in my view it was a missed opportunity for the companies to really go farther into new areas, new sectors to invest more in innovation in their own companies.

It went much more, much more only to more profit and not to more long term view in terms.

So the incentives, let me maybe put it very shortly, the incentives for short term strengthened after the financial crisis.

So short term is much more prominent than long term view, but.

[Other language spoken]

Let me just compliment her with your talk with a few facts.

So actually if you look at the first chart in our chapter one that exactly showing the long term trajectory among GDP, trade and investment growth in the last 15 years, right.

And in the last 15 since the financial crisis, while GDP has been growing anywhere between 3 to 5% per year and then trade has been growing anywhere between 3 to 8% per year.

Investment has been staggering and then we're seeing several effects, right?

So we actually have published a report on named fracturing.

So there you can see detailed analysis in how these uncertainties, diversification and also fragmentation is affecting in the global investment trends.

So while some countries and regions gained in this process, globally as a total, we are seeing investment suffering, right?

So the global total effect in this whole uncertainty and fragmented world is really affected by these mega trends.

And 2nd I want to also talk about is really the fundamentals.

The investors look at risk and return, right?

So we're seeing a world of increasing risks and then if you, we have already elaborated on that, I don't need to repeat.

And on the return side, if you look at the cost, right that most of the developing countries, many of them are in debt.

We also have published the report on world of debt, right to outline these issues when they are countries are deep in debt, many of them don't have credit rating, their borrowing cost is high.

It's very difficult to get private investment flow into these countries.

So these are also fundamental issues we need to address.

Hence we are calling for more de risking measures, right.

So we have also recently launched a political risk insurance research to encourage more of these de risking products mechanisms to be developed by multi by MDBS, by governments and also Dfis.

So that we that's why we're calling really for both multilateral cooperations, investment partnerships by developing more of these de risking tools and make the fundamentals work for the developing countries and also make more developing countries become investment ready and by preparing bankable pipe pipelines.

[Other language spoken]

So there you go, Isabel, 3 new reports you need to read or already published reports.

OK fracturing that and of course, the, the de risking we're pretty punctual.

We started 4 minutes late.

[Other language spoken]

So thank you very much for for covering this.

Secretary General Nam and and Richard will remain here in the room for a few minutes.

So if, if there's an interest for a for a brief statement or anything else, that's a privilege to those online of being here in person.

Thank you very much.

Thank you everybody.

UNCTAD Press conference - 19 June 2025