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NEW DELHI, APRIL 27, 2004—
The International Finance Corporation and the Foreign Investment Advisory Services (a joint service of the World Bank and IFC), with the financial support of Switzerland’s State Secretariat for Economic Affairs (SECO), will host a workshop on prospects for Economic Zones in New Delhi on April 29 and 30, 2004.
Over 150 participants from South Asia will participate in the workshop, including senior government officials, private sponsors, developers, operators, potential business owners, financial institutions, and regional government representatives from eight countries in the region: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. They will talk about infrastructure requirements, policy regime, management structure, problems and solutions, location choices, and other key issues during the workshop.
Speaking on the occasion, Mr. Dimitris Tsitsiragos, IFC’s Director for South Asia, said, “Governments in the South Asia region have expressed a strong interest in the successful establishment of economic zones in their respective countries. The region is characterized both by low foreign direct investment (FDI) and low levels of manufacturing. FDI data suggests that India continues to attract FDI worth only about 1 percent of GDP annually as opposed to roughly 4 percent of GDP for China. Maldives is the only country in the region that manages to attract FDI close to the average for emerging market countries at over 2 percent per year. Successful experience in China and elsewhere has led to the view that economic zones can potentially play a role in attracting FDI and investment in manufacturing and services.”
This workshop aims to provide a forum for dialogue by bringing together potential investors, developers, business owners, and policy makers to discuss the prerequisites for attracting private sponsorship and investment in economic zones in the region. Speakers from China, the UAE, the Philippines, Mauritius, Kenya, Costa Rica, and the USA will join experts from IFC, FIAS, and the World Trade Organization in describing the experience of similar zones elsewhere in the world to offer lessons of best practice, illustrate common problems, and focus on avoiding mistakes.
The workshop is being held at the same time as the commissioning of two research papers by FIAS on success factors in the establishment of economic zones around the world. The findings of these papers, as well as the results of the workshop, will be disseminated in a final report to all interested parties.
Since its founding in 1985, FIAS (
www.fias.net
) has assisted more than 120 countries, many of them on a continuing basis over the years, in identifying the essential attributes of a sound investment environment in these countries to help them reach their potential for attracting FDI. FIAS has the unique strength of being a joint service of two of the world's largest multilateral development institutions, IFC and the World Bank. FIAS staff call on the expertise of the entire World Bank Group in designing coordinated assistance packages for client countries. FIAS works only at the request of governments, on topics identified by governments and agreed to by both parties. The group offers much more than one-way advice and written reports. Through interactive workshops and roundtable meetings that often include business executives and other stakeholders, FIAS helps governments chart technically and politically practical paths to change.
The mission of IFC (
www.ifc.org
) is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY03, IFC has committed more than $37 billion of its own funds and arranged $22 billion in syndications for 2,990 companies in 140 developing countries. IFC's worldwide committed portfolio as of March 2004 was $16.2 billion for its own account and $5.9 billion held for participants in loan syndications. In the South Asia region (including Pakistan and Afghanistan), IFC has a committed portfolio of $1.93 billion for its own account and $344 million held for participants in loan syndications.
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