Syllabus Section: Economy
Why in news?
The United Nations (UNCTAD) has declared Invest India- the National Investment Promotion Agency of India- as a winner of the 2020 United Nations Investment Promotion Award. The award ceremony took place on 7th December 2020 at UNCTAD Headquarters in Geneva.
• The award recognizes and celebrates the outstanding achievements and best practices of Investment Promotion Agencies (IPAs) across the globe.
• The evaluation was based on UNCTAD’s assessment of work undertaken by 180 Investment Promotion Agencies.
• The response of IPAs to the pandemic became the basis for the evaluation of the 2020 United Nations Investment Promotion Award.
• UNCTAD highlighted good practices followed by Invest India, such as the Business Immunity Platform, Exclusive Investment Forum webinar series, its social media engagement and focus COVID response teams (such as business reconstruction, stakeholder outreach and supplier outreach) created as a response to the pandemic, in its publications.
• Invest India has also shared long-term strategies and practices being followed for investment promotion, facilitation and retention at UNCTAD’s high-level brainstorming sessions.
About The Investment Promotion award
• This United Nations Investment Promotion Award is the most coveted award for Investment Promotion Agencies.
• UNCTAD is a central agency that monitors performance of IPAs and identifies global best practices. Germany, South Korea and Singapore have been some of the past winners of the award.
• United Nations Conference on Trade and Development (UNCTAD) was established in 1964 to promote development-friendly integration of developing countries into the world economy.
• UNCTAD is a permanent intergovernmental body headquartered at Geneva in Switzerland.
About Invest India
• Invest India is the National Investment Promotion and Facilitation Agency of India. It was set up as non-profit organization under the Department of Industrial Policy and Promotion (DIPP).
• It also serves Federation of Indian Chambers of Commerce and Industry (FICCI), Ministry of Commerce and Industry, State Government of India.