Not only to close the gap, but we also need to encourage more sustainable investment, especially in the renewable energy sector to realize environmental protection.
Surakarta, C Java (ANTARA) - The Indonesian Investment Ministry invites all members of G20 to encourage sustainable investment for global economic recovery and sustainable development realization that can alleviate poverty and reduce inequality.

Deputy for Investment Cooperation at the ministry as well as the Co-chair of 2022 G20 Trade, Investment, and Industry Working Group (TIIWG) Riyatno noted in the third session of the second meeting of the working group held here on Thursday that a large global investment disparity currently existed, especially in developing countries.

The TIIWG was established in 2016 as part of the G20 working group to discuss major trade and investment issues as well as to coordinate efforts by G20 nations to strengthen global trade and investment.

Related news: G20: 2nd TIIWG meeting underlines need for WTO reform

"Not only to close the gap, but we also need to encourage more sustainable investment, especially in the renewable energy sector to realize environmental protection," the deputy remarked, as quoted from a statement here on Friday.

He emphasized that encouraging sustainable investment was important to create more jobs, increase productivity, and benefit the local economy.

Hence, G20 members are expected to collaborate to lead global attempts in promoting sustainable investment and renewable energy by implementing the policies that can support a sustainable, resilient, and inclusive global economic recovery.

"As stated by the Investment Minister (Bahlil Lahadalia) at the previous (TIIWG) meeting, there should be an agreement on policy instruments, best practices, and lessons learned (concerning the sustainable investment issue),” Riyatno affirmed.

Related news: TIIWG G20 agrees to accelerate global health recovery architecture

He noted that several initiatives that could be collaborated according to the United Nations Conference on Trade and Development (UNCTAD) include outward investment promotion schemes, the dissemination of renewable energy technology, carbon market cooperation, investment facilitation instruments, as well as technical assistance.

On the same occasion, Director General of International Trade Negotiations at the ministry as well as the Chair of TIIWG G20, Djatmiko Bris Witjaksono, stated that during the meeting, the representatives of G20 members as well as the invited guests were given the opportunity to convey their suggestions regarding the investment issue.

As a follow-up to the meeting, Indonesia, as the chair of the 2022 G20 Presidency, in collaboration with UNCTAD, will hand questionnaires to all G20 members to get as many suggestions as possible that can be considered by Indonesia to realize sustainable investment.

Related news: 2022 G20 DEWG priority issues aim for sustainable digital ecosystem

Related news: 2nd ACWG meeting agrees to strengthen audits

Translator: Ade Junida, Uyu Liman
Editor: Fardah Assegaf
Copyright © ANTARA 2022