ERIA Lead Advisor for SEA Pinpoints COVID-19 Impact, Global Political Tensions as Challenges to Global Economy
Bali, 20 September 2022: A leading expert on Southeast Asia affairs pointed to the COVID-19 pandemic and rising global political tensions as serious challenges to the global economy during a Group of Twenty (G20) meeting in Bali, Indonesia. At the 3rd Trade, Investment, and Industry Working Group Meeting on 19–20 September 2022, Dr Lili Yan Ing, Lead Advisor for Southeast Asia Region of the Economic Research Institute for ASEAN and East Asia (ERIA), identified rising inequality and climate change as long-standing development issues.
‘Considering these challenges, investment facilitation measures in promoting sustainable, climate-resilient, and inclusive investment cannot be overstated, and the transition towards Industry 4.0, particularly in the manufacturing sector, should also take sustainability and inclusivity into account’, she said. She called for the G20 members to continue and build on existing multilateral collaborations, such as the World Trade Organization Joint Statement on Investment Facilitation for Development, for a more sustainable, predictable, non-discriminatory, and transparent investment climate; and pay greater attention to systematic efforts to improve the skills of their workforce as they transition towards Industry 4.0 to avoid widening inequalities as an unintended consequence.
She emphasised the importance of sustainable investment and industrialisation as the foundation for resilient and inclusive economic recovery. Noting the importance of sharing best practices on sustainable investment, Dr Ing voiced her support for the proposed establishment of G20 Sustainable Investment Policy Compedium.
The meeting focused on raising collective action and strengthening commitments under Indonesia’s six G20 trade, investment, and industry priorities: World Trade Organization reforms; the role of multilateral trading system to strengthen the achievement of Sustainable Development Goals (SDGs); trade, investment, and industry response to the pandemic and global health architecture; digital trade and global value chains; spurring sustainable investment for global economic recovery; and sustainable and inclusive industrialisation via Industry 4.0.
The meeting discussed recommendations from the public and private sectors, international organisations, and non-governmental organisations to finalise the Ministerial Statement.