Improving the investment environment through country commitments at the IIWG
On 4 to 5 June, the Investment and Infrastructure Working Group (IIWG) met for their third meeting in Singapore. This meeting provided IIWG members the opportunity to consider initial country commitments to improve the domestic investment environment, and commence the peer review process alongside the international organisations. The investment commitments discussed by the IIWG will form part of country’s comprehensive growth strategies, to be delivered by the Brisbane Summit.
The Working Group continued to progress deliverables under the other priority areas of the G20 investment and infrastructure agenda for 2014. This included options to enhance capital market development for long-term investment, increase cooperation between multilateral development banks on infrastructure, particularly on project preparation, and develop leading practices to promote and prioritise quality investment.
Highlighting the close links between the IIWG agenda and the private sector, IIWG members also met with members of the B20 and L20 to discuss key infrastructure outcomes for 2014. The Development Working Group also provided input to the IIWG on issues relevant to low income countries.
In addition, on 4 June, the Australian G20 Presidency and Organisation for Economic Co-operation and Development (OECD), along with the Singapore Ministry of Finance, hosted the second G20/OECD High Level Roundtable in Institutional Investors and Long Term Financing. The Roundtable brought together senior representatives from banks, pension funds, insurance companies and sovereign wealth funds around the world to discuss impediments to infrastructure financing and measures to facilitate private sector investment in infrastructure. The Deputy Prime Minister and Minister of Finance of Singapore, Tharman Shanmugaratnam, and the Secretary General of the OECD, Angel Gurría, gave opening remarks, while the Roundtable was closed by Australia’s G20 Finance Deputy, Barry Sterland.
The IIWG will further develop their country commitments, as well as develop ways to implement key outcomes and continue to progress the G20’s multi-year agenda on investment, ahead of their next meeting in Bali, Indonesia.