Thailand, as the Chair of Group of 77 (G77), hosted the G77 Meeting on Investment for Sustainable Development between 4-5 May 2016 in Pattaya city. H.E. Mr. Virasakdi Futrakul, Vice Minister for Foreign Affairs of the Kingdom of Thailand presided over the opening ceremony of the meeting. Key note speeches were also delivered by the Executive Secretary of the United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP), along with high-level representatives from the United Nations Conference on Trade and Development (UNCTAD), and the Organization for Economic Cooperation and Development (OECD).

          The meeting has attracted much interest from the international community. Representatives from 14 international organizations, including UN-ESCAP, UNCTAD, OECD, UNIDO, ADB, UNDP, UNEP, as well as representatives from 28 G77 member states attended the meeting.  

          The meeting aimed to provide a unique and constructive forum to exchange views and experiences in order to seek suitable ways to promote investment for sustainable development according to the Sustainable Development Goals (SDGs). The discussions were divided into 4 sessions and their respective summaries are as follows;

          The discussion of the first session was focused on challenges and constraints in mobilizing funds for SDGs. The UNCTAD report suggests that there is a funding gap of 2.5 trillion US dollars, which developing countries need to obtain annually in order to adequately achieve the SDGs by 2030. Key challenges in raising enough investment include attracting more contribution from the private sector for sustainable development, setting up investment policies that are consistent with SDGs, and promoting wider participation in order to boost inclusiveness.                                      

          In session 2, the panel discussed policy frameworks to promote sustainable development. Key recommendations include the reform on international investment agreements (IIAs) such that they are in line with SDGs, investment promotion on SDGs related projects through Public-Private Partnership, as well as South-South Cooperation with special focus on Human Capital development and promotion on Science, Technology and Innovation.  

          In session 3, alternative approaches to promoting responsible and sustainable investment were discussed. Micro-investment was highlighted as an alternative source of funding for sustainable development with examples from Thailand’s village funds and Grameen Bank from Bangladesh. Sustainable practices of large corporates are also crucial to the SDGs. The examples of good practices include CP Group’s business plan which has incorporated SDGs and Guidelines for Multinational Enterprises for Responsible Investment by the OECD.

          In session 4, the panel exchanged views on international efforts toward investment regime reform. Key discussions include the need for IIAs reform so that they are in line with SDGs, striking a good balance between protecting investors’ benefits and government’s control over investment flow into SDGs industries, and the collective effort of developing countries in shaping IIAs reform.

          In addition, Thailand hosted a special lunch talk on Sufficiency Economy for Sustainable Business by Siam Cement Group (SCG) where all meeting participants attended. The talk focused on how SCG applies the Sufficiency Economy Philosophy (SEP) to the core of its business model which has helped the company overcome the economic crisis in 1996 and plans for sustainable growth by emphasizing on the company's core business expertise and  business practices with good governance that address sustainable challenges.

          The Ministry of Foreign Affairs, in cooperation with UNCTAD, will convey the results of this meeting to UNCTAD 14 to be held in July, Nairobi, Kenya, in order to push this agenda further in other international forums. This will highlight Thailand's role as chairman of the Group of 77 in promoting the implementation of the 2030 development agenda.                                                                                            

          This meeting is the 5th meeting hosted by Thailand as the chair of G77 in 2016 under the chairmanship theme of "From Vision to Action: Inclusive Partnership for Sustainable Development".