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ndTrade Policy Review of Malawi
June 9th and 11th, 2010
Statement by the Republic of Korea for Day 2
Thank you.
Mr. Chairman, since my delegation did not take the floor on the first day, I would like to take this opportunity to belatedly express my delegation’s warm words of welcome to the delegation of Malawi headed by Mr. Kumwembe, Secretary of Industry and Trade, for Malawi’s second trade policy review.
In particular, I would like to thank him for this first day remarks, and today’s response to the questions posed by members. Thanks to his comments, my delegation now better understands Malawi’s achievements over the period under review, and the particular challenges which lie ahead for Malawi. All relevant information, including all the information with regards to Malawi’s Foreign Investment regime that was circulated today prior to the meeting (for which we are very thankful) will be duly forwarded to capital and to Korean investors so that they would take a serious look into working closely with Malawi in various endeavors.
Mr. Chairman,
During the first day of discussions, many members emphasized the importance of having in place an investment regime that is open to foreign investors. Members emphasized the need for an investment regime that is not only open, but in essence one that promotes, attracts, and facilitates foreign investment.
In this context, we would like to encourage Malawi to look into its administrative support structure as well as its current foreign investment regime, and review the possibility of introducing measures to further streamline the necessary administrative process to make it more business friendly. In fact, this delegation is of the view that this effort is even more necessary today than ever before. This belief stems from our observations with regards to the precarious nature of the global economic situation that we face today.
It is no secret that the global economic recovery is taking place at an uneven pace, and the financial markets are once again exhibiting volatility owing to different factors. In light of this situation, many developed countries are expected to shift towards policies which ensure “sustainable public finances”, or pursue “credible, growth-friendly measures being mindful of fiscal sustainability”. In short, as a knock-on consequence of this policy shift, the availability of international public development assistance could be affected. This situation would suggest that developing countries will need to
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consider adjusting their development strategy, and consider pursuing international private sector support or investment, just as the esteemed representative of Chinese Taipei alluded to in his remark on day 1.
Mr. Chairman,
Against this backdrop, please allow me to conclude my remarks by briefly informing you of the efforts my country is undertaking in the context of the global G-20 forum, to benefit all developing countries, including Malawi.
As the host of the G-20 Summit in November of this year, my government is working together with other G-20 members to ensure that “development related issues” are not only a part of the G-20 agenda, but that it be a central piece of the Seoul G-20 Summit.
In connection to this effort, just last week the “Korea-World Bank High Level Con- ference on Post-Crisis Growth and Development” was held in Busan, Korea to discuss this particular issue. While it is premature to elaborate on what shape this item will develop into in the coming months, we expect it to develop into a concrete program of detailed action plans that will truly assist developing countries in their efforts to develop and modernize their economies. My government will spare no effort in ensuring that this is indeed the case.
Mr. Chairman,
As more information become available, my delegation will revert to this item in the coming months, either in this setting or another setting such as the General Council or its subsidiary body such as the CTD to provide further detailed information on developments related to this important matter.
Having said that, I would like to conclude my intervention by expressing this delegation’s congratulations to the delegation of Malawi for a successful TPR, and wish them a safe and pleasant trip back home.
Thank you, Mr. Chairman.
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