4th Qingdao Multinationals Summit: 2023 Shandong Liaocheng (Qingdao) High-quality Development and New Generation Information Technology Industry Cooperation Promotion Conference

Dear Mr. Wang Gang, Deputy Mayor of Liaocheng Municipal Government,

Dear Ms. Li Changping, Secretary of Liaocheng CPC Committee,  

Ladies and gentlemen,

I am honored to address you today at this Forum and discuss a critical aspect of global development: Cooperation and investment promotion in an industry that shapes our future.

In this rapidly changing world, the Information Technology Industry has transformed the way we live, work and communicate. And the new generation of the Information Technology Industry, such as optoelectronics, pushes the transformations even further: From the vivid displays on our smartphones or the energy-efficient LED lighting that has revolutionized our homes, to optoelectronic technologies powering high-speed data transmission, enabling seamless communication and collaboration across the globe, or laser systems that have revolutionized manufacturing and precision engineering.

It is a sector that has grown exponentially, presenting immense possibilities for investment and growth.

China, with its remarkable progress in this field, stands as a shining example of what can be achieved through strategic investment and innovation. Liaocheng, in particular, exemplifies the success that can be realized through a commitment to fostering an environment conducive to foreign investment and collaboration. This city has attracted multinational companies, facilitated technology transfer, and promoted the growth of the new generation of the information technology industry. It also shows the power of cities to drive development.

The Qingdao Multinationals Summit represents an example of how key stakeholders can come together and foster growth, innovation, and sustainability.

Ladies and gentlemen,

Investment remains a critical engine for development. But with the crises of this time and the tighter financing conditions and investor uncertainty, global foreign direct investment (FDI) flows in 2022 declined by 12 per cent to 1.3 trillion US dollars. The decline was most acute in developed economies, with FDI falling by 37 per cent. FDI flows to developing countries increased, but the growth was marginal and unevenly shared: FDI flows to many smaller developing countries were stagnant.

And looking ahead, the global environment for international business and cross-border investment remains challenging and uncertain.

This is of much concern as we need much more investment to fulfill our aspirations of a future of shared prosperity, which is embodied in the United Nations Sustainable Development Goals. In fact, we have been moving backward not forward on many of these Goals.

According to our research, developing countries lack currently around 4 trillion US dollars per year in SDG investments. This is huge.

To stimulate investment and close investment gaps, investment promotion plays a critical role:

It serves as a catalyst for attracting investment by creating a conducive business environment, encouraging entrepreneurship, job creation, and transfer of technology and skills.

Investment promotion can boost competitiveness and steer investment to sectors that shape the future. We are witnessing profound transformations with an unprecedented acceleration in green technologies, a rapidly evolving transition to service-based economy, and a vast expansion of digital industries.

Dealing with these challenges and seizing opportunities will also depend greatly on cooperation as our world is more interconnected and interdependent than ever.

At the United Nations, we firmly believe in the power of multilateralism and international cooperation to address these challenges. As we engage in discussions at this forum, let us remember that our actions should be guided by the principles of inclusivity, sustainability, and equity.

Let us work together to ensure that the benefits of the information technology industry are shared equitably among nations and that innovation is harnessed for the greater good.

In conclusion, I commend the organizers and participants of this forum for their dedication to investment promotion in the information technology industry. Let us seize this opportunity to build bridges, foster innovation, and pave the way for a more prosperous and sustainable future for all.

Thank you.