WINDHOEK, Oct. 23 (Xinhua) -- The promotion of unilateralism through protectionism has directly placed globalization and multilateralism under siege, according to Namibia's president Hage Geingob.
Speaking on Tuesday at the UNCTAD World Investment Forum, Global Leaders Investment Summit I in Switzerland, Geingob explained that the backlash against globalization has had an affect on international investment and development.
He cited the 2018 World Investment Report, which noted that Global Foreign Direct Investment (FDI) fell by 23 percent to 1.4 trillion U.S. dollars in 2017 from 1.8 trillion U.S. dollars the previous year.
In 2017, Foreign Direct Investment flows to Africa also reduced by 21 percent compared to 2016, according to the report.
Geingob said the fact that the number of greenfield investment projects in manufacturing have been consistently lower during the past five years, when compared to the preceding five years, was worrisome for developing nations.
"These negative trends in FDI call for viable remedies in the investment policymaking area. FDI is critical and remains the largest external source of finance for developing countries and one of the major sources of financing the Agenda 2030." he said.
He reiterated that globalization had brought enormous benefits to mankind by providing tremendous opportunity for economic growth which has improved the quality of life around the world.
Geingob said the world was at a crossroads and had to map out a trajectory that would yield a positive future.
"The time has come for us to decide. Do we abandon multilateralism and turn inward, abandoning decades of progress, or do we decide to hold hands and pull together for the benefit of humanity?" he said.
He called on the United Nations to play a crucial role. "For globalization to work, it must be inclusive. In this regard, I believe that the United Nations has a crucial role to play in identifying ways in which more people can benefit from globalization." he said.
