President Abdul Hamid has said graduating least developed countries (LDCs) should get preferential treatment for a reasonable period.
Calling for making the international system equitable, the president mentioned that the graduating LDCs need duty-free and quota-free access, more private FDI and necessary incentives for transfer of technology.
The President made the remarks on Monday while delivering his speech at a conference titled 'Investment in a New Era of Globalisation' in Global Leaders Investment Summit in Geneva of Switzerland, reports UNB.
The five-day UNCTAD's World Investment Forum 2018 began at the Palais des Nations, the UN office in Geneva, on Monday.
Referring to UNCTAD's World Investment Report 2018, the President said global FDI fell by 23 per cent in 2017 and FDI to developing countries did not recover after a 10 per cent drop in 2016.
The FDI to the LDCs also fell by 17 per cent last year, he said.
"So, we have reasons to be concerned, especially because in the wake of the last financial crisis," the president said.
The weakened globalisation had a devastating impact on global economic growth, trade and investment," Hamid added.
Mentioning the recent discontents of globalisation, the president said, "We may explore what remedies could be made in investment policymaking so that more people could benefit from globalisation."
He said, "We should make sure investments also respect the preservation of environment and facilitate sustainable development in line with our commitment to the Sustainable Development Agenda."
"We must, therefore, encourage the private sector to invest in the green and renewable energy by providing incentives and preferential treatments," he added.
Hamid also called for greater investment in education, health and skill development to face the future challenges.
Presidents of Mongolia and Montenegro Khaltmaagiin Battulga and Milo Äukanović, President of the UN General Assembly, Secretary General of UNCTAD MukhisaKituyi, representatives from international organisations and multinational companies were present at the programme.