Hormats Addresses Importance of Investment in the Global Economy

Posted by on September 21st, 2010 | 0 Comments »

On September 6, Under Secretary for Economic, Energy and Agricultural Affairs Richard D. Hormats addressed the World Investment Forum in Xiamen, China on how investment has shaped the global economic landscape. Below are a few excerpts from Hormats’ presentation:

“We are well into an age when many of our most daunting challenges are global, and greater levels of foreign investment will be necessary to overcome many of them: achieving global food security; mitigating climate change; defeating violent extremism; and, improving conditions for the one-third of the world’s population that lives in circumstances that offer little opportunity to create a better tomorrow for themselves or future generations.”

“Amid the financial crisis, the G-20 took on a leadership role for the world community by calling for a commitment by the world’s largest markets not to erect new barriers to investment and trade. All countries need to resist protectionism and economic nationalism. We need to pursue policies that enhance confidence among investors. The path to recovery is not yet assured, and we need to remain vigilant against protectionist temptations.”

“To return to sustainable global economic growth, we must keep our countries open for business and sustain a commitment to principles of fair competition in our own markets and global markets.”

Read the full text of “Economic, Energy, Agricultural and Trade Issues: Importance of Investment in the Global Economy.

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