12 May 2016: The UN Industrial Development Organization (UNIDO) and the World Bank have identified quality infrastructure development and investment promotion as priority areas for future cooperation. Meeting in Vienna, Austria, UNIDO and the World Bank underscored the importance of these areas for fostering inclusive and sustainable industrial development (ISID) worldwide and supporting implementation of the Sustainable Development Goals (SDGs), particularly Goal 9 (Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation).

SDG 9 includes several targets that address ISID and investment, including for small and medium-sized enterprises (SMEs). These include: Target 9.2 (Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in least developed countries); Target 9.3 (Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets); and other targets that address infrastructure development.

“Quality and standards play a key role in achieving ISID,” said Bernardo Calzadilla-Sarmiento, UNIDO. He emphasized the importance of compliance with international standards to absorb technology, and said linking infrastructure development with cross-border investment can play a significant role in connecting developing country SMEs to global value chains.

UNIDO and the World Bank discussed collaboration to develop a quality policy framework, which could include a benchmarking tool, promoting international best practices on infrastructure development, investment promotion, and technical assistance to jointly defined priority countries. The two organizations also discussed how to advance knowledge on foreign direct investment policies (FDI), such as investment incentives, and agreed to cooperate on data collaboration. They also aim to facilitate policy discussion on the role on investment in development. [UNIDO Press Release] [UNIDO Website on ISID] [IISD RS Stories on SDG 9]