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The United Nations Industrial Development Organisation (UNIDO) and the World Trade Organisation (WTO) have signed a Joint Declaration for a $12 billion investment in West African cotton. This occurred during the 9th Global Review of Aid for Trade that was held in Geneva by the WTO. Benin, Burkina Faso, Chad, Mali, and Côte d'Ivoire are identified as the Cotton Four countries, and this effort is a component of the Partenariat pour le Coton, which focuses on these countries. Access to energy, the enhancement of skills, the creation of sustainable jobs, particularly for women and young people, and the assistance of infrastructure projects to strengthen the cotton-to-textile/apparel value chain in the region are some of the primary objectives of the program.
It is anticipated that the participation of financial institutions will play a significant role in the process of facilitating trade and increasing the number of chances for investment. Ngozi Okonjo-Iweala, the director general of the World Trade Organisation, referred to the project as a "once-in-a-lifetime opportunity" for the cotton and textile sector in West Africa on his website. She went on to say that she is pleased with Gerd Muller of the United Nations Development Organisation and the International Trade Commission, as well as other individuals because they are striving to assist the nations in developing the cotton value chain. At the occasion, there was a high-level panel discussion that included leaders from the private sector, organizations that provide development money, and development partners. Members of the audience included Guibolo Fanga Mathieu, the Minister of Trade and Industry of Chad, Samaila Zubairu, the President of Africa Finance Corporation (AFC), and Navdeep Sodhi, the Chief Executive Officer of the Gherzi Textil Organisation Switzerland, who gave a presentation on the "Baseline Study of Cotton-to-Textile/Apparel Value Chain Development in the C4 and Côte d'Ivoire."
In the previous year, Indorama Ventures and Sumitomo Mitsui Banking Corporation (SMBC), a global financial institution, collaborated to develop Thailand's first sustainability-linked Trade Finance facility, which was worth fifty million dollars. Creating respectable jobs and contributing to economic progress in the region are some of the goals of the effort, which also seeks to establish a "blue button" seal to promote sustainable and fairly manufactured textiles all over the world. The program's primary objective is to promote fair and sustainable local cotton processing. A joint statement has been signed by the United Nations Industrial Development Organisation (UNIDO) and the World Trade Organisation (WTO) to attract investments totalling twelve billion dollars for the developing nations of West Africa that are involved in the cotton and textile industries. It is anticipated that the participation of financial institutions will play a significant role in the process of facilitating trade and increasing the number of chances for investment.
Tags : #UNIDO #WTO #WestAfrica #CottonIndustry #TextileIndustry #Investment #Development #Infrastructure #FinancialInstitutions #Sustainability
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