UN INVESTMENT PROMOTION AWARD
- December 9, 2020
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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Subject : Current Events
Context: The United Nations (UNCTAD) has declared Invest India as a winner of the 2020 United Nations Investment Promotion Award.
Concept:
- The award ceremony took place on 7th December 2020 at UNCTAD Headquarters in Geneva.
- The award recognizes and celebrates the outstanding achievements and best practices of Investment Promotion Agencies (IPAs) across the globe.
- This United Nations Investment Promotion Award is the most coveted award for Investment Promotion Agencies.
- UNCTAD is a central agency that monitors performance of IPAs and identifies global best practices. Germany, South Korea and Singapore have been some of the past winners of the award.
Invest India
- Invest India is the National Investment Promotion and Facilitation Agency of India, set up as a non-profit venture under the aegis of Department of Industrial Policy & Promotion, Ministry of Commerce and Industry, Government of India.
- It facilitates and empowers all investors under the ‘Make in India’ initiative to establish, operate and expand their businesses in India.
- Operationalized in early 2010, Invest India is set up as a joint venture company between the Department of Industrial Policy & Promotion (DIPP) (now renamed as Department for Promotion of Industry and Internal Trade (DPIIT)), Ministry of Commerce & Industry (35% equity), Federation of Indian Chambers of Commerce and Industry (FICCI) (51% equity), and State Governments of India (0.5% each).