G8 Heilingdaam Summit Declaration on Growth and Responsibility in the World Economy

Sectors : Industry, Environmental degradation and natural resource management, Investment
Organisation : G8
Date made: 
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Commitments in: Private Sector development and financial services for the poor - Industry

“5. Global imbalances have been showing some signs of stabilisation more recently and deficits have been relatively easily financed. An orderly adjustment, which is in the interest of the world economy, will take time. We are committed to implementing domestic policies to promote this: …

… - Europe will continue its structural reform efforts guided by the Lisbon strategy to promote growth and employment.”


“… 86. In order to better support the development of sustainable livelihoods and positive
developmental impacts associated with artisanal and small-scale mineral production, we…

… - support a pilot study, in co-operation with the World Bank and its initiatives, concerning the feasibility of a designed certification system for selected raw materials. In taking this initiative we will focus on the artisanal and small scale mining sector and work in close partnership with governments from mineral resource rich developing countries as well as industry on the basis of their voluntary commitments…

… - support efforts to develop techniques to limit pollution associated with artisanal
mining, such as education and training to encourage the use for example of safer retorts for gold extraction.”


Commitments in: Private Sector development and financial services for the poor - Investment

“10. We will work together to strengthen open and transparent investment regimes and to fight against tendencies to restrict them. Erecting barriers and supporting protectionism would result in a loss of prosperity. We therefore agree on the central role of free and open markets for the world economy, respecting sustainability concerns, and the need to maintain open markets to facilitate global capital movements. We reaffirm that freedom of investment is a crucial pillar of economic growth, prosperity and employment…

…11. Against this background we remain committed to minimize any national restrictions on foreign investment…

…17. We support the regional and multilateral development banks (MDBs), including the
International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), in addressing the problem of poor business environments in their borrowing members and urge them to integrate efforts to address these impediments to investment in their country strategies and budgets.

18. We support the initiative of G8 Finance Ministers to foster the development of deeper, more liquid local bond markets in emerging economies.

19. We support the OECD Policy Framework for Investment and UNCTAD Investment
Policy Reviews as valuable mechanisms in defining a shared understanding of healthy investment climates in emerging economies and developing countries…”