Context:
Indo-Pacific Economic Framework for Prosperity (IPEF) to organise a Clean Economy Investor Forum to catalyse investment.
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- The annual Clean Economy Investor Forum is a key initiative under the IPEF Clean Economy Agreement to catalyse investment for sustainable infrastructure and climate technology across IPEF partners.
- The Department of Commerce is the nodal agency for the IPEF engagements, and the IPEF Clean Economy Investor Forum is managed by Invest India it is India’s National Investment Promotion Agency.
- It provides a platform for countries in the region to collaborate on advancing resilient, sustainable, and inclusive economic growth.
- It is the inaugural Forum taking place in Singapore on 5 – 6 June 2024.
- The top 100 companies will be announced in early May and those shortlisted will be invited to pitch at the investor forum.
- It aims to mobilise investments into sustainable infrastructure, climate technology and renewable energy projects.
Invest India
It was formed in 2009 under Section 25 of the Companies Act 1956 for the promotion of foreign investment with 49% equity of the then Department of Industrial Policy and Promotion, Ministry of Commerce and Industry and 51% shareholding by The Federation of Indian Chambers of Commerce & Industry (FICCI).
Indo-Pacific Economic Framework for Prosperity (IPEF)
- The IPEF was launched on 23 May 2022, is a USA-led initiative and currently includes 14 partners.
- The IPEF comprises four pillars of cooperation: Trade, Supply Chain, Clean Economy and Fair Economy:
- Negotiations on the Agreement for the Trade pillar are ongoing.
- The Supply Chain Agreement was signed in November 2023 and entered into force on 24 February 2024 following ratification by Japan, the US, Singapore, Fiji and India.
- Negotiations on the Clean Economy Agreement were substantially concluded in November 2023.
- Negotiations on the Fair Economy Agreement were also substantially concluded in November 2023.
- IPEF is not a free trade agreement (FTA) between the member countries.
- 14 partners of IPEF – Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the United States and Vietnam.
Significance for India
The forum will provide opportunities for the Indian industry in two distinct tracks: the Climate Tech Track and the Infrastructure Track.
- Under the Climate Tech Track, the forum will identify and acknowledge the top climate tech companies and startups from member countries, showcasing them to global investors.
- For the Infrastructure Track, the forum will identify sustainable infrastructure projects.