Co-operation with private sector tops agenda of OSCE seminar

DUBLIN, 17 February 2004 - The impact of foreign and domestic investment on political and socio-economic stability was the focus of an OSCE seminar that ended today in the Irish capital. It brought together more than 180 representatives of OSCE participating States, international organizations, business community, academia and civil society.

"Investments represent a vital link between economies and countries, and they contribute significantly to generating prosperity and stability," said Mary Harney, Deputy Prime Minister of Ireland, in the opening session of the seminar.

The event in Dublin was the second of three preparatory seminars for the Twelfth OSCE Economic Forum, to convene in Prague from 31 May to 4 June, which will focus on New Challenges for Building up Institutional and Human Capacity for Economic Development and Co-operation.

"The OSCE has a political potential for enhancing awareness, mobilizing resources and advocating stronger interaction between public authorities, business community and civil society," stressed the OSCE Chairmanship representative, Bulgarian Deputy Foreign Minister Lubomir Ivanov .

Marcin Swiecicki, Co-ordinator of OSCE Economic and Environmental Activities, also emphasized the importance of public-private co-operation in promoting both foreign and domestic investment and removing barriers to investment.

"When businesses look at investment opportunities they assess the risk," said Peter Sutherland, Chairman of Goldman Sachs and BP p.l.c. in his keynote address. "Stability and predictability reduce the risk of investment. To attract investment, domestic reform and the rule of law are the key."

Kyrgyz Deputy Prime Minister Djoomart Otorbaev added: "Stability, security, respect for basic freedoms, accountable market institutions and the rule of law are the preconditions for a good investment climate."

Other keynote speakers included Sean Dorgan, Chief Executive of the Industrial Development Agency (IDA) Ireland and Alexander Italianer, Director of the European Commission's Directorate-General for Economic and Financial Affairs.

The Dublin seminar on "Stimulating Foreign and Domestic Investment" will formulate recommendations to be further analyzed by the OSCE bodies and the Forum in Prague. The next preparatory seminar will take place in Bishkek on 29 and 30 March and focus on "Professional skills needed for developing a market economy".