Ministerial Meeting 2015: Unlocking growth

 

ITEM 3: Unlocking growth: the role of Investment, Innovation and Business Climate

Wednesday 3 June - 3:40pm

In exploring how investment, innovation and a suitable business climate can help unlock growth and jobs, Ministerial Council Meeting (MCM) discussions highlighted the role of investment in:

• promoting a more robust, inclusive and green growth
• fostering employment and quality jobs
• supporting innovation
• fostering education and skills

The session highlighted the role of responsible business conduct and the need for investment policy reforms. 

3.1 Investment and inclusive growth

Ministers explored policies that can:

• promote stronger and more sustainable investment
• establish a “level-playing field” by improving protection standards
• bolster investor confidence
• promote more socially responsible business practices
  
  

Documents

• Policy Framework for Investment (2015)
  For reference: C/MIN(2015)5
  
  
• Recommendation of the Council on the Policy Framework for Investment 
  For reference: C/MIN(2015)6/FINAL
  
  
• Key Issues Paper
  For reference: C/MIN(2015)3
  
  

Further reading

• New Approaches to Economic Challenges (NAEC)
• Policy Framework for Investment (PFI)
• Institutional Investors and Long-term Investment
• OECD Guidelines on Corporate Governance of State-Owned Enterprises (SOEs)
• SMEs and entrepreneurship
• Inclusive growth
  
  

3.2 Investment in innovation to foster productivity

Ministers were invited to discuss:

• how governments can most effectively foster and leverage private investment in innovation
• how innovation can be better oriented towards more inclusive growth
• how can the OECD support countries in the design and implementation of their policies in a context of rapid technological change
  
  

DocumentS

• OECD Innovation Strategy 2015 - An Agenda for Policy Action
  For reference: C/MIN(2015)7
  
  
• Key Issues Paper
  For reference: C/MIN(2015)3
  
  

Further reading

• Innovation
• New sources of growth: Knowledge-based capital
• Productivity and long-term growth
• Policy challenges for the next 50 years
• Data-driven innovation for growth and well-being
• Intellectual Property (IP) statistics and analysis
  
  

3.3 Investment in skills

Ministers were invited to explore:

• how skills have become a determining factor in the economic success of individuals and countries
• how investment in skills generates non-economic benefits and enhances social capital
  
  

Documents

• Skills Outlook
  
  
• Key Issues paper
  For reference: C/MIN(2015)3
  
  

Further reading

• Education
• Trust in government
• Skills
  
  

3.4 Improving the business climate to promote responsible investment

Ministers focused on

• how Responsible Business Conduct (RBC) and better corporate governance can promote essential corporate checks and balances that lead to good business practices
• how well-designed regulations and institutional frameworks can deliver better economic and social outcomes by contributing to more inclusive societies, well-functioning markets, and stronger environmental protection
  
  

Documents

• Building a More Resilient International Tax System to Support Sustainable Growth: An Update on BEPS, Exchange of Information and the Tax and Development Programme
  For reference: C/MIN(2015)8

• Key Issues Paper
  For reference: C/MIN(2015)3
  
  

Further reading

• Responsible Business Conduct
• Tax
• Automatic Exchange of Information standard (AEOI)
• OECD Guidelines for Multinational Enterprises
• G20/OECD Principles of Corporate Governance
• Corporate Governance, value Creation and growth