economic diplomacy

The Overseas Private Investment Corporation (OPIC), the United States' government development finance institution, said it has approved funding for a $400 million solar farm in South Africa as part of new energy projects in emerging markets. [...] The company said the initiative was part of President Barack Obama's $7 billion plan to "Power Africa". Launched in 2013, the plan aims to boost electricity access in Sub-Saharan Africa.

"The Australian fashion industry is the exemplar of our creative economy. 220,000 jobs in Australia, $12 billion contributed to our economy each and every year. I have embraced 'fashion diplomacy' as coming under the umbrella of 'economic diplomacy', a pillar of our foreign policy," she [Julie Bishop] said.

Reprinted from the CPD Blog by Rob Asghar (Apr 22, 2013)

Less than a week after the nuclear deal between Iran and world powers was signed on Tuesday, a German delegation of top energy and other industry officials is scheduled to visit Iran, an Iranian news agency reported on Friday.

A FULLY fledged academy that will train officials in economic diplomacy was on track to being realised, International Relations and Co-operation Minister Maite Nkoana-Mashabane said on Thursday while delivering her budget vote speech in Parliament. As per the National Development Plan (NDP), the department would train all its officials in economic diplomacy through the academy as a core competency for their work abroad.

President Mamnoon Hussain told diplomats that while acquainting themselves with challenges of the day, they should be ready to face the breaking news culture. He was speaking at the graduation ceremony of the 34th Specialised Diplomatic Course at the Foreign Services Academy (FSA), on Monday. While giving details of the ceremony, a spokesperson said that the president was of the view that diplomats should also show their capability in public and economic diplomacy besides in international law and politics.

Just a few days shy of China’s end-of-March deadline for founding membership in the Asian Infrastructure Investment Bank (AIIB), Australia confirmed that it will join the AIIB. Prime Minister Tony Abbott’s government announced over the weekend that it had chosen to sign on to join the bank as a founding member, becoming the latest U.S.-allied state to join an institution that some in the United States see as a competitor to U.S.-led international financial institutions, like the World Bank.

To achieve the goal of meaningful development, progress and modernisation, there is a need for infusing fresh dynamism into Economic diplomacy reflecting the current global, regional realities and compulsions. This would mean not only government to government relationships but crucially, people to people contacts and exchanges.

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