*{FDI biggest, most stable source of capital development (07-05-2002) [http://www.iccwbo.org/home/denver/denver_rep/fdi.asp]} The heightened competitive edge developing countries need to attract foreign direct investment in today's global economy was highlighted in the session on investment as a means of increasing wealth and opportunity in the developing world. Rubens Ricupero, Director-General of the United Nations conference on Trade and Development (UNCTAD), said foreign direct investment (FDI) should complement domestic investment, not replace it. He said a hospitable investment climate was essential to attract "the right kind of foreign investment." Or in the words of Hari Shankar Singhania, a former ICC President and Chairman, J.K. Group of Companies, India: "Good economics make good politics and good governance makes good economics." David Hale, Global Chief Economist of Zurich Financial Services, USA, said FDI was the most stable source of capital development, as well as the largest. In a historical overview of global FDI flow, R.V. Kanoria, Vice-Chairman and Managing Director, Kanoria Chemicals and Industries, India, said the 1990s had seen a huge upsurge in private capital flows from industrial to developing countries - from £60 billion in 1991 to $299 billion in 1997, tapering off to $226 billion in 2000. He said FDI today…"opens access to markets, makes new technologies available and provides workers with training". Victor Chu, Chairman, First Eastern Investment Group, Hong Kong, China, said China was able to attract large amounts of FDI because of the contribution of overseas Chinese, the advantages of Hong Kong as a gateway, and the fact that if offered the world's largest consumer market. China had delivered on its promise to develop capital markets. *{return to list of sessions}