Governments establish investment promotion agencies (IPAs) as part of the larger framework fostering private sector development and contributing to achieving national development objectives. IPAs do this by attracting and supporting investments that will translate into more and better jobs
higher wages
more revenue for local businesses
and the skills, technologies, and new economic activities which will, in turn, lead again to more jobs, wages, and local revenue. In order to do this, the IPA must identify its own strategic objectives and chart a path towards the achievement of these objectives. Cascading from national strategies and plans, the IPA's strategy is a key tool that helps it succeed by guiding it to focus on the investors most likely to invest and generate the desired impacts, engage in the most suitable activities to cater to investors along the investment lifecycle, and make the best use of its resources, capabilities, and partnerships. This note serves as a guide to IPAs and policy makers in the development, adoption, and implementation of IPA strategies, drawing on World Bank Group experience and examples of good practices around the world. It presents the essential elements of an investment promotion strategy and the critical steps for its development and implementation.