The Director and Head of Secretariat of the Intergovernmental Group of 24 (G-24), Dr. Iyabo Masha, has called for increased long-term investment, improved productivity and greater adoption of innovation in emerging markets, saying these are critical to sustaining the next phase of global economic growth.
Masha made the call in a keynote address titled ‘Emerging Markets: Engines of Global Growth’ at the ninth Annual Foreign Investment Network Banking on Emerging Markets Forum and Awards in Bangkok, Thailand. The event, which recently concluded, was held alongside the 2026 IMF–World Bank Annual Meetings.
The forum brought together policymakers, finance officials, investors and business executives to examine investment opportunities and the changing dynamics of the global economy, with particular attention to the role developing countries could play in shaping future growth.
Emphasising the growing importance of emerging economies to global prosperity, Masha declared: “Emerging markets are not peripheral to the future of the global economy. They are central to it.”
She called for a fundamental shift in how international investors assess developing countries, arguing that their contribution to global prosperity should extend beyond their traditional perception as destinations for development assistance or recipients of foreign capital.
According to her, emerging economies are increasingly positioned to serve as important drivers of economic expansion, technological progress and employment creation, provided they can attract the investment needed to strengthen their productive capacities.
She noted that the financing requirements of developing countries had become central to the wider debate on the sustainability of global growth, particularly as investment, innovation and improvements in productivity continue to shape economic performance.
However, Masha cautioned that unlocking the potential of emerging markets would require more than positive economic projections or favourable assessments by investors. She identified sustained investment, effective institutions, credible domestic policies and stronger cooperation among governments, development finance institutions and private businesses as essential conditions for achieving lasting progress.
The G-24 chief also challenged international investors to adopt a longer-term perspective when evaluating opportunities in developing economies, urging them to look beyond immediate returns and recognise the commercial potential of expanding markets.
“The future of global investment should not be determined solely by established markets when developing countries offer opportunities to expand production, establish new enterprises and create employment,” she said.
Masha warned that the coming decade would be decisive in determining whether emerging markets could translate their economic potential into sustained growth and broader prosperity.
She highlighted the persistent gap between the scale of investment required by developing economies and the capital currently available to finance their development priorities, stressing the importance of innovative funding arrangements to bridge the shortfall.
In this regard, she underscored the role of multilateral and regional development banks in mobilising private-sector financing, particularly for projects that might otherwise struggle to attract sufficient investment because of perceived risks or funding constraints.
“Through blended finance, risk-mitigation instruments and innovative financing structures, development institutions could help address investment barriers and encourage private capital to support projects with substantial economic potential,” Masha stated.
She explained that such arrangements could enable public- and private-sector participants to share risks, structure financing more effectively and pursue development objectives without disregarding commercial realities.
“For countries seeking to expand infrastructure, strengthen manufacturing and improve productive capacity, the mobilisation of private capital remains an important part of the wider development equation,” she added.
The discussions also featured Nigeria’s economic transformation agenda, which was presented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, through a representative, Mrs Chinonyelum Ndidi, a senior public servant and director at the Federal Ministry of Finance.
The presentation brought Nigeria’s economic priorities into the international conversation on investment and cross-border business cooperation, highlighting the importance of developing projects that can attract financing while supporting sustainable economic activity.
Oyedele stressed the need for governments and project sponsors to improve the quality and viability of investment proposals to meet the expectations of financiers and commercial partners.
His remarks reinforced the importance of aligning national development priorities with commercially viable projects capable of attracting domestic and international capital.
From the private-sector perspective, the Chairman of Hinduja Group Europe, Prakash Hinduja, reflected on the evolution and international reach of the Hinduja Group, highlighting the role of entrepreneurship, cross-border commerce and long-term investment in building internationally competitive businesses.
Hinduja noted that emerging economies could strengthen their participation in the global economy when access to capital, entrepreneurial capacity and cross-border commercial relationships worked together to support business expansion.
His observations echoed the broader message of the forum: that the growth prospects of emerging markets depend not only on the availability of financial resources but also on their ability to build productive enterprises, foster investor confidence and establish sustainable commercial partnerships.
The discussions underscored the need for closer collaboration between governments, development finance institutions and private investors to unlock opportunities across emerging economies.
As developing countries contend with substantial financing needs and growing demands for infrastructure, industrialisation and employment, attracting long-term capital and strengthening productive capacity remain central to their efforts to achieve sustainable growth and contribute more substantially to the global economy.