Modernization of Mali’s investment policy in the context of improving the sustainable development strategy

Abstract

Since 2012, the Republic of Mali has been facing numerous security challenges caused by the separatist uprising led by the National Movement for the Liberation of Azawad and many non-State armed groups. This led to a loss of control by the authorities in several areas where the provision of public services and the operation of development programs were disrupted. The base of the economy - the agricultural sector - suffered, on the one hand, due to physical destruction of infrastructure and delays in the construction of new facilities due to limited financial and implementation opportunities, and on the other - due to limited access of households to agricultural resources and modern irrigation methods, which hindered the development of agriculture, expansion of acreage. The devastating consequences also affected other areas of the country. As a result, there is still an urgent need for humanitarian assistance, especially in the northern part of the country, and food insecurity due to the conflict and dependence on weather conditions remains a serious problem. Thus, money transfer programs from major international donors are one of the main sources of functioning of the economy and society of Mali. However, such dependence, in the end, does not benefit the country much in the context of long-term and sustainable development. This is confirmed by the difficulties that have arisen in recent years in connection with the imposed international sanctions. On the other hand, the country has quite attractive investment potential, but foreign investments pursue in most cases purely private interests of investors, ignoring the issue of social responsibility of business and not contributing to the restoration of the social and environmental spheres of Mali. In this regard, the study is devoted to the problem of sustainable development of the country and the possibility of using investment policy tools to implement policy objectives in this area. To this end, the formation and state of Mali’s sustainable development policy is analyzed; the dynamics of the main indicators reflecting the aspects of sustainable development are assessed; the world experience of implementing the concept of “green” investments that had positive environmental and social effects is reviewed. Conclusions are drawn about the need to revise and modernize the policy of attracting investments into the economy of Mali, which will provide additional opportunities for comprehensive development and increasing the level of independence.