Global value chains (GVCs) will undergo substantive transformation in the decade ahead, reshaping the global trade and investment landscape. The change will be driven by five major forces: economic governance realignment, the new industrial revolution, the sustainability endeavor, corporate accountability, and resilience-oriented restructuring. All of this will present challenges and opportunities for firms and states alike, leading to an investment-development paradigm shift. This article discusses the five driving forces for the GVC transformation, projects ten broad trends in the evolution of the global trade and investment landscape, and also presents a forward-looking agenda for multi-dimensional research and policy in the decade ahead. It aims at providing a framework for future research that encourages cross-disciplinary collaboration as well as a structured dialogue between academia and policymakers.

Global investment in the Sustainable Development Goals (SDGs) is falling short of the target to close the $2.5 trillion annual financing gap for developing countries. The COVID-19 shock has exacerbated existing constraints for the SDGs and may undo the progress made in he last 6 years in SDG investment. This poses a risk to delivering on the 2030 Agenda for Sustainable Development. This paper assesses the global trends in both investing in and financing the SDGs, including the myriad of financing instruments launched to respond to the COVID-19 health crisis and its economic and social impacts. It analyses the main challenges for mobilizing funds, channeling investment into SDG sectors, and maximizing positive impact, as well as regulatory dilemmas in promoting SDG investment. The article then elaborates on a set of policy measures for accelerating investment in the SDGs, including four principles for guiding private sector investment, mainstreaming the SDGs into national and international investment policies and promotion strategies, harnessing financial instruments for sustainable development, building special SDGs model zones, and promoting better ESG standards, compliance, and reporting.

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