WAIPA was established in 1995 and is registered as a non-government organisation (NGO) in Geneva, Switzerland. The Association currently has 220 member agencies from 154 countries. WAIPA acts as a forum for investment promotion agencies (IPAs) to provide networking opportunities and facilitate the exchange of best practices in investment promotion. Membership is open to all agencies whose prime function is to promote any country or territory for investment.
At the General Assembly of WAIPA, which took place on April 18, 2008 in Accra, Ghana, to elect new office-bearers, India was represented by the India Brand Equity Foundation (IBEF), which is a part of Ministry of Commerce and Industry.
IBEF is managed by Confederation of Indian Industry (CII). The CEO, IBEF , Mr Jayant Bhuyan, contested the election for vice-presidency and was elected as one of the two Vice-Presidents of WAIPA. The second agency to be elected to vice-presidency is the Tanzania Investment Centre.
ApexBrasil was elected for the Presidency of WAIPA. All posts are for a period of two years.
WAIPA works in close collaboration with UNCTAD and the XII session of UNCTAD followed the WAIPA meet in Accra, Ghana.