Despite ongoing challenges, developing countries have become critical actors in the global socioeconomic landscape. A majority have joined the middle-income club, and some have attained impressive economic growth, high savings and investment rates, and a larger share of trade in goods and services. The global South is also home to many high-quality enterprises, technological competencies and leading finance and banking institutions. The New Development Bank recently established by Brazil, Russia, India, China and South Africa, as well as the proposed Asian Infrastructure Investment Bank, hold considerable promise to complement existing sources of finance for development.
South-South cooperation can therefore play a key role in implementing the 2030 Agenda for Sustainable Development, which is to be adopted by world leaders at a summit later this month at UN Headquarters. As we embark on efforts to achieve the Sustainable Development Goals, we need to accelerate development momentum across the South, including by building resilience and mitigating risk. This will require attention to the needs of the most vulnerable by enhancing the productive capacities of Least Developed Countries and improving access to environmentally sound technologies, education, essential medicines and credit.
On this Day, let us recognize the great potential of South-South cooperation to improve the well-being of the vast majority of the world’s people.