Redefining Growth: The Global South's Call for Cooperation and Reform

At the 29th CII Partnership Summit, leaders emphasized the necessity to restructure debt and redesign financial institutions for the Global South to achieve Sustainable Development Goals. They highlighted technology, trade, and regional integration as vital pathways for sustainable growth and called for a unified approach in tackling global challenges.

Numerous countries in the Global South are allocating more funds to debt interest payments than crucial sectors like education and healthcare, noted India's G20 Sherpa, Amitabh Kant. Speaking at the CII Partnership Summit, he advocated for a complete debt restructuring necessary for achieving the Sustainable Development Goals (SDGs).

Kant emphasized that emerging markets are expected to drive global growth in the next three decades, necessitating a redesign of financial institutions to meet the Global South's needs. He highlighted India's success through Digital Public Infrastructure, an open-source, globally compatible system ensuring data ownership remains with citizens.

Prominent figures including Rithi Pich from Cambodia and Minn Minn from Myanmar cited South-South cooperation as essential for addressing unique challenges in developing nations. They advocated for inclusive economic opportunities through regional integration, trade, and infrastructure development, reinforcing the need for collaborative efforts on international stages.

(With inputs from agencies.)