India’s G20 Sherpa, Amitabh Kant, emphasized the urgent need to redesign global financial institutions and restructure debt to help countries in the Global South achieve the Sustainable Development Goals (SDGs). Speaking at the 29th CII Partnership Summit in New Delhi, Kant highlighted the alarming reality that many nations in the Global South spend more on debt interest payments than on critical sectors like education and healthcare.
Addressing the session on “Development Through South-South Collaboration,” organized by the Confederation of Indian Industry (CII) in partnership with the Department for Promotion of Industry and Internal Trade (DPIIT), Kant underlined the pivotal role emerging markets are expected to play in driving global growth over the next three decades. He stressed the need for collective action, urging nations in the Global South to work together to foster sustainable development.
“The only way the Global South will grow, expand, and progress is through technology,” Kant said, pointing to India’s success in leveraging Digital Public Infrastructure (DPI). He emphasized that DPI’s open-source, interoperable framework ensures citizen data remains protected and free from monopolization by major tech companies.
Kant also proposed credit rating systems for companies based on their greenhouse gas emissions, highlighting the significant contribution of large corporations to global emissions.
The summit saw participation from international leaders who echoed Kant’s sentiments. Cambodia’s Deputy Minister of Commerce, Rithi Pich, underscored the importance of South-South cooperation in addressing resource and infrastructure disparities among developing nations. Similarly, Myanmar’s Deputy Minister of Commerce, Minn Minn, called for coordinated action to bridge economic divides and emphasized the potential of regional integration in fostering trade, investment, and tourism.
Vikramjit Singh Sahney, Member of Rajya Sabha and Chairman of Sun International Limited, called for a united stance among developing nations on international platforms to strengthen their position in trade and climate finance negotiations. He outlined five priorities—food, fuel, fertilizers, freight, and the future—that should shape South-South collaboration.
Speakers from across the globe, including Robert Appelbaum from South Africa and Nicholas Smedley from Australia, lauded India’s leadership in fostering regional partnerships. Smedley highlighted India’s geographic and economic strengths, along with its young workforce, as pivotal factors positioning the country as a key driver of growth in the Global South.
The summit concluded with a strong call for inclusive, technology-driven, and collaborative solutions to address the challenges faced by developing nations, reinforcing the critical role of South-South cooperation in shaping a sustainable future.
(Inputs from ANI)