UNCTAD Calls for Cooperation with Least Developing Countries

Doha, April 25 (QNA) - The international community should make policies that are more fairer policies towards least developed countries, UNCTAD Secretary-General Dr. Supachai Panitchpakdi said here Wednesday. He said, during an UNCTAD event, that least development countries did not have the capabilities, particularly in terms of having markets, that could overcome challenges in the way for sustainable development. As a result, the Secretary General called for creating a more "pragmatic" agenda to help those countries on their way. He added that the transfer of the expertise of developed countries to the least developed ones can be one of the solutions. The contribution of least developed countries to the global GDP has grown to 25% from 18% in the last decade, Panitchpakdi said. However the increase was mainly due to the rise in the prices of raw materials which won't be stable, he added. Panitchpakdi called for more cooperation with countries in the Southern Hemisphere and said that they have not yet reached the level of being developed, despite progress in recent years. He said that countries like China, Brazil and India have made some notable progress in the past few years however their per capita income remains low, equal to what it was in Europe and the US almost 60 years ago. He stressed that the use of technology will be the solution to bridging that gap. He also noted that trade have increased recently between countries in the Southern hemisphere. China currently, he said, is the second biggest investor in Africa, right behind the US. He said that Brazil and South Africa were looking to follow suit with China. Investment between the Southern hemispheres countries have increased recently by an unprecedented 10%, the UNCTAD Secretary-General added. However that the investment was mainly focused on the field of extracting raw materials, he said calling for more diversity in the types on investment. (QNA)