Prime Minister Narendra Modi on Saturday addressed the Voice of Global South Summit 3.0 and proposed a comprehensive “Global Development Compact” based on India’s development journey and experiences of development partnership.
Making closing remarks at the virtual inaugural leaders’ session, Mr Modi said he was proposing the Compact after listening to the views of all participants. The Session was attended by Heads of State and Government of the participating nations.
The Prime Minister said the Compact will be inspired by the development priorities set by the countries of the Global South themselves. It will be human-centric, and multi-dimensional for development and will promote multi-sectoral approach.
“It will not burden the needy countries with debt in the name of development finance. It will help in the balanced and sustainable development of partner countries,” the Prime Minister said.
Under the Development Compact, he said, focus will be on trade for development, capacity building for sustainable growth, technology sharing, project specific concessional finance and grants.
To strengthen trade promotion activities, India will start a special fund of 2.5 million dollars. Training will be provided in trade policy and trade negotiation for capacity building. A fund of one million dollars will be provided for this.
India is already cooperating in the Sustainable Development Goals (SDG) Stimulus leaders group for financial stress and development funding in the countries of the Global South.
“We will work to make affordable and effective generic medicines available to the Global South. We will also assist in training drug regulators. We will be happy to share our experience and technology of ‘natural farming’ in the agricultural sector,” the Prime Minister said.
Mr Modi added: “You have also raised concerns related to tensions and conflicts. This is a serious issue for all of us.”
He said: “The solution to these concerns depends on just and inclusive global governance, and institutions whose priorities give priority to the Global South and where developed countries also fulfil their responsibilities and commitments.”
The Prime Minister said the UN “Summit on the Future” next month can be an occasion where the Global South can raise its voice. This Summit is due to discuss the “Pact for the Future” and the Global South can adopt a positive and united stand to make its voice heard.
The Prime Minister said the Global South Summit had taken place when there was an atmosphere of uncertainty all around. The world has not yet completely come out of the impact of the Covid pandemic. The war situation too posed challenges to the development journey.
“We are already facing the challenges of climate change, and now there are also concerns about health security, food security, and energy security. Terrorism, extremism and separatism continue to pose serious threats to our societies,” he said.
While technology divide and new economic and social challenges related to technology are emerging, the global governance and financial institutions built in the last century are unable to fight the challenges of this century.
“It is the need of the hour that the countries of the Global South unite, stand together in one voice and become each other’s strength,” he said.
The Summit took place with the theme “An Empowered Global South for a Sustainable Future.”
The Voice of Global South Summit is an extension of the Prime Minister’s vision of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas aur Sabka Prayas’, and is underpinned by India’s philosophy of Vasudhaiva Kutumbakam.
India hosted the 1st Voice of Global South Summit (VOGSS) on 12-13 January 2023, and the 2nd Voice of Global South Summit on 17 November 2023, both in virtual format. The two Summits saw participation of over 100 countries from the Global South.