South-South trade grows to unprecedented level

457eb5238cd7f28655abc78f62a70278_xlThe overseas development assistance (ODA) was reduced by 12 per cent in 2014 and increased future flows are uncertain to Bangladesh.  In fact, it hardly could match its 2008 ODA figure in last seven years.

Therefore, experts are coming up with innovative ways of financing and they are arguing for (1) increasing domestic resource mobilisation, (2) reducing cost of remittance transfer and cost of mobility, (3) increasing trade and foreign direct investment (FDI), (4) technology transfer, (5) bringing back illegal money housed in the banks of development partners, (6) taking advantage of reduction in oil prices, (7) philanthropic contributions and more importantly, (8) increasing public-private partnership (PPP) and (9) intensifying the South-South Cooperation (SSC). In addition, experts are cautioning governments to use resources more effectively and efficiently as misuse of tax-money may encourage taxpayers to stop payment.

There are over $400 trillion money floating around in the business world and another $23 trillion savings lying in the banks each year.  Unfortunately, we don’t know how to catch it. Therefore, in the light of so much discussions, in collaboration with UNDP and the UN Office of South-South Cooperation (SSC), Bangladesh government arranged a high-level meeting of the South-South and Triangular Cooperation and Technology Transfer with a view to have brainstorming sessions to articulate issues of mobilising resources in the context of post-2015 development agenda and to share our lessons learned.

Source: The financial express


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