12th September marked International Day for South-South cooperation, which recognises the political, social, cultural, and economic achievements in countries in the South. It also aims to shine a light on the UN’s efforts to work on technological cooperation among developing countries. Here are seven interesting facts about South-South cooperation.
1) South-South cooperation refers to the exchange of expertise between actors (governments, organisations, and individuals) in developing countries (WHO, 2010)
2) Trade flows within and between countries of the Global South amounts to $4.6 trillion. Given 80% of the world’s population lives in developing countries, intra-South trade has the potential to become a major source of economic growth and prosperity in this region (UN, 2017)
3) According to Deputy Secretary-General, Amina Mohammed, nearly every country in the global South is involved in South-South cooperation. Examples include the Asian Infrastructure and India’s concessional line of credit to Africa (UN, 2017)
4) Knowledge transfer is a central element of South-South cooperation. Through Triangular Cooperation, shared expertise from Viet Nam and funding from Spain improved the survival rates of catfish and tilapia in Namibia, significantly boosting the country’s aquaculture sector (FAO, 2016)
5) In 2015, Brazil, Russia, China, and South Africa established the New Development Bank, a development finance institution that aims to maximise developmental impact in an efficient manner. So far, the bank has so far approved more than 10 infrastructure and sustainable development projects in several countries
6) 60% of the New Development Bank’s funding will go towards renewable energy. What’s more, according to the Bank’s five year strategy, approximately two-thirds of all projects will be dedicated to sustainable infrastructure investment (New Development Bank, 2017)
7) The India-Brazil-South Africa Fund has contributed £35 to projects tackling poverty and hunger alleviation, which have benefited 21 countries. Projects include training the staff of Sierra Leone’s President’s office, to solid waste management in Guyana and Haiti