inp.polri.go.id - Badung. The Indonesian Vice Minister of Foreign Affairs Pahala Nugraha Mansury invites business actors to be proactive in opening the developing state economy potentials in the Global South, and pushing for an integrated and sustainable global economy.

The developing countries must make their move, not only as the producers and raw material exporter, but also as integral players in global chain supply.

“Developing states must work their way up in global chain supply. And to reach this goal, it requires a better economic integration and wider market access,”  says Pahala during parallel thematic session "Redoubling Business Actors Participation in the Global Supply Chain" at the 2024 High-Level Forum on Multi-Stakeholder Partnerships (HLF MSP), on Tuesday (9/3/2024).

Pahala then stressed five main areas to push the participation of developing country business sectors. First, Economic Integration and Market Access, this step is to ensure more resilient supply chains and facilitate the sharing of expertise and trade and investment opportunities between developing countries.

Second is cross-sectoral collaboration by involving private parties, government, international financial institutions, and philanthropies  to strengthen the role of developing countries in the global economy. Third is the technology and knowledge access as an effort to boost wider access to technology and promote knowledge exchange.

Fourth is overcoming the financing gap through the adoption of innovative financing schemes. Fifth, encouraging diversification of trade portfolios to reduce dependence on certain commodities.

“By focusing on these five areas, we can improve the role of the developing countries in global chain supply, reduce economic fragmentation, and achieve more sustainable development,” concluded Pahala.

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