South-South cooperation to unlock economic growth in developing countries

By VPPS

Vice President Kalonzo Musyoka says Africa, Asia and Latin America should promote trade and investment with each other in order to achieve faster growth.

He cited the economic rise of India, Malaysia, and Brazil, all members of the G15 group of countries as an indicator that developing countries can leapfrog their economies to middle income status in a few years.

Musyoka was addressing the opening session of the 14th Summit of the G-15 nations in Tehran, Iran on Monday. The G-15 was established in Belgrade in 1989 to promote cooperation between member states in investment, trade and technology transfer. The membership includes Kenya, Algeria, Egypt, Malaysia, Brazil, India, Sri lanka, Argentina, Chile, Mexico, Jamaica and Zimbabwe.

ISSUES DISCUSSED

On the agenda for discussion during the two day summit were issues on debt relief, reforming the Bretton Woods institutions, migrant labour, and North-South dialogue on development.

Each country, he said, must continually make adjustments to facilitate faster growth and development. "In Kenya, for instance we have adopted Vision 2030 as a medium to long term development strategy designed to transform our country into a middle income economy by the year 2030," said Mr Musyoka.

The VP, who is representing President Kibaki, emphasized that South-South co-operation remains key to unlocking the economic potential of developing countries.

He said Kenya’s tourism sector and the horticultural subsectors took a major beating, due to the global financial crisis and the recent cancellation of flights caused by the volcanic ash effect Europe’s airspace.