Funding innovations must be advanced, particularly the role of the private sector that must be strengthened. BRICS must be able to serve as a catalyst for the strengthening of investment in developing countries.Jakarta (ANTARA) - President Joko Widodo (Jokowi) highlighted three steps to prevent the threat of a lost decade of development while addressing the High-Level Dialogue on Global Development held in a virtual format on Friday.
The three steps must be taken soon to thwart the threat amid the emerging challenges to global food resilience, energy, and financial stability, the president noted in his address streamed on the YouTube channel of the Presidential Secretariat.
The dialogue was the side agenda of the 14th BRISC (Beijing-based Association of Brazil, Russia, India, China, and South Africa) Summit. President Xi Jinping chaired the dialog via video link in Beijing on Friday
The lost decade is commonly used to describe the decade of the 1990s in Japan, a period of economic stagnation that became one of the longest-running economic crises in recorded history.
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According to the president, the three steps are first, conducting synergy to deal with the emerging challenges; second, strengthening global partnership to achieve sustainable development goals (SDGs), with focus on development funding; and third, strengthening new sources of growth.
Jokowi said Indonesia, which currently holds the G20 presidency and is a member of the Global Crisis Response Group, will always contribute to addressing the issues of food resilience, energy and financial stability.
On account of having recorded several initiatives from various parties, Jokowi noted that the initiatives must mutually synergize and strengthen, consider the voice of developing countries, and prioritize dialogue.
The head of state noted that the financing gap to achieve SDGs swelled to US$4.2 trillion per year after the COVID-19 pandemic, from US$2.5 trillion per year before the pandemic.
Jokowi emphasized that the financing gap must be offset while adding that as new economies, the BRICS should be able to play a role as a catalyst for the emergence of funding innovations.
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"Funding innovations must be advanced, particularly the role of the private sector that must be strengthened. BRICS must be able to serve as a catalyst for the strengthening of investment in developing countries," he remarked.
The president believes that Indonesia will also benefit from its position of holding the G20 presidency to push investment capable of creating added value for developing countries.
Jokowi has vowed to also push the global development initiative (GDI) to serve as a catalyst to achieve SDGs through, among other things, the harmonization of GDI with the ASEAN Outlook on the Indo-Pacific (AOIP) in which the attainment of SDGs is part of the priorities of the cooperation.
Cooperation between BRICS and partner countries must be accompanied by support for inclusive digital transformation, green industry and infrastructure development, and developing countries' strong access to the global supply chain.
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Translator: Gilang Galiartha, Suharto
Editor: Fardah Assegaf
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