Executive President of the Finance Center for South-South Cooperation
Today, we embark on a joint effort to bring sustainable development to all global South countries. The Finance Center for South-South Cooperation was established specifically to contribute to the implementation of the Millennium Development Goals and South-South Cooperation. Following Mr. Cai’s appointment as Chairman of the FCSSC, I have assumed the role of Executive President. To help turn UN initiatives into real world implementation, the FCSSC’s mandate is to promote and enhance the effective trilateral communication and cooperation amongst South countries’ public representations, the private sectors, and global financial institutions.
To do that, the FCSSC is building and expanding a partnership program consisting of representatives from these sectors. This centralized platform will provide supports for, and foster constructive dialogue between its dedicated partners – all of them unified in their commitment to the sustainable development of South-South countries.
On an execution level, the FCSSC will focus its work on the following two aspects:
Firstly, the FCSSC shall promote and improve the exchange of production factors, such as human, capital and natural resources, between the global South countries, by actively facilitating multilateral business activities at project level. It is common to see that in many projects, resource gaps exist if a single South country is operating independently. As an example, some developing countries may have great capital reserves looking for investment opportunities, while others struggle with the minimum equity input requirements for their infrastructure development. Some South countries have an abundance of labor resources, but the lack of competitive technology and management experience jeopardizes the value of these resources. The FCSSC can help its partners to close such gaps by facilitating the access to the required resources from willing providers, using all available financial measures such as direct investment, loans, M&As; and financial leasing. Since such providers can be from public and private sectors as well as from international financial institutions, the FCSSC is fundamentally promoting and strengthening the trilateral and multilateral cooperation.
With that objective in mind, the Vice President of the FCSSC, Mr.Zhang Gao-Bo, who is also a founding partner and CEO of the well respected Oriental-Patron Financial Group, has accepted the mandate from Chairman Cai to establish the commercial platform for the FCSSC, namely the South-South Financial Investment Group, SSFIG. Mr. Zhang brings to SSFIG not only abundant capital, extensive financial resources and a professional and dedicated team, but above all, a strong passion for the organization’s mission.
Under his leadership, I am confident that the SSFIG will carry out effective execution of business projects. To further strengthen our contribution, the SSFIG also intends to raise and manage a new “South-South Financial Investment Fund”, drawing on the investment community from the member countries. The fund will be mandated specifically to fulfill the financing needs of projects that meet the stringent criterion of sustainable development.
On the other hand, the FCSSC will serve as an exchange hub for information, development experience, technology and financial advancement, by organizing activities of non-profit nature. In the new world of technologically enhanced social networking, continuous communication is absolutely vital to instilling commitment and long-term participation. To further this objective, the FCSSC shall organize and host forums to enable regular exchange of ideas, as well as to form associations to strengthen entrepreneurial ties between global South countries and, most importantly, help these countries tap the expertise in the broader international financial services industry.