Bangladesh has urged the international community to strengthen cooperation in combating illicit financial flows and ensure the return of stolen assets to developing nations, emphasizing that this is a matter of justice, equity, and trust in the global system.
“Political will is crucial to return stolen assets to their countries of origin. Illicit flows from South to North erode the development gains of Southern nations,” said Bangladesh’s Permanent Representative to the United Nations, Ambassador Muhammad Salahuddin Noman Chowdhury, during the general debate of the 22nd session of the High-Level Committee on South-South Cooperation at UN Headquarters in New York on Tuesday.
Speaking on behalf of Bangladesh, aligning with the Group of 77 and China and the LDC Group, Ambassador Chowdhury reaffirmed the country’s commitment to South-South cooperation principles, including solidarity, mutual respect, equality, and collective self-reliance.
Highlighting global challenges beyond the control of developing nations, he noted with optimism that trade among Southern countries is increasingly surpassing North-South trade. However, he stressed the need for stronger structural support to fully harness South-South economic cooperation.
As a Least Developed Country (LDC) nearing graduation, Bangladesh called for extended LDC-specific support measures to ensure sustainable and irreversible progress. “These benefits should be phased out gradually and predictably,” Chowdhury said.
He underscored the South’s demographic dividend, particularly its youth, as a key asset. He advocated for greater investment in quality education and skills development, especially in fields like artificial intelligence, to empower young people as drivers of transformation.
Ambassador Chowdhury also highlighted the role of social business models in complementing domestic resource mobilization and uplifting vulnerable communities. “By prioritizing social objectives over profit, social businesses can enhance services in health, education, food security, and renewable energy,” he noted.
He called for increased support for the UN Office for South-South Cooperation and enhanced financing through mechanisms like the UN Fund and the Pérez-Guerrero Trust Fund. Chowdhury emphasized that South-South cooperation complements North-South partnerships, offering cost-effective, context-specific solutions.
“We must leverage this platform to build an inclusive, equitable world with zero poverty, zero unemployment, and net-zero carbon emissions,” he said.
Looking ahead, Chowdhury expressed hope that the Fourth International Conference on Financing for Development (FfD4) in Spain will provide guidance to address structural vulnerabilities, improve debt sustainability, and enhance climate resilience.
“Bangladesh remains committed to advancing this agenda to achieve the Sustainable Development Goals,” he concluded.