Prime Minister KP Sharma Oli has said that official development assistance and foreign direct investment flows to LLDCs are on a persistent decline.
Speaking at the opening of ministerial meeting on South-South cooperation PM Nepal further said that too often, development cooperation is misaligned with national priorities, limiting its long-term impact. In the program, Oli outlined four strategic actions to deepen South-South cooperation for the successful implementation of the Awaza program of action.
First, Oli said, we must harness South-South and triangular cooperation to promote regional integration by investing in resilient physical and digital infrastructure. Second, we must work collectively to develop trade and transit corridors, modernize infrastructure, and harmonize custom procedures to enhance cross border trade and investment, Oli said. He said: Third, it is critical to establish the infrastructure investment facility for LLDCs, enabling us to finance priority development projects. Finally, we must embrace and accelerate digital transformation to participate meaningfully in the global digital economy, the PM said.
