By Daniel Shin

Daniel Shin

Recognizing and addressing the needs and contributions of the Global South is essential to foster a more equitable, sustainable and interconnected world. The Global South generally refers to the underdeveloped economies. A few indicators, such as politics, technology, distribution of wealth and demography, distinguish the Global South from Global North. There are currently 78 nations that are categorized as Global South economies. A pretty big portion of the Global South countries are located in or near the tropics.

The Global South matters. It comprises many rapidly developing economies that drive global economic growth and trade. It also encompasses a wealth of diverse cultures, languages and traditions, contributing to the richness of global cultural heritage. However, the stability of the political regime in the Global South is still lacking. Hence, addressing issues like poverty, inequality and human rights abuses in the Global South is critical for promoting global social justice and equality.

Many countries in the Global South already hold significant political sway in international organizations and global affairs. But, many are yet neither fairly treated nor make their voices. For example, the Global South is disproportionately affected by climate change and environmental crises which make their contribution to sustainable development more crucial for the environment. In addition, health challenges such as infectious diseases often originate from the Global South but can have significant impacts at a global scale, which necessitates international-level cooperation and support.

My recent participation in the World Government Summit (WGS) in Dubai, United Arab Emirates (UAE), was a great opportunity to discover the Global South from a new angle. The summit brought together 20 heads of state and government, 250 ministers, along with the participation of 10,000 business leaders, global experts and thought leaders to tackle future challenges and explore the latest trends and opportunities. Even if the UAE is considered a Global South economy, it has rapidly emerged as a hub for global-scale businesses.

The UAE’s growing ambition and strategy to prosper amid ongoing conflicts in the Middle East is worth a look. The preparation for the UAE’s non-oil economy is moving fast, and the UAE is seeing an impressive rate of growth nearly at 6 percent year over year, surpassing many other Group of 20 countries. The UAE’s potential and business-friendly environment attract talent and wealth globally, including traders, business tycoons, crypto wizards, billionaires and bankers from all over. They are also seeking political stability, opportunities for business prosperity and fun. The UAE has secured significant foreign investment in recent years for greenfield projects, real estate development and various cross-border ventures, ranking the UAE among the top business destinations alongside the most economically advanced countries.

After the successful COP28 UN Climate Change Conference in 2023, the WGS in the past week came strong and elevated the UAE’s emphasis on the Global South for the sake of the global economy at full force. Indian Prime Minister Narendra Modi reasserted the importance of putting priorities on the Global South in global decision-making processes. Modi urged for reforms to better represent developing countries. He called for international collaboration and a global protocol to tackle issues even in artificial intelligence, cryptocurrency and cybercrime. He didn’t forget to say that we had to give priority to our national sovereignty and also keep the dignity of international law.

India sealed a memorandum of understanding with the WGS to launch the Emerging Economies Programme. It convenes key stakeholders, including government officials, business leaders, economists and experts, to foster high-level discussions on sustainable economic growth, geo-economic perspectives and innovative solutions among those nations. This partnership focuses on cultivating and fostering thought leadership, producing research on emerging trends, challenges and opportunities that pertain to the Global South. The program will also progressively enhance the data on the region for future governments.

We have coined the new term “Triple A,” standing for Asia, Arab and Africa, as they will play a pivotal role in bringing back vitality to the global economy. As India and the UAE further strengthen their focus on the Global South as the driver of new future growth, we must be aware of and respect the growing status of individual economies in the Global South and invest in long-term diplomatic relationships to thrive.

We should not be ignorant and redefine relationships that the Global North economies have largely undermined or taken for granted. It all begins with our ability to distinguish between different nations in the Global South through their histories, economies and politics. As the Global South looks to its own for new opportunities, it is a perfect time to reconnect and build new allies. Long-term engagement with the Global South will be worth the effort to overcome other global-scale economic crises and geopolitical conflicts. It is really important to connect with them first.

Daniel Shin is a venture capitalist and senior executive at MCM, a German luxury brand. He also teaches at Korea University.

QOSHE - 'Triple A' of new Global South: Asia, Arab, Africa - Daniel Shin
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'Triple A' of new Global South: Asia, Arab, Africa

30 0
21.02.2024
By Daniel Shin

Daniel Shin

Recognizing and addressing the needs and contributions of the Global South is essential to foster a more equitable, sustainable and interconnected world. The Global South generally refers to the underdeveloped economies. A few indicators, such as politics, technology, distribution of wealth and demography, distinguish the Global South from Global North. There are currently 78 nations that are categorized as Global South economies. A pretty big portion of the Global South countries are located in or near the tropics.

The Global South matters. It comprises many rapidly developing economies that drive global economic growth and trade. It also encompasses a wealth of diverse cultures, languages and traditions, contributing to the richness of global cultural heritage. However, the stability of the political regime in the Global South is still lacking. Hence, addressing issues like poverty, inequality and human rights abuses in the Global South is critical for promoting global social justice and equality.

Many countries in the Global South already hold significant political sway in international organizations and global affairs. But, many are yet neither fairly treated nor make their voices. For example, the Global South is disproportionately affected by climate change and environmental crises which make........

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