Mr. Wu Hongbo Under-Secretary-General for Economic and Social Affairs, Secretary-General for the Third International Conference on Financing for Development

Opening Remarks
DCF Republic of Korea High-Level Symposium

9 April 2015, Incheon

Honorable Vice Minister Shin, Ambassador Sajdik, Ambassador Talbot,
Excellencies, Ladies and Gentlemen,

Welcome to the first high-level symposium of the 2015 Development Cooperation Forum. My deep appreciation goes to the Government of the Republic of Korea, for hosting us, and to all of you, for participating.

Our task is to generate concrete policy recommendations, along two lines: first, to support the negotiations leading up to the Third International Conference on Financing for Development and the Post-2015 Summit; and second, to assist practical preparations by countries and all stakeholders for development cooperation in a post-2015 setting.

Ladies and gentlemen,

Since the adoption of the Millennium Declaration, the Monterrey Consensus and the Johannesburg Plan of Implementation, the world has seen significant growth of all types of finance.

Yet, risks and vulnerabilities are more pronounced than ever. International development cooperation has played a vital role in addressing these challenges, even as it accounts for a smaller fraction of international financing for development.

The post-2015 era is poised to elevate the importance of development cooperation, as an integrating force for sustainable development, for engaging all stakeholders and for ensuring no one is left behind.   

Implementation of the emerging post-2015 development agenda will require international support of an unprecedented scale and scope.

Delivery on ODA commitments will remain the foundation for a renewed global partnership for sustainable development.  Official Development Assistance remains a critical and catalytic element for developing countries. It can be targeted more efficiently across the three dimensions of sustainable development, to address the needs of the poorest and most vulnerable.

Yet, we must understand and advocate for development cooperation in all its forms, from financial transfer to technology facilitation to capacity support and policy change. We must recognize its diverse modalities and embrace the broad array of actors involved.

At the same time, we must not lose sight of its core characteristics. Development cooperation must remain focused on developing countries.  Development cooperation should also focus on internationally agreed goals to be achieved by the new global development agenda.

As proposed in one of the papers before this Symposium, development cooperation will continue to have three major tasks:    

  • First, to support and complement efforts of developing countries to guarantee that universal and basic standards are provided for their citizens;
  • Second, to provide policy recommendations on improving developing countries’ standards of living; and
  • Third, to support efforts of developing countries to participate actively in collective action to address global development challenges.

All this cannot be achieved by development cooperation alone. The range of international support required is much broader.

Building on the strengths of the MDGs, new ways must be found to mobilize and allocate resources.  We should also unlock and make efficient use of unprecedented amounts of domestic and international, public and private, financial and non-financial resources and other Means of Implementation.

And systemic issues have to be addressed, including enabling environment for development at all levels. This has to be guided by the principle of common but differentiated responsibilities.

A renewed global partnership for sustainable development is needed, with greater capability to address common challenges.

Excellencies,
Distinguished colleagues,

Let us take these two days to tightly focus on what it takes for development cooperation to truly serve people and the planet.

This is our opportunity to make a real contribution to moving forward the preparations for Third International Conference on Financing for Development, the Post-2015 Summit and beyond, to the day-to-day practice of development cooperation in a new, transformative era.

I wish us fruitful deliberations.

Thank you.

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