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    twig_convert_encoding('The United Nations Economic and Social Commissions for Asia and the Pacific (ESCAP) and the National Bank of Cambodia (NBC) announced the development of the National Bank of Cambodia’s Sustainable Finance Roadmap, signifying the future collaboration through a Memorandum of Agreement (MOA) signing ceremony on Friday. 
    
    This initiative from the NBC, in partnership with the ESCAP, represents a significant commitment towards addressing climate-change-related risks and supporting the growth of green and sustainable finance, which will provide an opportunity for Cambodia to positively contribute to meeting its climate commitments and SDG goals. 
    
    ESCAP has collaborated closely with the National Bank of Cambodia (NBC) since 2019, engaging in capacity-building initiatives and providing technical assistance programs with concerted efforts aligning with the overarching objective of bolstering the expansion of sustainable finance in Cambodia.
    
    The MOA represents NBC’s adoption of the first recommendation of the policy analysis titled ‘Green and Sustainable Financial Market Analysis: Financing Cambodia’s Future’ co-developed by ESCAP and NBC, which notes the importance of developing a roadmap and vision for sustainable finance. 
    
    The Sustainable Finance Roadmap aims to align Cambodia’s financial system with its broader sustainable development goals, specifically addressing climate change, promoting environmental sustainability, and including considerations to enhance social and economic well-being. Overall, the adoption of the roadmap would support Cambodia to create a more resilient and stable financial system that supports long-term economic and environmental sustainability.
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    twig_convert_encoding('Top executives from around Asia and the Pacific meeting at a United Nations forum today called for the private sector to lead the way towards greener, more sustainable business practices.
    
    The Asia-Pacific Business Forum (APBF), held 22 and 23 November in Hong Kong, opened discussions on how businesses are decarbonizing their operations and scaling up sustainability initiatives in the region. Participants are also expected to be introduced to the Asia-Pacific Green Deal for Business digital platform, and will hear and meet key decision makers, business leaders and emerging entrepreneurs committed to sustainable development across the region.
    
    “The responsibility is now on the [business] community to not only set in place genuine and ambitious actions to meet their commitments but to multiply their efforts by bringing new businesses into the sustainability sphere,” Armida Salsiah Alisjahbana, Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP), told the Forum, which is jointly organized by ESCAP and the ESCAP Sustainable Business Network (ESBN) with support from the Hong Kong Environment and Ecology Bureau.
    
    ESBN Chair George Lam said in his welcome statement that with Asia and the Pacific being “the world's largest and fastest-growing economic region and largest source of greenhouse gas emissions…the region is also where the private sector should and can take the leading role in closely collaborating with governments and communities towards achieving the green transformation of the region.”
    
    “Decarbonization and green transition involve a huge amount of investment. Estimates have indicated that Asia alone will need $66 trillion in the coming three decades. It is clear that governments cannot fund them on their own. The private sector’s resources must be effectively mobilized,” said Hong Kong Finance Secretary Paul Chan.  
    
    “The HKSAR Government is committed to working with the business sector to realize green transformation in Hong Kong, and contribute to the regional decarbonization progress,” he added.
    
    Meanwhile, Tse Chin-wan, Secretary for Environment and Ecology of Hong Kong, is scheduled to speak tomorrow regarding Hong Kong's quest for carbon neutrality before 2050.
    
    The Forum, meeting under the theme “An Asia Pacific Green Deal for Business: Driving the Green Transformation,” is the only public-private sector regional dialogue and networking event that effectively and proactively engages businesses committed to sustainable development across the region, bringing together government officials, entrepreneurs, investors, private sector enterprises and academia from across the region. Additional participants from chambers of commerce, industry, associations and business networks are expected to raise greater awareness about ESBN and the Green Deal as well as in expanding the Network’s membership. 
    
    The annual Forum also allows participants to showcase pilot projects and innovation solutions towards achieving the Sustainable Development Goals and climate goals through private sector initiatives and public-private partnerships.
    
     
    
    For further information: https://www.unescap.org/events/2023/asia-pacific-business-forum-2023
    
    Watch the proceedings: www.youtube.com/unescap
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  • Warning: iconv(): Wrong encoding, conversion from "HTML-ENTITIES" to "UTF-8" is not allowed in twig_convert_encoding() (line 1051 of /var/www/drupal9/vendor/twig/twig/src/Extension/CoreExtension.php).
    twig_convert_encoding('The Pacific Climate Change Migration and Human Security Programme (PCCMHS) partners have welcomed the momentous agreement of Pacific Island countries on the establishment of Regional Framework on Climate Mobility, and their commitment to protect local communities whose safety and mobility have been affected by the impacts of climate change.  
    
    “This agreement represents a watershed moment in the collective effort to comprehensively address the impacts of climate change on Pacific nations; it provides practical guidance to governments planning for and managing climate mobility, and recognizes the fundamental priority of people to stay in their ancestral homes,” said IOM Director General Amy Pope, who attended the Pacific Islands Forum Leaders Meeting, held in the Cook Islands from 6-10 November. 
    
    “In celebration of the strong collaboration and shared commitment, ESCAP applauds the strong partnership forged under the guidance of Co-Chairs Fiji and Tuvalu and all the Pacific members. ESCAP commends the Pacific’s bold and courageous leadership and vision in the adoption of the framework. We reiterate our commitment to support the implementation of the framework together with members and partners,” said ESCAP Executive Secretary Armida Salsiah Alisjahbana. 
    
    The Pacific Regional Framework on Climate Mobility is a first in terms of addressing the issues of migration, displacement, and planned relocation comprehensively. It is also an important flagship initiative to implement the goals outlined in the 2050 Strategy of the Blue Pacific Continent, the region’s long-term strategic policy document, framing the region’s collective direction for the next three decades. 
    
    The PCCMHS programme has, in the past 4 years, been actively supporting the development of this regional collaboration framework on human mobility as a result of climate change. 
    
    In an effort to leave no one behind, the framework encapsulates the lived experiences of women, youth, people with disability, marginalized groups and all communities affected by climate mobility; it contains the advice and lessons of Pacific governments, civil society and academia. It also captures the need to uphold and protect human rights without discrimination; preserve culture and identity; strengthen regional collaboration; and protect those at risk of displacement.  
    
    With far-reaching impacts of climate change on human mobility in the Pacific Islands region, and more than 50,000 Pacific people displaced every year due to climate and disaster related events, the Pacific is one of the most vulnerable regions to climate change, with its low-lying island nations facing multiple threats, including sea-level rise, extreme weather events, and ocean acidification. 
    
    PCCMHS partners look forward to supporting Pacific Island countries in the participatory, inclusive, and transparent implementation of the framework; ensuring migration remains a choice rather than a necessity, and that everyone who moves in the context of climate change is able to enjoy their human rights, regardless of status.  
    
    The PCCMHS programme is comprised of the lead agency, the International Organization for Migration (IOM) and the partners, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), International Labour Organization (ILO), Office of the United Nations High Commissioner for Human Rights (OHCHR), together with Pacific Islands Forum Secretariat (PIFS) and the Platform on Disaster Displacement (PDD). The programme has been supported through funding from the UN Trust Fund for Human Security, and Aotearoa New Zealand’s International Development Cooperation Programme — Ngā Hoe Tuputupu-mai-tawhiti. 
    
    You can access the full PIFS Forum Communique here. 
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  • Warning: iconv(): Wrong encoding, conversion from "HTML-ENTITIES" to "UTF-8" is not allowed in twig_convert_encoding() (line 1051 of /var/www/drupal9/vendor/twig/twig/src/Extension/CoreExtension.php).
    twig_convert_encoding('Governments meeting this week at a United Nations forum are considering new ways of assessing public debt sustainability and scaling up sustainable finance against a backdrop of the need to increase investments in the Sustainable Development Goals (SDGs) and stronger climate action, and at a time when public coffers remain hemmed in by recent multiple crises.
    
    Dealing with the COVID-19 pandemic, fallout from the war in Ukraine and other global turbulences over the last several years have left many governments in Asia and the Pacific short on public funds to meet their commitments on the 2030 Agenda for Sustainable Development, which is at its midway point this year.
    
    Therefore, identifying long-term financing solutions to get the Goals back on track and incorporating SDG investment requirements while assessing debt risks will be the main discussion point at the fourth session of the Committee on Macroeconomic Policy, Poverty Reduction and Financing for Development.
    
    “The imperative for the significant needed additional investments in SDGs is colored by an increasing number of countries experiencing rising debt distress. In this environment, a key policy challenge is how to accelerate investments in SDGs while maintaining public debt sustainability in the long term,” said Armida Salsiah Alisjahbana, Under-Secretary-General of the United Nations and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP).
    
    “In our new financing for development report, Sustainable Finance: Bridging the Gap in Asia and the Pacific, we lay out ten principles for action to close the gap in sustainable finance, and discuss in detail what governments, regulators and private finance entities can do to scale-up sustainable finance and how to increase its affordability and accessibility,” she added.
    
    In his opening remarks, the State Minister of Finance of Sri Lanka, Shehan Semasinghe said: “As fiscal deficits have become common in both developed and developing countries, borrowing for budget finance needs to be looked at in a new light. Indeed, a new approach is necessary in particular to circumvent the present approach’s undue favoritism of short-term public debt sustainability at the expense of long-term economic and social development.” 
    
    According to the latest estimates of the G20 Independent Expert Group, the global annual incremental investments needed by developing countries (excluding China) for SDGs and climate action are around 
    
    $3 trillion, with about two-thirds expected to come from domestic resource mobilization and local finance. External financing commitments are expected to contribute the remaining $1 trillion, split evenly between both official development financing and private capital. 
    
    In response, the United Nations Secretary-General has launched the ‘SDG Stimulus to deliver the 2030 Agenda for Sustainable Development’, which aims to tackle the high cost of debt, scale up long-term financing for development and expand contingency financing to countries in need.
    
    Competing pressures, however, have resulted in ballooning debt for many regional economies, with the public debt-to-GDP ratio reaching an 18-year high by 2021 and exposing an increasing number of countries to the risk of debt distress. ESCAP contends that a high level of public debt is not necessarily bad; what matters is how it is used. Its analysis recommends adopting a long-term approach to assess the risk of debt distress and shows that debt levels can indeed go down if the socio-economic and environmental gains of investments in SDGs are taken into account.
    
    The Committee is scheduled to deliberate on debt sustainability and sustainable finance issues and hear from the experience of participants to increase understanding of the need for, and the policy implications of, a long-term public debt sustainability analysis that takes into consideration investments in the SDGs and climate action.
    
    The Committee will also review the ten broad principles underpinning the actions to be undertaken by governments, regulators and private finance entities to scale up sustainable finance in Asia and the Pacific. These ten principles are guiding ideas that are in line with the Paris Agreement and the 2030 Agenda to support financing for the SDGs and climate action, rather than binding commitments by member States.
    
    For further information: https://www.unescap.org/events/2023/committee-mpfd-fourth-session
    
    Watch the proceedings: www.youtube.com/unescap
    
     
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  • Warning: iconv(): Wrong encoding, conversion from "HTML-ENTITIES" to "UTF-8" is not allowed in twig_convert_encoding() (line 1051 of /var/www/drupal9/vendor/twig/twig/src/Extension/CoreExtension.php).
    twig_convert_encoding('Amidst weak economic growth prospects, high inflation and elevated interest rates, a UN regional gathering is bringing ministers, policymakers and experts to assess the effects of investments in the Sustainable Development Goals and reiterate the need to scale up the effort for climate action to meet the global commitments on the 2030 Agenda for Sustainable Development, which is at its midway point this year.
    
    Convening from 1 to 3 November 2023 in Bangkok, the Fourth Session of the Committee on Macroeconomic Policy, Poverty Reduction and Financing for Development is slated to explore a new approach to assessing the effects of investment in the Sustainable Development Goals (SDGs) on public debt sustainability. The Committee is also expected to hear feedback on 10 proposed principles for action in sustainable finance, which encourages Governments, regulators and financial institutions to leverage their financial resources for net zero transition.   
    
    Keynote speakers are scheduled to address additional topics such as the role of multilateral development banks as catalysts for net zero transition by strengthening climate finance partnerships and investment in energy transition projects and green technologies.
    
     
    
    NOTE TO EDITOR: Members of the media are invited to attend in-person or via the online webcast
    
    What: The Fourth Session of the Committee on Macroeconomic Policy, Poverty Reduction and Financing for Development
    
    When: 1 – 3 November 2023
    
    In-person accreditation: https://indico.un.org/event/1005886/  
    
    Watch online: https://www.youtube.com/unescap
    
    For the full programme:  https://www.unescap.org/events/2023/committee-mpfd-fourth-session 
    
    Keynote remarks: 
    
    
    	Armida Salsiah Alisjahbana, Under-Secretary-General of the United Nations and Executive Secretary of ESCAP
    	H.E. Mr. Shehan Semasinghe, State Minister of Finance, Ministry of Finance, Economic Stabilization and National Policies of Sri Lanka 
    	H.E. Ms. Shamshad Akhtar, Minister of Finance, Revenue, Economic Affairs, and Privatization, Pakistan 
    	H.E. Ms. Chea Serey, Governor of the National Bank of Cambodia 
    	Mr. Pekka Moren, Special Representative for Climate Action of the Ministry of Finance of Finland 
    	Ms. Rebeca Grynspan, Secretary-General of UNCTAD 
    	Mr. Navid Hanif, Assistant Secretary-General for Economic Development, DESA 
    	Mr. Avinash Persaud, Special Envoy to the Prime Minister of Barbados on Investment and Financial Services 
    
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  • Warning: iconv(): Wrong encoding, conversion from "HTML-ENTITIES" to "UTF-8" is not allowed in twig_convert_encoding() (line 1051 of /var/www/drupal9/vendor/twig/twig/src/Extension/CoreExtension.php).
    twig_convert_encoding('Amidst the challenging macroeconomic environment in many countries and concerns around public debt sustainability, progress in financing climate action in Asia and the Pacific has only fallen further behind, even as global emissions and energy needs continue to rise.
    
    A new report by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) highlights the urgent issue of sustainable finance in the region as well as discusses the challenges and opportunities for policymakers, regulators and private finance in bridging this gap. 
    
    “Inaction is no longer an option. All stakeholders must commit to accelerate change by transforming their financing priorities, processes and programs, in order to meet the Sustainable Development Goals and climate action ambitions,” said Hamza Ali Malik, Director of the Macroeconomic Policy and Financing for Development Division, ESCAP.
    
    Only 17 of the 51 Asia-Pacific countries party to the UNFCCC have assessed and reported their financial needs to meet their Nationally Determined Contributions (NDCs) and only seven have broken down financial needs between adaptation and mitigation. Moreover, average economic losses resulting from disaster-related and other natural hazards in the region are forecast to increase to $1.1 trillion in a moderate climate-change scenario and $1.4 trillion in a worst-case scenario.
    
    The Sustainable Finance: Bridging the Gap in Asia and the Pacific report puts forward ten principles for action for policymakers, regulators and private finance. This includes activities for all stakeholders to cooperatively and efficiently shift and scale up capital to finance climate action, focusing on reducing obstacles, addressing the underpricing of climate-related risks, and reducing sectoral and regional mismatches between capital and investment needs. These insights further incorporate unique national contexts, as well as those for least developed countries and small island developing States.
    
    “At a time where multiple challenges are pushing against the critical but already lagging sustainability agenda, we need to cast off any paralysis we have and galvanise action. Finance is a key enabler for action and this report provides practical and effective ideas that we can immediately act on. I urge all stakeholders to urgently identify the areas where they can play a role and come together to deliver solutions,” said Eugene Wong, CEO, Sustainable Finance Institute Asia.
    
    The report also recognizes that there is sufficient capital and liquidity to close the global financing gap in sustainable finance. However, various challenges remain, as discussed in the report, to effectively deploy capital for climate action. 
    
    “The Asia-Pacific region presents a huge opportunity for private capital to be mobilised at scale to fund the climate transition, especially in the hard-to-abate sectors. While voluntary market standards continue to harmonise transparency expectations and ensure investor confidence, both the public and private sectors should work together to enable policy and regulatory frameworks, and correspondingly leverage important financing options such as local currency and blended finance facilities,” said Ricco Zhang, Senior Director for Asia Pacific, International Capital Market Association.
    
    “I believe every stakeholder group will discover valuable insights and actionable ideas within this report on how to channel capital towards climate-related investments and socially just transition, ultimately bolstering the sustainable finance market and ensuring funding for the Sustainable Development Goals,” shared Aigul Kussaliyeva, Director of Sustainable Development, Astana International Financial Centre.
    
    The publication is part of the biennial Financing for Development Report Series produced by ESCAP and was officially launched at the Ministry of Foreign Affairs of Thailand on 2 October. Speaking at the launch, Cherdchai Chaivaivid, Director-General of the Department of International Economic Affairs of the Ministry of Foreign Affairs of Thailand, commended the leadership of ESCAP in promoting sustainable finance and stressed the importance of the Report, which “offered not only a comprehensive and in-depth analysis on sustainable financing, but also a practical way forward for tangible actions that countries could collectively and individually undertake.” He further reaffirmed Thailand’s readiness to support international collaboration on sustainable finance and to contribute to policy conversations on this issue going forward.
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  • Warning: iconv(): Wrong encoding, conversion from "HTML-ENTITIES" to "UTF-8" is not allowed in twig_convert_encoding() (line 1051 of /var/www/drupal9/vendor/twig/twig/src/Extension/CoreExtension.php).
    twig_convert_encoding('Sri Lanka is embarking on a transformative journey towards a sustainable, resilient economy, bolstered by a strategic partnership between key stakeholders. In pursuit of ambitious climate goals and the effective management of environmental, social, and governance (ESG) risks, the nation is setting the stage for a paradigm shift in sustainable finance mobilization. The roadmap for this transformation includes a Roadmap for Sustainable Finance in Sri Lanka, the Green Finance Taxonomy introduced in May 2022, and further emphasizes the development of local guidelines, operational tools, and the adoption of global standards for thematic bonds.
    
    As Sri Lanka works diligently with the International Monetary Fund (IMF) and other stakeholders to restore macroeconomic and debt sustainability, the government's focus remains on economic reforms. This pivotal moment also presents a unique opportunity to harness innovative sustainable finance mechanisms, particularly by mobilizing the private sector towards innovative financial instruments to finance the Nationally Determinant Contributions (NDC) and the Sustainable Development Goals (SDG).
    
    Recognizing the private sector's pivotal role in facilitating NDC and SDG investments, a targeted capacity-building workshop was conducted to equip key stakeholders with the knowledge and tools fundamental to mobilizing sustainable finance. 
    
    The Accelerating Sustainable Finance Through Private Sector Participation workshop, jointly organized by the Central Bank of Sri Lanka, the Sustainable Development Council, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and the Global Green Growth Institute (GGGI), builds on the momentum of previous sustainable finance knowledge sessions held in Sri Lanka. The training program, conducted in partnership with the Luxembourg Green Exchange (LGX) and LGX Academy, aimed to enhance capacity and understanding in several critical areas for financial institutions:
    
    
    	Sustainable Bond Issuance: Participants gained insights into sustainable bond issuance, ESG financing products, compliance with international best practices, and mainstreaming ESG instruments and risk management.
    	Diversification of Financial Products: The knowledge sharing on sustainable finance instruments like thematic bonds, allowing participants to explore this distinct market segment, diversify financial products, and attract a broader range of investors.
    	Best Practices and Taxonomies: Attendees learnt best practices, green labeling, external reviews, and reporting guidelines, as well as the use of taxonomies in ESG products.
    	Risk Management and Disclosures: A focus on ESG products, risk management, and disclosures, with practical examples and case studies to develop reporting, compliance, and ESG-related disclosure capacities.
    
    
    The training program was designed to empower private sector stakeholders considering future thematic bond issuance and those seeking a deeper understanding of sustainable finance instruments, including ESG lending. The highly interactive training sessions featured group work, presentations, and ESG application considerations. Participants are equipped to apply their newfound knowledge practically within their respective organizations, driving forward Sri Lanka's sustainable finance agenda. The program also served as a unique platform that generated crucial data for regulators through engagement with the key actors of the financial ecosystem in Sri Lanka on the topics of Sustainable Finance.
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  • Warning: iconv(): Wrong encoding, conversion from "HTML-ENTITIES" to "UTF-8" is not allowed in twig_convert_encoding() (line 1051 of /var/www/drupal9/vendor/twig/twig/src/Extension/CoreExtension.php).
    twig_convert_encoding('The Sixth ASEAN Inclusive Business Summit, hosted by Indonesia, emphasised the importance of establishing a conducive environment for micro, small and medium enterprises (MSMEs) and for large businesses to adopt inclusive business (IB) models that contribute to inclusive and sustainable development in the region.
    
    With the theme "Incentivising Businesses for Inclusive Growth," the summit focused on the significance of multi-stakeholder partnerships in building an IB ecosystem in ASEAN through enabling policies, from accreditation, coaching, to innovative financing schemes. 
    
    Minister of Cooperatives and SMEs of the Republic of Indonesia Teten Masduki appreciated ASEAN’s efforts in strengthening regional commitment to inclusive business through the convening of  the first High-Level Ministerial Meeting on Inclusive Business. He stated, "The High-Level Ministerial Meeting on Inclusive Business is a historic event for ASEAN as it brings together ministers dealing with MSMEs to exchange views and reaffirm our commitment to driving inclusive and sustainable business practices in ASEAN."
    
    During the summit, ASEAN scaled up its commitment to IB by hosting the inaugural High-Level Ministerial Meeting for Ministers responsible for MSME development in ASEAN Member States (AMS). At this meeting, AMS exchanged good practices to promote the adoption of IB models and adopted the “Declaration on Promoting Inclusive Business Models : Empowering Micro, Small and Medium Enterprises for Equitable Growth”. 
    
    Through the statement, AMS recognised the important role MSMEs play in driving economic growth, fostering innovation, generating employment, and reducing poverty as well as the contribution of large businesses in driving productivity and stimulating income-generation activities. They also acknowledged the potential of the IB model in achieving economic, commercial, and social objectives. 
    
    Guiding this high-level commitment is the Plan of Action for the Promotion of Inclusive Business in ASEAN (2023-2027), which was endorsed by the ASEAN Economic Ministers during the 55th  ASEAN Economic Ministers’ Meeting on 17 August in Semarang, Indonesia. 
    
    The Plan of Action will focus on four priority areas, namely, strengthening policy advisory support for AMS to develop and adopt policies and strategies to promote IB; supporting businesses in developing and integrating inclusive and sustainable business models through coaching services to develop IB models and linking MSMEs to larger companies; establishment of financial vehicles to pilot innovative financing instruments to provide access to finance for inclusive businesses; and establishing an ASEAN IB knowledge hub to generate awareness and share information and resources on IB. 
    
    Dr Le Quang Lan, Director of Market Integration of the ASEAN Secretariat, on behalf of the Secretary-General of ASEAN Dr Kao Kim Hourn, welcomed the timely endorsement of the Plan of Action as ASEAN prepares for the transformative forces that are reshaping the global economic landscape. He further offered recommendations vis-à-vis the implementation of the Plan of Action, to promote inclusivity in ASEAN’s approach in addressing its key priorities, namely, digitalisation, green economy and supply chain resiliency. 
    
    In collaboration with the ASEAN Business Advisory Council, ASEAN presented the ASEAN Inclusive Business Awards to ten businesses to showcase exemplary inclusive business models from businesses across all the AMS.
    
     “Inclusive businesses are different from business-as-usual as they put people and planet alongside profit, and are therefore, a critical accelerator if we are to get back on track on the SDGs. ESCAP is committed to move inclusive businesses from the margins to the mainstream,” said Armida Salsiah Alisjahbana, Under-Secretary-General of the United Nations and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP).
    
    “The ASEAN Region – with its ambitious development agenda, integration in global value chains, and strong economic fundamentals – will benefit from inclusive business models,” said OECD Secretary-General Mathias Cormann. “The OECD continues to provide policy analysis and advice on best practices to support inclusive businesses and policymakers in ASEAN in putting these tools into practice. Looking ahead, the OECD stands ready to build further on our strong cooperation and support the development of an ASEAN Knowledge Hub to advance the Plan of Action.”
    
    On the importance of businesses and sustainable development, Dio Herdiawan Tobing, Head of Public Policy for Asia at the World Benchmarking Alliance, appreciated ASEAN for prioritising businesses as drivers of inclusive and sustainable growth. He stated, "ASEAN has established a compelling demonstration of how corporate accountability measures can effectively contribute to transformative changes for sustainable development."
    
    Indonesia, as the ASEAN Chair for 2023, hosted the summit, which was co-organised by the Ministry of Cooperatives of SMEs in Indonesia, ESCAP, OECD, and ASEAN Secretariat, and supported by the World Benchmarking Alliance and Oxfam.
    
    The summit welcomed government and private sector representatives from ASEAN and beyond, as well as investors and development organisations. The summit is an annual activity of the ASEAN Coordinating Committee on Micro, Small, and Medium Enterprises, the sectoral body under the ASEAN Economic Community pillar responsible for coordinating MSME development in the region, contributing to the implementation of the ASEAN Strategic Action Plan for SME Development 2016-2025. Incoming ASEAN chair Lao PDR announced that the Seventh ASEAN IB Summit will be organised in 2024.
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    twig_convert_encoding('A high-level meeting to review the progress of the Vienna Programme of Action for Landlocked Developing Countries (VPoA) in Europe and Asia kicks off today in Bangkok.
    
    Over the course of two days, senior UN and government officials, representatives from transit countries, development system partners, international financial institutions and the private sector will gather to assess the progress made by Landlocked Developing Countries (LLDCs) in the region over the past decade and propose new partnerships and innovative solutions to accelerate their path to development.
    
    Asia and Europe are home to 14 LLDCs that grapple with a series of development challenges owing to their lack of direct territorial access to the sea. Remoteness from major markets and limited infrastructure increase their transportation costs, hindering their full participation in international trade and posing significant economic challenges, against the backdrop of ongoing global macroeconomic tensions and the aftermath of the COVID-19 pandemic.
    
    "Europe and Asia’s landlocked developing countries are locked out from international trade, connectivity, and consequently, economic development. Today’s meeting marks a decisive effort to address the unique challenges that these countries face,” said Rabab Fatima, United Nations High Representative for the Least Developed Countries, Landlocked Developing Countries, and Small Island Developing States, and Secretary-General for the Third UN Conference on Landlocked Developing Countries. “The meeting will also provide an opportunity to evaluate progress and identify actions to expedite the sustainable development of Europe and Asia's LLDCs and ensure they are not left behind," she added.
    
    “Many of the challenges faced by LLDCs can be mitigated, if not addressed, through dialogue and cooperation,” said Armida Salsiah Alisjahbana, Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP). She added, “A shared understanding of transit policy issues, infrastructure development, international trade and trade facilitation, regional integration and cooperation and structural economic transformation all starts with dialogue. Such dialogues then form the foundation for action.”
    
    For her part, Olga Algayerova, Executive Secretary of the Economic Commission for Europe (UNECE) highlighted the high trade costs faced by Landlocked Developing Countries compared to their coastal counterparts, “trade costs in Landlocked Developing Countries are 1.4 times higher than in coastal developing countries. I encourage all LLDCs in the Euro-Asian region to continue efforts to harness UN transport conventions and trade facilitation tools, which can significantly lower costs, open new economic opportunities and boost connectivity as drivers for sustainable development.”
    
    The Euro-Asia regional review meeting is the final of three regional review meetings leading up to the Third UN Conference on Landlocked Developing Countries, scheduled for Kigali, Rwanda, in 2024. The first regional meeting for African LLDCs was held in Gaborone, Botswana, in May, and the second meeting for Latin America LLDCs was held in Asuncion, Paraguay, in July.
    
    The meeting in Bangkok will culminate in an outcome document with concrete action-oriented recommendations that will provide invaluable inputs to the preparatory process of the Third United Nations Conference on LLDCs.   
    
    For more information, visit the conference website or contact Sithembile Hillary Siziba, Public Information Officer, Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States: [email protected]  
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