Dhaka urges global action to recover assets stolen from developing economies

Bangladesh has urged the international community to enhance cooperation in combating illicit financial flows and ensure the return of stolen assets to developing countries, calling it a matter of justice, equity and trust in the international system.

"Political will is essential to ensure the return of stolen assets to their countries of origin. The development gains of the South are eroded by such illegal flow of assets from South to North," said Bangladesh's Permanent Representative to the United Nations Ambassador Muhammad Salahuddin Noman Chowdhury.

He made the remarks while addressing the general debate of the 22nd session of the High-Level Committee on South-South Cooperation held at the UN Headquarters in New York yesterday (27 May), according to a message received today (28 May).

Aligning Bangladesh with the statements delivered by the Group of 77 and China and the LDC Group, the ambassador reaffirmed the country's commitment to the foundational principles of South-South cooperation, including solidarity, mutual respect, equality, non-conditionality, and collective self-reliance.

Highlighting the multiple global challenges faced by developing nations, many of which lie beyond their control, ambassador Chowdhury noted with optimism that the volume of trade among Southern countries is now gradually surpassing that between the North and the South.

However, he stressed that further structural support is needed to unlock the full potential of South-South economic cooperation.

As a Least Developed Country (LDC) on the path to graduation, Bangladesh called upon the international community to maintain LDC-specific support measures for an extended period to ensure that graduation remains sustainable and irreversible.

"These benefits should be phased out in a staggered and predictable manner," he added.

Ambassador Chowdhury also emphasised the importance of leveraging the South's demographic dividend, describing youth as its greatest asset.

He called for increased investments in quality education and skills development, particularly in emerging fields such as artificial intelligence, to position young people not just as recipients, but as drivers of transformation.

He highlighted the value of social business models in the development landscape, noting their ability to complement domestic resource mobilisation efforts and empower vulnerable communities.

"By prioritizing social objectives over profit maximisation, social business can improve service delivery in key areas such as health, education, food security, and renewable energy," he said.

The envoy further called for bolstered institutional support to the UN Office for South-South Cooperation and increased financing through mechanisms such as the UN Fund and the Pérez-Guerrero Trust Fund.

Ambassador Chowdhury said South-South cooperation is not a substitute but a complement to North-South partnerships, offering context-specific, cost-effective and mutually beneficial solutions.

"We must make the best use of this platform to build an inclusive and equitable world—a world of 'three zeros': zero poverty, zero unemployment, and net zero carbon emissions," he added.

He concluded by expressing hope that the upcoming Fourth International Conference on Financing for Development (FfD4) in Spain will provide new guidance to help Southern countries overcome structural vulnerabilities through better debt sustainability and enhanced climate resilience.

"Bangladesh remains firmly committed to strengthening this agenda as a vital enabler to achieving the SDGs," said ambassador Chowdhury.