Escap data shows that the LDCs have to spend around 16 percent of their total annual economic output
The Asia-Pacific region requires extra financing of $1.5 trillion – 5 percent of the combined gross domestic product of the countries in the region – to achieve sustainable development goals (SDGs).
The financing challenge for the least developed countries (LDCs) is even bigger, according to the United Nations Economic and Social Commission for Asia and the Pacific (Escap). Most of the Asia-Pacific nations are LDCs.
Escap data shows that the LDCs have to spend around 16 percent of their total annual economic output.
To discuss the financing challenge, a three-day international conference will begin on Tuesday in Dhaka.
In the conference, the Asia-Pacific region's private sector leaders will put importance on their sector's participation in efforts to meet the SDGs.
President Abdul Hamid will inaugurate "The Asia-Pacific Conference on Financing for Inclusive and Sustainable Development" in Dhaka.
The International Chamber of Commerce, Bangladesh (ICCB) will organise the conference during December 10-12 at the InterContinental Hotel, said ICCB President Mahbubur Rahman yesterday at a press conference at the Dhaka Chamber of Commerce and Industry (DCCI) in Motijheel.
DCCI President Osama Taseer, ICCB Secretary General Ataur Rahman and Conference's media adviser Monjurul Ahsan Bulbul were also present there.
Mahbubur Rahman said it will be difficult for the government alone to achieve the SDGs. "Coordination among the government and private sectors is needed alongside the development partners' financial support to reach the SDGs," he added.
In the conference, the private sector leaders will discuss the way to ensure sufficient SDG financing for the Asia-Pacific nations. They will also speak on investment and expansion of international development cooperation.
Around 100 representatives from 30 countries including the US, the UK, Japan, France, Canada, India, Malaysia, Australia and Singapore will take part in the conference.
Also, about 400 delegates comprising business leaders, bankers and experts from Bangladesh will join the international c conference.
Finance Minister AHM Mostafa Kamal, Planning Minister MA Manna, Foreign Minister AK Abdul Momen, Prime Minister's Adviser on Private Industry and Investment Affairs Salman F Rahman will attend the international conference.
UN Secretary General Antonio Guterres and his predecessor Ban Ki-moon will also join the inaugural session of the conference through video conference.
Dr Armida Salsia Alisjahbana, under secretary general of Escap; Bandula Gunawardena, Sri Lanka's minister for information and communications technology and innovations; Nivard Cabraal, senior economic adviser to the Sri Lankan prime minister; Riyaz Mansoor, deputy minister for the planning and infrastructure in the Maldives; Professor Dr Puspa Raj Kadel, vice-chairman of the National Planning Commission in Nepal; Laim Kimleng, under secretary of state (vice minister) for the industry and handicraft of Cambodia; and Bun Chanthy, vice-minister for the commerce of Cambodia.
The International Chamber of Commerce (ICC), the world business organisation with its headquarters in Paris is having its centenary celebration world-over in 2019.
ICC was founded in 1919 in the aftermath of the First World War when no world system of rules governed trade, investment, finance or commercial relations.
ICCB founded in 1994 is comprised of trade organisations, national and transnational corporations, banks and financial institutions who represents almost 80% of Bangladesh economy.
ICC Bangladesh closely works for the promotion of foreign trade and investment, trade policy review, business dialogues, seminars and workshops on concerned policy issues, harmonisation of trade law and rules and legal reforms.