Addressing the Third International Financing for Development Conference in the Ethiopian capital of Addis Ababa Monday, Turkish Deputy Prime Minister Ali Babacan said: “Turkey`s priorities during its G20 presidency are: inclusiveness, investment and implementation,” describing the priorities as "very much related to the global development agenda".
“Two-thirds of the world’s population, 75 percent of global trade and 85 percent of global GDP [Gross Domestic Product] and all continents are represented in the G20 platform,” Babacan said.
“With the Turkish presidency of the G20, we should emphasize inclusiveness as one of our tough priorities,” he said.
According to Babacan, inclusiveness means emphasizing the involvement of Low Income Developing Countries (LIDCs).
He said that Turkey would work to promote Small and Medium Enterprises (SMEs) across least developed countries.
“In these countries, 80 per cent of employment is generated by SMEs,” he said.
Babacan added that countries should attract more investment, especially for infrastructure.
According to a brochure made available at the event, the three Turkish priorities "were decided through an international survey in which 1,169 countries, representing 388 civil society organizations, participated."
Later, Babacan also spoke at a discussion panel entitled "Financing of Sustainable Infrastructure" during which he called for attracting more private investment in public infrastructure projects.
“Turkey gives a lot of emphasis to the development of infrastructure, including highways, bridges,” he said during a presentation that brought in the experience of Turkey as member of the global community and also as current president of the G20.
“Almost all infrastructure projects in Turkey are being operated by the private sector,” he said alluding to the Public Private Partnership model of investment.
He said the involvement of the private sector in infrastructure development was vital to ensure speed, cost effectiveness and high quality of such projects.
“Multilateral development banks and regional development banks should coordinate and cooperate in infrastructure development endeavors,” Babacan added.
He said that a global infrastructure hub would be set up in the Australian city of Sydney on the auspices of the G20.
According to Babacan, public infrastructure projects should ensure sustainability and quality.
He said the projects need to be socially responsible and indicated the need for global action in infrastructure sector, with due focus on creating better financing and easier access to financing.
The Financing for Development Conference is taking place under the auspices of the United Nations Economic Commission for Africa.
Other high profile figures attending the Addis Ababa conference include UN Secretary-General Ban Ki Moon, World Bank President Jim Yong Kim and IMF Deputy Managing Director Min Zhu.
The conference, which is hosting more than 5,000 delegates from around the world, will end Thursday.
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