NextGen Day

According to Haoliang Xu, assistant secretary-general of the United Nations, the Covid-19 pandemic has created a USD1.7 trillion additional demand for developing countries.

Xu, who is also the director of the Bureau for Policy and Program Support, said the world is witnessing severe economic downturns as a result of the epidemic in a video message at the 12th Bosphorus Summit in Istanbul.

He pointed out that global financial assets have surpassed USD317 trillion, the largest level ever, and that while 80 percent of assets are kept in advanced nations, just 1.1 percent of this amount is dedicated to poor countries’ long-term development aspirations.

Xu emphasized that investment mobilization is at the top of every government’s priority list and that countries are working hard to achieve a more inclusive and sustainable future.

He claimed Turkey lies at the crossroads of the Middle East, North Africa, and Europe when asked about Turkey’s investment stance.

On Monday, the International Cooperation Platform (ICP) kicked up a two-day summit.

President Recep Tayyip Erdogan of Turkey, as well as ministers, deputy ministers, and other top officials from Turkey and abroad, are either virtually or physically present at the summit.

International economic relations, Islamic finance investing, innovation, and aviation sustainability will all be discussed at the summit.

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