UN Secretary-General Ban Ki-moon has highlighted South-South cooperation's role in implementing the 2030 agenda for sustainable development.
"Despite ongoing challenges, developing countries have become critical actors in the global socioeconomic landscape," Xinhua quoted Ki-moon as saying in his message to mark the UN Day for South-South cooperation that falls on September 12.
The global South is home to many high-quality enterprises, technological competencies and leading finance and banking institutions.
The New Development Bank recently established by Brazil, Russia, India, China and South Africa, as well as the proposed Asian Infrastructure Investment Bank hold promise to complement existing sources of finance for development, said Ban.
Therefore, "South-South cooperation can play a key role in implementing the 2030 agenda for sustainable development," said the UN chief.
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"As we embark on efforts to achieve the Sustainable Development Goals, we need to accelerate development momentum across the South, including by building resilience and mitigating risk."
Ban also called on the world to "recognise the great potential of South-South cooperation to improve the well-being of the vast majority of the world's people."
The United Nations summit for the adoption of the post-2015 development agenda will be held from September 25-27 in New York, according to the UN website.
