Singapore Ministry of Foreign Affairs

Mr President,

excellences,

Dear Colleagues,

I heartily congratulate Uganda on hosting the Third South Summit and assuming the Chair of the G77&China. I believe that under Uganda's leadership, we can make significant strides in building a stronger Global South.

We are celebrating 60^Th This year is timely considering the anniversary of the founding of the G77&China Growing strong progress Countries have done In Human Capital Development Over the past few decades. For example, the World Bank evaluates that The percentage of people living in extreme poverty has dropped dramatically from 50% in the 1960s to 8.8% in 2021.

However, as the world faces a confluence of serious challenges, the path forward has become increasingly uncertain. These include the lingering impact of pandemics, supply chain disruptions and high economic volatility due to inflation, as well as the existential challenge of climate change. According to the World Bank, developing countries are projected to grow by just 3.9% in 2024, more than one percentage point below the average of the previous decade. Developing countries are disproportionately affected by these challenges, meaning that small island developing countries are particularly vulnerable to the impact of climate change and extreme weather events.

These challenges have led to a significant rollback of hard-won development gains. According to the UN Department of Economic and Social Affairs (UNDESA), last year, about 238 million people experienced food insecurity, an increase of about 21 million from the previous year. The Sustainable Development Goals (SDGs) A report released by the UN Secretary-General in 2023 shows that 30% of SDG targets are stagnating or declining.

As the largest group of developing countries in the UN, the G77&China have a unique role to play in contributing to solutions to the array of development challenges we face. We are in a position to strengthen the South's voice on these issues and work with others within a rules-based multilateral framework to find collective solutions. In particular, we must continue our unwavering efforts towards the collective achievement of the 2030 Agenda for Sustainable Development. The 2030 Agenda and the SDGs are the most important path to ensure the continued progress of developing countries. The G77&China should develop the SDG Political Declaration adopted at the SDG Summit in September last year. We should also seize opportunities to do more, including 4^Th The International Conference on SIDS and the Future Summit this year will be important milestones in pushing forward the implementation of the SDGs.

Singapore is committed to working with fellow developing countries to achieve the G77&China's prioritiesSpecifically in four key areas. First of allWe must do more to address the pressing challenge of climate change. Parties at COP28 are moving away from fossil fuels in energy systems – in a fair, orderly and equitable manner – which is a significant and positive development. This will come at a cost – one that will be felt most acutely by developing countries. Therefore, more needs to be done to mobilize technology and finance in developing countries so that greater ambition can be implemented while supporting sustainable development. While developed countries should lead the way in this area, there is scope for greater South-South cooperation so that no one is left behind.

Singapore will do our part to support fellow developing countries in ways we can make a meaningful contribution. For example, at At COP28, Singapore announced several new initiatives to support and accelerate the green transition in our region and beyond. This includes the Financing Asia's Transition Partnership (FAST-P) blended finance initiative, which aims to leverage up to US$5 billion from concession and venture capital providers globally. Singapore also provides technical assistance and capacity-building courses through the Singapore Cooperation Program, which has approximately 150,000 participants. 180 countries, territories and intergovernmental organizations over the past three decades. Under this plan, we have started that too Sustainability Action Pack to increase focus on the global sustainability agenda and share best practices in climate adaptation and resilience.

Second, on trade, we welcome the G77&China's longstanding commitment to an open and rules-based multilateral trading system. We also echo the G77&China's concerns regarding unilateral and protectionist measures against the spirit and rules of the WTO.

Third, in technology. We thank Cuba for prioritizing technology in its G77&China leadership in 2023. Technological advances offer enormous opportunities for growth and achieving the SDGs. However, serious and concerted efforts are needed to harness the benefits of technology by working with global and community partners to bridge technological and digital divides, and promote greater inclusion and connectivity.

Finally, The Transformation of Global Governance. Governments must work together to develop a more inclusive global governance system, including reforming key global institutions to better reflect current realities and respond to emerging challenges. The UN's High Level Advisory Committee on Multilateralism has put forward a number of bold and ambitious proposals, including the repurposing of the multilateral development banking system. We are pleased that some of these proposals have been incorporated into the G77&China's future agreement. Singapore will continue to work closely with the G77 & China to ensure future summits deliver outcomes that benefit all, including developing countries.

In closing, let me reaffirm Singapore's firm commitment to working with fellow developing countries to ensure that no one is left behind in our journey towards a better tomorrow. Thanks.