Speaking at the ministerial session of the Non-Alignment Movement's Business Forum here, the vice minister said the developing countries must seize the opportunity to strengthen South-South cooperation and blaze new trails in order to achieve development for all.

The South countries need to enhance solidarity among themselves and encourage South-North dialogue, he said.

The governments of various South countries should increase their investment in scientific-technological innovations and human resources development, set preferential policies and encourage economic and technological cooperation among them, Wang said.

On the role of corporate sector in South-South cooperation, the Chinese official said, as the economic reform goes deeper and globalization further unfolds, more and more diversified economic players have come on the scene, and the corporate sector has played an important part in business operation.

The South countries need to expand channels of cooperation by integrating multilateral with bilateral cooperation, Wang said, adding they can further strengthen bilateral cooperation and also explore methods like establishing free trade areas.

The NAM business forum is intended to strengthen business and economic cooperation among the South countries. The two-day forum is going on alongside the NAM summit scheduled for next Monday and Tuesday.

(Xinhua News Agency February 24, 2003)