Global assets and technology exchange system for the south (GATES) was launched in Shanghai Wednesday, with an aim to provide a virtual and physical global marketplace for asset and technology exchange among developing countries.

The GATES platform was approved by the South-South Cooperation Bureau of the United Nations Development Programme (UNDP) last year.

The main objective of the GATES platform is to assist developing nations in identifying and exchanging valuable technology, intellectual properties and business solutions through the establishment of a viable virtual common market.

The platform will also help forge South-South partnerships efficiently in economic and social development.

The specific goals of the GATES project include the establishment of an online platform for the Global South Technology and Asset Common Market, security of assets and technology and building the Global South Base for Innovation and Venture Capital, an innovation and creativity hub that will serve as a center to enhance private sector capital development in developing countries.

"At a time of increasing trends toward globalization, optimizing technological innovation and South-South capital flows constitute key development strategies for improving economic growth in the developing world," said Zhou Yiping, head of the UNDP South-South Cooperation Bureau.

Moreover, Zhou said, "The GATES platform will help developing countries acquire capital, technology and other resources for development."

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