Sri Lanka has taken over the chair of the Group of 15 from outgoing chairman Iran during the summit in Tehran today.Handing over the chair to Sri Lankan president Mahendra Rajpakse, Iranian president Mahmoud Ahmadinejad said that the world is in dire need of new ideology and path for progress and lasting peace to tackle problems. He proposed two committees to tackle the issues related to financial problems, industry, and energy and food security.President Rajpakse speaking on the occasion said that that G15, having extensive potential, can play a key and influential role in a new world filled with friendship and peace.Earlier the summit started with the focus on improving south-south cooperation, addressing global inequities and assessing the impact of global economic recovery on developing nations. By acting as a catalyst for greater South-South cooperation, the G-15 summit aims at facilitating national efforts for development and economic progress. The Group of Fifteen (G-15) was established at a Summit Level Group of Developing Countries in September 1989, following the conclusion of the Ninth Non-Aligned Summit Meeting in BelgradeSix heads of states and number of foreign ministers including Indian foreign minister S M Krishna participate in the summit. The six Presidents including the heads of governments of Brazil, Senegal, Sri Lanka, Algeria, Zimbabwe and Venezuela besides Iranian President Mahmoud Ahmadinejad who presid over the meeting.