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NOTED DEVELOPMENT EXPERT JEFFREY SACHS SUGGESTS TECHNOLOGY
HOLDS KEY TO ECONOMIC DEVELOPMENT IN AMERICAS

Economic development can be spurred in Latin America if the public sector helps by promoting investment in science, higher education, basic infrastructure and tax incentives to bring in the technology that can be the cutting edge for the future. “This is part of what Latin America’s future needs to be, more than it has been in the last quarter century,” the noted development economist Jeffrey D. Sachs, Director of the United Nations Millennium Project, said today at the Organization of American States OAS.
Delivering the feature presentation in the 11th OAS Lecture Series of the Americas, Sachs proposed technology as part of a broader initiative to tackle the triple challenges of economic stagnation, inequality and shocks from the human-ecological interface—which together he described as “the great unmet challenges of a continent that has so much potential to successfully face these challenges." He argued that Latin America, unlike Asia, had not focused on technology and in general did not play a leading role in the rise of the electronics sector, biotechnology and information technology. The old development formula based on natural resources alone is not sufficient for the region’s economic development, he added.
Sachs, who is also Director of The Earth Institute and the Quetelet Professor of Sustainable Development and Professor of Health Policy and Management at Columbia University, spoke on “New Approaches to Economic Directions in Latin America.”
OAS Secretary General José Miguel Insulza and the Acting Chair of the Permanent Council, Ambassador Marina Valere of Trinidad and Tobago, welcomed the economist to the packed Hall of the Americas. Assistant Secretary General Albert R. Ramdin and diplomats from the member states were also present, and the program was broadcast live to an international audience by radio, television, webcast and satellite.
Sachs noted positive trends in Brazil and Chile, where growing emphasis is being placed on technology as key to development, and hailed the “robust” democratization process that has taken place in the Americas. But he sounded the alarm about the persistent problems of economic stagnation, inequality and environmental damage, the latter manifesting itself in massive natural disasters such as last year's hurricane Katrina.
He also talked about the challenge of promoting development in Haiti. While not the largest country in quantity or in numbers affected, Haiti – “the poorest of the poor in our own region” – is the most urgent challenge, he said. “Haiti has just elected a new government. This is the time, finally, to honor lots of promises unfulfilled for generations, to help turn the tide historically in this country,” he said, noting such critical problems as infrastructure, issues related to health, unemployment and the environment. “These are solvable problems that have not been solved. What they require more than anything else is goodwill and investment.”
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Appealing to the member countries to help lead the way in solving Haiti’s problems, the Columbia University professor also praised the OAS for its “vital role, under harrowing conditions,” in getting the elections done, with a newly-elected president now in place with a mandate.
Created by the OAS Permanent Council to promote democratic principles and values in the countries of the hemisphere, the Lecture Series of the Americas invites internationally renowned speakers to address key issues of the hemispheric agenda, such as the strengthening of democracy, human rights, social development, hemispheric security and the fight against poverty. The conferences are being held thanks to a financial contribution from Peru’s San Martín de Porres University and support from the governments of the People’s Republic of China and the Hellenic Republic.

Reference: E-057/06