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Commonwealth Secretariat press release

Commonwealth Secretary-General: Monterrey must deliver for the developing world

18 March 2002

The UN Conference on Financing for Development in Monterrey is a crucial opportunity to deliver results for developing countries, Commonwealth Secretary-General Don McKinnon said today:

"Monterrey can make the difference between a world where the gap between the rich and the poor continues to increase, and one where globalisation works for the benefit of the entire human community. We need to ensure that developing countries can seize the opportunities created by the global trading system, can attract foreign investment and lift themselves out of poverty."
The Secretary-General, who arrives in Monterrey on Wednesday, condemned the long neglect of poorer countries' interests: "Monterrey must begin to reverse the disgraceful way in which developing countries have been sidelined in this globalised world."

He stressed the need to reduce the cost and risk of investment in least developed, small and vulnerable economies. "This can be achieved by providing early-stage official funding to commercially promising businesses, enabling them to become viable and attract foreign private investment."

Mr McKinnon highlighted the $200 million Africa Investment Fund launched by Commonwealth Heads of Government at their recent meeting in Coolum, Australia. The Fund is part of the Commonwealth Private Investment Initiative, which acts as a catalyst for private investment through the establishment of regional venture capital funds.

He repeated Commonwealth calls for a level playing field in global trade negotiations, allowing developing countries to trade their way out of poverty. Conveying what Commonwealth leaders expressed in Coolum, Mr McKinnon urged rich countries to open their markets to developing countries' exports and to cut subsidies, particularly in the agricultural sector. He also expressed the hope that small states' representation at the WTO can be strengthened in the near future.

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