President Fidel Castro of Cuba has urged oil-exporting states to invest more in the third world and less in advanced western nations.
President Fidel Castro of Cuba has urged oil-exporting states to invest more in the third world and less in advanced western nations. His exhortation came on Monday (17 December) at the opening in Havana of a five-day ministerial conference of the 'Group of 77', an alliance of developing countries. Dr Castro also echoed a demand he first made to the United Nations General Assembly last October, that the advanced nations transfer at least three hundred billion dollars to the developing countries in the 1980s.
SYNOPSIS: The objective of the Havana Conference is to draw up a joint strategy for third world countries, in preparation for the United Nations Industrial Development Organisation conference in New Delhi at the end of January. Since it was founded in 1963, the 'Group of 77' has grown to one hundred and nineteen countries. In his opening address to the group, Dr. Castro said its function is to fulfil economically what the non-aligned movement does politically.
According to Dr Castro, the development of the third world is not possible without energy. But under-developed countries need to know more than how much the price of oil will rise each year. More importantly, he said, they need to know how much the oil-producing states will contribute to third world development. Dr Castro also said there is a need for a new system for financing development -- a need which is central to the industrialisation of the third world. The Havana Conference will take its findings to the U.N. meeting in New Delhi.