How much does Latin America invest in science and technology? This is what former minister says

Latin America is “an international shame” because, on average, most of their countries invest 0.3% in science and technology, which contributes negatively to one of its development traps, said this Thursday the former Minister of Finance of Colombia José Antonio Ocampo.

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The former secretary general of the Economic Commission for Latin America and the Caribbean (ECLAC) noted that the institutions that should support investment in science and technology are the scientific networks in the countries, taking into consideration private investment in small businesses.

During his participation in the ECLAC high-level seminar in Lima, Ocampo pointed out that another important issue regarding productive development policies is the role of financing, the role of national development banks, the great boost to banking, articulated with multilateral banking.

“Today, all banks or several medium-sized banks are developing what is called the fund of fund,” where they invest venture capital in new companies, he indicated.

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Likewise, Ocampo pointed out that the fundamental problem in today’s world is “the very slow growth of international trade”, from the crises of 2007 and 2008.

However, China is too important as a trade partner of Latin America, stated the former Colombian minister, but he regretted that in terms of trade development “There are opportunities that we cannot fight.”

For Latin America, Food production is a strength and potential in today’s world, he stressed.

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“All those strategic mineral opportunities,” such as lithium and copper, which are in the region, but also “we have to insert ourselves much more dynamically into new technological trends,” declared Ocampo.

EFE