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Obama unveils new approach to advancing development

06-26-2010 08:46 BJT

HUNTSVILLE, Canada, June 25 (Xinhua) -- U.S. President Barack Obama outlines his views on a new approach to development Friday at Group of Eight (G8) Summit in Huntsville, north of Toronto in Canada, calling to foster the next generation of emerging markets among other issues.

According to a statement released by the White House, in an effort to foster the next generation of emerging markets, the U.S. will intensify efforts to promote sustainable economic development and support good governance by making targeted investments in countries and/or regions where the conditions are right for progress.

The U.S. will invest in innovations by leveraging the power of research and development, the U.S. will work to create and scale- up technologies for health, green energy, agriculture, and other development applications.

It also vows to make commitments to tailor development strategies and hold all aid recipients accountable. The annual Group of Eight (G8) summit opened on Friday in Huntsville, Canada' s Muskoka region, with leaders of the world's eight major industrialized countries set to discuss key challenges related to development and international peace and security.

Having fallen an estimated 18 billion U.S. dollars short of a 2005 pledge to raise their combined aid to the poorest countries by at least 50 billion dollars, the G8 nations is expected to launch a plan called Muskoka Initiative at the end of the meeting to reaffirm their commitments to development aid.

 

Editor:Zhang Pengfei |Source: Xinhua

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