Your negotiations for a new programme of action are on track. The issues are complex. Some are contentious. All are interlinked. I urge you to be ambitious and forward-looking. Deliver an Istanbul Programme of Action that will help the maximum number of LDCs to graduate from this category in the shortest time.

　　I would like to close, ladies and gentlemen, by highlighting some broad areas where we can reap the maximum benefits for LDCs and the global economy.

　　First, productive capacity. Most LDCs are rich in resources. All have young and vibrant populations. These men and women need decent jobs, education, training, so they can make the most of their country’s assets — minerals and other commodities, farmland, rich stores of biodiversity and tourism potential.

　　However, enhanced productive capacity will only be achieved with a dynamic and thriving private sector. One of the most significant aspects of this Conference is the enthusiastic engagement of the business community. Let us ensure that business has the right environment to thrive. It is no coincidence that the three countries that have graduated from the LDCs also score high on governance and democratic principles.

　　Let me now turn to the issue of aid. Official development assistance (ODA) to LDCs has nearly tripled in the past decade. But it remains below agreed targets. Yes, it is true that we live in times of austerity. But as I have said, assistance to LDCs is not charity, it is sound investment. Many also argue that current aid places too little emphasis on economic infrastructure and productive sectors. Furthermore, many LDCs are still saddled with unsustainable debt burdens. I urge lenders to revisit this issue.

　　Let me now turn to agriculture, which employs as much as 70 per cent of workers in LDCs. This is perhaps the most important sector for development. We need to invest more in smallholder farmers and the infrastructure they need. This means transferring appropriate technologies, supporting climate change adaptation and protecting ecosystems. We need to invest, too, in basic social protection and safety nets.

　　Global food prices are at new record levels. LDCs face a real prospect of a new crisis in food and nutrition security. In many LDCs, the poor spend more than half their incomes on food. More than 40 per cent of children in LDCs have had their growth and development stunted by malnutrition. A country that cannot feed its children cannot thrive.

　　My final point concerns trade. The international community has failed to follow through on global commitments in the Monterrey Consensus and the Doha Declaration on Financing for Development. I call again for a successful conclusion to the Doha Development Round of multilateral trade negotiations. There is little point in helping LDCs to grow food and other commodities, manufacture products and develop services if they cannot trade fairly in the global marketplace.

　　The United Nations system will continue to prioritize LDC issues throughout its programmes. We will work diligently with all partners to help implement the new Istanbul Programme of Action.