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BRAMA, October 8, 2002, 11:00am ET


Press Release

Replication of Wealth Creation Capacity Is Needed In The One-Hundred Sixty Developing Countries

Center for Strategic & International Studies (CSIS)
Russia and Eurasia Program Seminar
Washington, D.C.
October 7, 2002

President Leonid Kuchma of Ukraine shakes hands with Michael Bleyzer. (File photo, Feb. 2001)

Washington, D.C., October 7, 2002 -- "The twenty-eight developed countries of the world need to substantially increase their work to support the more than one-hundred sixty developing countries in their struggle to enlarge their capacity to create wealth," Michael Bleyzer, President of SigmaBleyzer and Chairman of The Bleyzer Foundation told a Center for Strategic & International Studies (CSIS) Russia and Eurasia Program Seminar held in Washington, D.C. on Monday, October 7, 2002.

Bleyzer, whose company SigmaBleyzer is one of Ukraine's leading investment banks, told the CSIS Seminar,"The twenty-eight developed countries in the world not only have accumulated most of the wealth but more importantly they also have most of the wealth creation capacity in the world."

"The wealth redistribution idea that is talked about so much in some international circles today, is flawed, outdated and just does not work, the President of SigmaBleyzer stated. Bleyzer believes that programs to redistribute wealth only increase the size and volume of non-productive foreign assistance programs programs and lead to a global welfare system.

"Experience has shown," Bleyzer explained, "That this approach does not really resolve the problems of poverty, inequality, and instability found around the world.

"What is needed is not wealth redistribution but replication of the ability to create wealth in the developing countries by utilizing programs, policies, and creating institutions that have produced real economic results in the developed countries."

To accomplish this in a systematic fashion an active engagement of the developed countries and the development of appropriate economic transformation methodologies and tools will be necessary. This is one of the major pillars of "The Bleyzer Initiative," Michael Bleyzer explained at the Seminar,

"The Bleyzer Initiative is a program, which when implemented, will help complete the economic transition in the fifteen counties of the former Soviet Union (FSU), and other developing countries around the world," Bleyzer stated as he outlined the new initiative for the participants in the CSIS Seminar.

"Studies by The Bleyzer Foundation show that new approaches are needed by the developed countries in their efforts to assist the economic growth in the developing countries," said Dr. Ediliberto Segura, Chief Economist of SigmaBleyzer, and Chairman of the Advisory Board of The Bleyzer Foundation. Much of what the developed countries have done in the past has been counterproductive and not very effective Dr. Segura believes.

"The twenty-eight developed countries need to (1) provide assistance in the replication of their wealth creation capacity, (2) provide better access to their markets, (3) develop programs to support foreign direct investment that leverage private capital with donor's money, (4) support democratic nation building programs, (5) refocus multilateral and bilateral assistance to the FSU countries to support the creation of market economies and stronger private sectors, (6) focus most international financial assistance on creating private businesses and then (7) precisely target their foreign assistance programs to achieve the first six objectives," Dr. Segura told the seminar. Dr. Sergura recommends the developed countries support "The Bleyzer Initiative" and refocus their assistance to the former Soviet Union (FSU) countries now to meet the above guildlines.

"In the long run the best way to fight poverty, inequality, instability, terrorism and other ills found in so many of the developing countries is for the developed countries to focus their support on the programs that create market economies, democratic governments, and build the wealth creation capacity of each country," Dr. Segura concluded.

CSIS, a Washington based non-profit organizations, for four decades has provided world leaders with strategic insights on--and policy solutions to--curren and emerging global issues. CSIS addresses the full spectrum of new challenges to national and international security, they maintain resident experts on all of the major geographic regions, and are committed to helping to develop new methods of governance for the global age: to this end CSIS has programs on technology, and public policy, international trade and finance, and energy. (end)



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