Some of the elements required to attract such investment are already present. Citizens in the region are motivated and skilled. Natural resources are abundant. And these countries are located astride one of the world's great commercial crossroads. But let's be frank.
Corruption kills investment dead.
Not even a golden goose could stay in business long if every egg were inspected thrice, taxed twice, and then stolen with its owner having no viable legal remedy. The countries that will prosper in the new global economy are those able to attract investment, because their financial systems are open, their rules transparent, their laws enforced, and their standards consistent with global norms. A democratic government blessed by accountable leaders who respect human rights will earn the allegiance of its own people and the confidence of those with funds to invest. To build momentum, the Stability Pact has established a Business Advisory Council to provide direct private sector input on business climate reform. We hope the Council will be closely involved with the work of the country economic teams that have been set up to monitor implementation of reforms under the Stability Pact, including a regional anti-corruption initiative and an Investment Compact.