209. Memorandum From Secretary of State Shultz to President Reagan1
[Omitted here is information on congressional outreach activities.]
2. Congressional Summit on Debt & Trade. John Whitehead spoke on Third World debt this morning at a well-attended New York conference organized by Senator Bradley and five of his colleagues.2 Building on Jim Baker’s initiative, John emphasized the importance of equity investment in the LDCs. To achieve long-term growth, rather than continue a cycle of borrowing and refinancing, debtor countries need to encourage foreign and domestic investment by creating favorable business climates. The conference generated considerable support for our position of increased equity investment.3 (U)
[Omitted here is information on French demonstrations.]
- Source: Reagan Library, George Shultz Papers, President’s Evening Reading August–December 1986; NLR–775–33–28–1–4. Confidential.↩
- A copy of Whitehead’s opening statement before the U.S. Congressional Summit on Trade and Debt is in the Department of State, Executive Secretariat, S/S Files, 1986 Official Office Files, Action/Briefing/Information/Through Memoranda,/Chron Files/Memoranda to the Secretary Handled by (E) Economic Affairs Allen Wallis, Lot 89D156: Through Memoranda, December 1986. Baker spoke at the Summit on December 4. A copy of his remarks is in the Reagan Library, Stephen Farrar Files, 1986–1987 File, Subject File, Debt—Baker Plan 1985–1986.↩
- See Document 207.↩