Former President of the Dominican Republic, Fernández Calls to Increase Access to Technological Innovation

The former President of the Dominican Republic, Dr. Leonel Fernández, declared that he sees the future of the country and of the rest of humanity with great optimism, mainly due to the "great revolution" that is occurring in the field of technological innovation and access to knowledge.

Fernández, who is also President of the Dominican Liberation Party (PLD), and honorary President of Global Foundation for Democracy and Development (GFDD)
and its sister organization in the DR, Fundación Global Democracia y Desarrollo (FUNGLODE), made the statement in the framework of a keynote speech he delivered at the headquarters of the Open University for Adults (UAPA – Universidad Abierta para Adultos), in Santiago. His conference addressed the issue of "Volatility of the futures market and its effect on products derived from international trade." He attended the event at the invitation of the university
authorities.

The former Head of State said that in a few years and as a product of this technological transformation, society will be very different from what it
is today. In this regard, the former President urged the students and professionals to continue training in all fields related to technological innovation and access to knowledge, so that they can integrate themselves successfully in tomorrow’s new society. In turn, the former President praised the UAPA, which he defined as a pioneer in distance education, using the advances in technological innovation.

On financial
speculation
After explaining the different causes of the volatility that oil and food prices are experiencing, Fernández said that, due to concerns with that situation, in the twilight of his last government mandate, he had submitted a draft resolution to the General Assembly of the United Nations Organization (UN) calling for a general regulation of financial activities, an initiative that was approved by the vote of 135 countries, including those of the
G-20.

"Four trillion dollars circulate in the world economy through the click of a mouse," said former President Fernández referring to e-commerce, which is one of the major venues for price speculation. He argued that as a result of that Dominican project, the world agrees that speculation is the main cause of price instability, mainly of the futures market, which ​​affects, for the most part, the weaker economies.

Elaborating on this issue, Fernández said that with the resolution that was adopted by the UN, thanks to the initiative, the Dominican Republic has done a great service to humanity. He reported that as a result of this, the US Congress is studying whether to approve a regulation regarding financial activities, while in Switzerland there are discussions underway regarding Basel III Rules, which shall apply to all the countries worldwide.

The former President
revealed, however, that the discussion process is proving extremely difficult, given that the financial markets, which are used to making big profits through speculation, are proving reluctant to be regulated.

The event
The keynote address by former President Fernández took place in the framework of the final activities of a Diploma course in Financial Management offered by the UAPA, in which dozens of professionals from
various fields of study participated.

The introductory remarks were offered by Yudiris Cruz and Joel Rodríguez, who are both participating in the Diploma course. In turn, the President of the UAPA, Dr. Ángel Hernández, offered the welcoming remarks. He highlighted the importance of someone of the caliber of Leonel Fernández taking the time to discuss with professionals and students issues of great human concern, a gesture he appreciated.

Senators José
Rafael Vargas and Sonia Mateo Espinosa, representatives of the provinces of Espaillat and Dajabón, respectively, as well as several other regional personalities, attended the event.

Toward the end of the event, the participants in the Diploma course in Financial Management, together with the University Rector, presented former President Fernández with a plaque in recognition of the many contributions he made to the country, both from the government and through
FUNGLODE.