Hello, Neil and Buzz. I'm talking to you by telephone from the Oval Room at the White House. And this certainly has to be the most historic telephone… - Richard Nixon

I don't know of any one that in terms of concrete progress will serve the public interest and the individual interest of hundreds of thousands of Americans; I don't know of any group that will be more important than this group. This is a group of very busy people; Governors, mayors, presidents of 300 companies, vice presidents, executive officials. You have taken off to come to Washington to a conference, and I suppose sometimes you wonder "Was this trip worthwhile?" All that I can say is that I know it is worthwhile. I know that without your help we cannot do the job that needs to be done. I know that with your help there is nothing that we cannot accomplish in this field.

I would like to turn now to a vital subject in connection with economic development in the hemisphere, namely, the role of private investment. Now, clearly, each government in the Americas must make its own decision about the place of private investment, domestic and foreign, in its development process. Each must decide for itself whether it wishes to accept or forgo the benefits that private investment can bring. For a developing country, constructive foreign private investment has the special advantage of being a prime vehicle for the transfer of technology. And certainly, from no other source is so much investment capital available, because capital, from government to government on that basis, is not expansible. In fact, it tends now to be more restricted, whereas, private capital can be greatly expanded. As we have seen, however, just as a capital-exporting nation cannot expect another country to accept investors against its will, so must a capital-importing country expect a serious impairment of its ability to attract investment funds when it acts against existing investments in a way which runs counter to commonly accepted norms of international law and behavior. Unfortunately, and perhaps unfairly, such acts by one nation in the Americas affect investor confidence in the entire region. We will not encourage U.S. private investment where it is not wanted or where local political conditions face it with unwarranted risks. But I must state my own strong belief, and it is this: I think that properly motivated private enterprise has a vital role to play in social as well as economic development in all of the American nations. We have seen it work in our own country. We have seen it work in other countries--whether they are developing or developed--other countries that lately have been recording the world's most spectacular rates of economic growth. Referring to a completely other area of the world, the exciting stories of the greatest growth rates are those that have turned toward more private investment, rather than less. Japan we all know about, but the story is repeated in Korea, in Taiwan, in Malaysia, in Singapore, and in Thailand. In line with this belief, we are examining ways to modify our direct investment controls in order to help meet the investment requirements of developing nations in the Americas and elsewhere. I have further directed that our aid programs place increasing emphasis on assistance to locally-owned private enterprise. I am also directing that we expand our technical assistance for establishing national and regional capital markets. As we all have seen, in this age of rapidly advancing science, the challenge of development is only partly economic. Science and technology increasingly hold the key to our national futures. If the promise of this final third of the 20th century is to be realized, the wonders of science must be turned to the service of man. In the Consensus of Vina del Mar, we were asked for an unprecedented effort to share our scientific and technical capabilities. To that request we shall respond in a true spirit of partnership.

We are meeting here tonight at a time of great and fundamental change in America--of changes more far-reaching than have ever been seen in the span of a single lifetime. These changes summon all of us--the Federal Government, the States, the counties, the cities, and towns--each person everywhere--to a high adventure in human advancement. We stand on the threshold of a time when the impossible becomes possible--a time when we can choose goals that, just a generation ago, would have seemed as unreachable as the moon seemed to be unreachable then. We can reach those goals. The Spirit of Apollo gave us a brief, glittering glimpse of how far we can stretch. Thousands of minds, thousands of hands, all were marshaled in selfless dedication in achieving a great human dream--and the dream came true. Today, we in America can afford to dream--but we have to put drive behind those dreams. This requires that we turn--now--to a new strategy for the seventies--one that enables us to command our own future by commanding the forces of change. Only 7 years from now, in 1976, America will celebrate its 200th birthday as a nation. So let us look ahead to that great anniversary in the Spirit of Apollo-and discover in ourselves a new Spirit of '76. Let us resolve that what we can do, we will do. When a great nation confronts its shortcomings, not angrily, but analytically; when it commits its resources, not wantonly but wisely; when it calms its hatreds, masters its fears, and draws together in a spirit of common endeavor, then the forces of progress are on the march.