For resource-rich countries to fully benefit from the bounty of their natural resources through fair negotiations, they must know exactly what have and how long these resources will last, according to an extractives industry expert.
This information allows policies to be adapted and integrated with the data to maximize revenues while making the benefits sustainable for the people through the establishment of future funds, Jürgen Reitmaier, Extractive Industries Transparency Initiative senior adviser, told Devex Associate Editor Richard Jones in this video interview on the sidelines of the Annual Democracy Forum 2014 in Gaborone, Botswana.
Donors, he added, should be fully involved in the process for instance by helping set up geological surveys of countries for governments to negotiate from a position of strength.
Watch the above clip to learn more insights from Reitmaier on how both donor and recipients can better leverage their resources in an inclusive way.
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About the author
Lean Alfred Santos@DevexLeanAS
Lean Alfred Santos is a Devex development reporter focusing on the development community in Asia-Pacific, including major players such as the Asian Development Bank and the Asian Infrastructure Investment Bank. Prior to joining Devex, he covered Philippine and international business and economic news, sports and politics. Lean is based in Manila.