ECOFIN opened this committee session with a hot topic, the diversification of economies and the move away from single based economies. Proposed by the Republic of Korea, this topic aimed at finding solutions to stagnated economies so they can develop and flourish.
The broadest idea of what the end goal the committee wished to see was that any of the developing nations can do without foreign aid in the context of helping the economy stay a float however there were many unique ideas proposed to finally reach this end goal.
Both the delegation of India and the delegation of Italy saw that the developing nations should move closer toward secondary industries or manufacturing as it is better for the stabilization of independent nations and moves toward the economic independence that developing nations seek. Sweden explained that focusing on exporting raw materials and resources like Palm oil, Wood and oil is not healthy if one wants a self sufficient economy.
Kazakhstan was quick to point out how the majority of its industry relied on the outdated and unsustainable oil and natural gases but they are making strides into alternative energy. Kazakhstan made sure to emphasize that this is very important to developing economies as it allows more long lasting sustainable energy and industry opportunity.
No matter what, ECOFIN seems to be absolutely determined to see that every developing nation can have a diverse economy and one that moves away from being exclusively a primary industry