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Latin American leaders urge stronger investment, regional integration
🇵🇾 Paraguay /Economy & Trade

Latin American leaders urge stronger investment, regional integration

From ABC Color · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

News From a news agency Context piece
  • Latin American and Caribbean leaders emphasized the urgent need to boost investment, institutional strength, and regional integration to leverage the region's strategic potential in the global economy.
  • Spain aims to promote this integration during the upcoming Ibero-American summit in Madrid, following discussions at the 18th International Economic Forum for Latin America and the Caribbean in Paris.
  • Key challenges identified include increasing investment, improving regional integration, strengthening public institutions, and raising labor productivity, all interconnected and requiring a common strategic vision.

Leaders and high-ranking officials from Latin America and the Caribbean gathered in Paris, stressing the critical need to enhance investment, institutional frameworks, and regional integration. The goal is to enable the region to capitalize on its strategic advantages within the global economy, an initiative Spain intends to champion at the upcoming Ibero-American summit in Madrid.

The consensus emerged from the 18th International Economic Forum for Latin America and the Caribbean, co-organized by the OECD Development Centre, the Inter-American Development Bank, and the French Development Agency. OECD Secretary-General Mathias Cormann highlighted the region's abundant critical resources, including clean energy, agricultural capacity, and a young, dynamic population. However, he pointed out that the primary challenge lies in transforming these assets into sustainable growth.

The world is observing Latin America and the Caribbean. It is time to act.

— Mathias CormannOECD Secretary-General Mathias Cormann's call to action during the forum.

Cormann underscored that addressing investment, productivity, integration, and institutional challenges requires a shared strategic vision. "The world is watching Latin America and the Caribbean. It is time to act," he warned. Spain's Secretary of State for Ibero-America and the Caribbean, Susana Sumelzo, affirmed that bringing the region closer to the OECD is not just desirable but strategic. Spain will host an OECD-Latin America and the Caribbean Ministerial Dialogue on July 1, preparing for the November Ibero-American Summit.

The summit's objectives include strengthening cooperation in areas such as regional integration, development finance, digital transformation, artificial intelligence, and institutional strengthening. Costa Rican President Laura Fernández, via video, urged the region to convert global challenges into opportunities, leveraging its resource wealth and the capabilities of its young, entrepreneurial population. Peruvian Prime Minister Luis Arroyo reinforced that accession to the OECD is a key tool for guiding structural reforms and promoting sustainable, inclusive development.

The world changes quickly and our ability to anticipate will allow us to turn challenges into sustainable growth.

— Laura FernándezPresident of Costa Rica Laura Fernández's remarks on transforming global challenges into opportunities.
DistantNews Editorial

Originally published by ABC Color in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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