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International
Conference
Public/Private
Summit on Investment Climate
Andres
Bello Auditorium
December
4, 2003
Washington,
DC
1. Objectives
The
overall objective of the conference was to examine, at the highest
possible level, the issues involved in creating and maintaining a
favorable environment for private business. The specific objectives
were: (a) discuss the
lessons learned in the recent past; (b) discuss the needs of the
private sector and the constraints faced by the public sector; (c)
discuss the major aspects involved in the creation and maintenance
of an adequate investment climate. The conference served as
the opportunity to announce IDB Group’s Initiative in the
promotion and support of an adequate, sustainable and stable
investment climate in the region.
2. Time and
Place
The
Conference took place on December 4, 2003 at the Inter-American
Development Bank’s Headquarters in Washington, D.C., 1300 New York
Avenue NW.
3. Participants
Target participants were high-ranking country
officials, in charge of investment climate, private sector managers
responsible for investment decisions, officers of bilateral and
multilateral agencies concerned with the issues and other persons,
including academics interested in enhancing the investment climate.
For the achievement of the objectives it was very important that the
main
participants have decision-making power in their respective
organizations. In this
regard, to attract key private sector managers, it was important that
President Lagos and several key ministers of Latin American and Caribbean countries
(finance, development, etc.) participated in the conference. Also, attendance by high-ranking officers from donor
countries and multilateral agencies contributed to the success
of the conference.
4. Sessions
The conference had three major working
sessions, besides the opening and closing sessions. All working
session had a panel of public and private sector officials,
moderated by a Bank Group Manager, followed by discussion from the
floor. The first session was devoted to a discussion of the
lessons learned, mistakes to be avoided and successes to replicate.
The second session discussed what are the needs of the private
sector and what are the constraints the public sector faces in
keeping this climate. The third session was devoted to specific
issues in the investment climate. For instance, the impact on trade
and trade agreements, corporate governance, bankruptcy, property
rights, and rule of law. The fourth session was devoted to the
process of implementing and maintaining the required climate
(political feasibility, country capacity, financing change,
communication strategies and the assessment of the investment
climate). During the conference, the Bank Group’s Investment Climate
Initiative was presented.
5. Preparatory Papers
The Bank Group has supported the investment
climate throughout the Region over the last 15 years and has done
significant operational work, both with the MIF and the Regional
Operations Departments (and before they were created, by the
Programs and Policies Department, DPL). Recently, for the
implementation of the Competitiveness Strategy and to support the
preparation of competitiveness programs, some country assessments
that indirectly touch upon the investment climate are being
conducted. Nevertheless, the Bank Group has done very few conceptual
studies on the situation of the investment climate in the region,
the relative importance of the different aspects of the climate, the
political feasibility of implementing changes, the capacity to
absorb the change, financing for the process of change, among other
needed studies. Three papers were specially commissioned on the
issues (see background
papers).
Last
update: 12/09/03
Private Enterprise and Financial Markets Subdepartment
Sustainable Development Department
Inter-American Development Bank
1300 New York Avenue NW
Washington, DC
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