In only three years of activities since its opening in 1995, the Inter-American Development Bank's Office in Japan has succeeded in becoming the Far East's focal point of discussion and information gathering on Latin America and the Caribbean. At the same time, it has promoted a better knowledge of Japanese and Asian affairs through a series of high-level meetings and its outreach work with Latin American officials, diplomats and businesspeople.

The new IDB Representative in Tokyo, Tsuyoshi Takahashi (second from right), began his tenure on July 2, 1998, after the IDB-Jexim Symposium.

The Inter-American Development Bank, established in 1959, is the largest source of multilateral financing for development projects in Latin America and the Caribbean. The IDB opened its Office in Tokyo as a reflection of Japan's growing role at the Bank. The country is one of the IDB's largest shareholders and a key provider of concessional resources. In addition, Japanese institutions are the main source of cofinancing for IDB-supported projects.

IDB President Enrique V. Iglesias (left), Deputy Representative Silvio H. Yanagawa (center) and outgoing Representative Yoshihisa Ueda (right) at the closing of the Fifth IDB-Jexim Symposium on Latin America, and the Caribbean on June 30, 1998.

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During 1998, the work of the Office was carried out against the economic backdrop of Japan's protracted economic stagnation, the worsening of East Asia's predicament and Russia's unexpected crisis, all of which created uncertainty on international markets and dampened expectations in Japan, especially in the second half of the year. As a result, trade and investment activities with Latin America slowed down, despite a growing realization that the region offers good long-term opportunities and that Japan, as a member of the Group of Seven industrial nations, needs to play a leading role in enhancing economic globalization.

The changing Japanese situation was the subject of discussion at a seminar organized by the Office.

"The uncertainties in the world economy make it critical for the Office to strengthen its outreach work, to help Asian economic actors differentiate the Latin American economies from other emerging markets," said IDB President Enrique V. Iglesias. "After eight years of uninterrupted growth, the Latin American economies have shown both resilience and much capacity for further growth, which makes them attractive as reliable trade and investment partners."

Brazilian Ambassador Fernando Guimarães Reis presents a gift to departing IDB Representative Yoshihisa Ueda.