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Business leaders urge public-private measures to spur economic growth and strengthen transparency

More than 1200 business leaders and 12 heads of State attend CEO Summit of the Americas ahead of major hemispheric meeting

LIMA, Peru - Business leaders gathered at the III CEO Summit of the Americas urged bold actions by governments to promote greater transparency and increase economic growth. They also committed to a series of measures to ensure the private sector plays its part in curtailing corruption, according to a new report issued today.

The report by the Americas Business Dialogue – a private sector consultation mechanism for the Summits of the Americas process - contains 42 measurable recommendations that are to be presented to the heads of state convening in Lima this weekend. These recommendations were also part of the discussions held by nearly 1200 business leaders from the hemisphere on April 12 and 13 under the theme of Made in the Americas, an event coordinated by the Inter-American Development Bank (IDB), together with the Government of Peru and CONFIEP, the Peruvian business confederation.

“We already are a hemisphere that shares the ideals of democracy, liberty, security, open markets and equal opportunities. But we should be more ambitious, impatient and bold,” said IDB President Luis Alberto Moreno, “Together, we would be an irresistible magnet for investment.”

“The Americas Business Dialogue has brought together big and small businesses, working towards a common goal of enhancing trade and investments in our countries,” Moreno added. “We are proud to support the ABD, which since its creation in 2012 has become the leading private-public dialogue mechanism in the Americas.”

More than 300 private sector entities worked for over a year to put together the report, Action for Growth: Policy Recommendations and 2018-21 Action Plan for Growth in the Americas, which focuses on five key themes: strengthening transparency and integrity; digitizing growth; trading for tomorrow; powering development; and upskilling for the future.

The report emphasizes the recommendations that most strongly support transparent practices and growth in the region — the main topics of this weekend’s Summit of the Americas.

Among its key recommendations are:

  • Strengthening transparency and integrity - addressing the ultimate beneficial owners of financial accounts, strengthening public procurement systems, and encouraging the private sector to adopt comprehensive integrity mechanisms, including corporate code of conducts.
  • Digitizing growth - greater acceptance of digital means of payments, incorporating digital economy in trade negotiations and committing to leverage technology to digitize financial flows, particularly in the public sector, to increase transparency and inclusion.
  • Trade - better multi-modal and connected infrastructure; smarter land management and usage strategies in cities to improve the flow of passengers and cargo; and ensuring full government support to successfully undertake environmental license and community consultation processes.
  • Powering for development - recommendations include improvements in the efficiency, cost, reliability and emissions of electricity production through the physical and regulatory integration of regional markets, enabling more efficient power transactions, and utilizing market-friendly regulations to improve access to renewable energy and natural gas.
  • Upskilling for the future - improving the quality of education and training programs, and improving the transparency of education in the region, instituting a zero-tolerance approach to corruption in education systems.

Hundreds of business leaders participated in the III CEO Summit’s panels on topics that ranged from how to overcome the region’s big infrastructure deficits to embracing the agro-industrial revolution and improving financial technology and integration.

Peruvian President Martin Vizcarra opened the event together with IDB President Moreno.   

The Americas Business Dialogue was created after the first CEO Summit of the Americas held in Cartagena, Colombia, in 2012 to foster public-private collaboration and to promote development in the region.

About the IDB

The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.