IDB promotes business and investments between Japan and Latin America and the Caribbean

The III Business Forum opened today with the presence of high-level government officials, businesspersons, and export promotion and investment attraction agencies

TOKYO, Japan – High-level government officials, private sector leaders, hundreds of guests from Latin America and the Caribbean, including companies, SMEs, export promotion and investment attraction agencies met today at the III Business Forum Japan-Latin America and the Caribbean in Tokyo to create synergies and business and investment opportunities between Japan and Latin America and the Caribbean.

The Inter-American Development Bank (IDB) organized this forum with the Japanese Ministry of Finance in the framework of the 40-year celebration of the partnership between the IDB and Japan, whose strategic relationship covers a broad panorama of trading, direct investment, and cooperation between governments.

The IDB President Luis Alberto Moreno, the Vice Minister of Finance Masatsugu Asakawa, the Governor of the Japan Bank for International Cooperation Akira Kondoh, and the President of the Japan International Cooperation Agency Shinichi Kitaoka participated at the opening.

“Latin America needs Japan and Japan needs Latin America. After a decade of strong growth, the economic integration between our region and Asia has begun to find headwinds. But instead of justifying a change of course, the new circumstances demand greater efforts to deepen and diversify economic relations,” said Moreno. “This is why it is time to relaunch our already strong alliance to bring it to an even higher level of cooperation.”

In recent decades, Japan has become one of the most important sources of foreign direct investment (FDI) in Latin America and the Caribbean (LAC), especially in the technology sector. The total trade between the Asian country and the region grew at an average rate of 12 percent between 2003 and 2011, but it has declined in later years.

Since 2010, Japan invested $45 billion in the region. Last year, the total trade between them was $44 billion. These are some of the data reflected in the most recent IDB study: A Virtuous Circle of Integration: The Past, Present and Future of Japan-Latin America and the Caribbean Relations.

As part of the agenda, Latin American entrepreneurs will participate in a training seminar conducted by the Japan External Trade Organization (JETRO), where they will learn various Japanese methods of promoting trade and the latest advances in innovation, technology, business, and culture.

The forum began today and ends on November 2. Participants will share their views on economic and trade issues, investment in quality infrastructure, cooperation on areas such as innovation and entrepreneurship, as well as financing for emerging markets.