Organized by France’s Ministry of Economy, Finance and Industry, the Inter-American Development Bank (IDB), and the OECD Development Centre, the III International Economic Forum Latin America & the Caribbean 2011 debated the new growth factors for Latin America and the Caribbean (LAC) in a new global context.
Colombian President Juan Manuel Santos said “ are at the edge of tremendous changes, living them already”, and adaptation is necessary. Mentioning the need to reduce carbon emissions, President Santos insisted in particular on the potential of Colombia, as well as other Latin American and Caribbean countries, in the area of energy production as well as from new sources like renewable energy and biofuels, without jeopardizing food production.
Analyzing future challenges for the region, Inter-American Development Bank President Luis Alberto Moreno reminded participants that the future growth of Latin America and the Caribbean would require a stronger focus on human capital. "Modernizing education and investing in science and technology - issues that developed countries have always talked about - are Latin American and Caribbean issues today. This development agenda is critical if we are to make this the Decade of Latin America and the Caribbean”.
Marc-Olivier Strauss Kahn, Executive Director at the IDB, in his introductory remarks, stressed the importance of discussing commodity trade issues, the role of the middle classes and poverty alleviation.
OECD Secretary-General Angel Gurría said,“Latin America has to use this good moment to consolidate its strengths, implement structural reform, reduce debt and invest in physical and human infrastructure. This is essential to the future sustainability of social and economic progress."
Pushed by a growing demand from Asia for LAC’s natural resources and high commodity prices, the region is increasingly specializing in commodities. Experts in this field, representatives of international organizations, and Juan Camilo Restrepo, Minister for Agriculture and Rural Development of Colombia, debated the opportunities and challenges this trend represents for LAC economies in terms of food security.
Priorities for the French presidency of the G20 were also discussed, as were the contribution that the OECD and the IDB can make to the G20 process. The French Minister of Economy and Finance, Christine Lagarde, said France’s Presidency of the G20 would address issues of key importance to Latin America and the Caribbean. "One of the most important objectives going forward has to be improving the functioning of commodity markets and commodity prices. Agricultural product markets need more transparency and better information."
Mexican Finance Minister Ernesto Cordero Arroyo stressed on the need for the Region to prepare for the reversal one day of the massive capital inflows that have been driving up currency exchange rates.
Further information on the conference is available here: www.latameconomicforum.org