Panama City, Panama. June 6, 2013—
High ranked officials from governments throughout Latin America and
the Caribbean called today—at an international conference-- for an improved
investment climate in the region and their respective countries as a necessary
condition to boost productivity and sustain the economic and social progress
from the past decade.
In cooperation with the Government of
Panama, the World Bank Group (WBG) is hosting the conference, convening
government officials from Latin American and Caribbean countries and global
experts that have pursued successful investment climate reforms.
Roberto Henriquez, Minister of the Presidency
of Panama, opened the two-day forum, which includes delegations from Bolivia,
Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala,
Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, and Uruguay, among
others .
“Today and tomorrow we will have a
dialogue on how to improve the climate for public and private investment
in the region and how to address our challenges,” said Minister Henriquez.
“We will have the opportunity to share concrete examples of the strategies
we have implemented to transform our countries and elevate our levels of
development.”
Latin American and Caribbean economies
are expected to grow by 3.5 percent this year. Despite decades of job creation
and significant improvements to the business environment, many countries
in the region still face challenges which constrain local companies and
hamper their productivity. Some countries have become regional champions
in regulatory reform practices, such as streamlining business start-up
procedures, introducing electronic tax payment systems to improve compliance,
and reducing barriers to regional trade to promote economic integration.
Others are seeing the potential to improve their productivity in order
to achieve greater growth and competitiveness.
Hasan Tuluy, the World Bank’s Regional
Vice President for Latin America and the Caribbean, said: “Investment
climate reforms are key to sustainable growth and job creation in Latin
American and Caribbean countries. This is a unique learning opportunity
for our client countries to exchange good practices on their respective
reform agendas.”
“The World Bank Group is committed
to continuing its support for reform efforts in the region,” said Jean
Philippe Prosper, IFC’s Vice President for Latin America and the
Caribbean. “Our hope is that the collective success of governments will
provide a powerful example of how a favorable investment climate can help
companies grow, compete, and contribute to shared prosperity.”
The forum in Panama City is part of
an ongoing series of regional knowledge exchange events organized by the
Investment Climate Department of the World Bank Group, a joint department
of IFC, the World Bank and MIGA. These events aim to foster regulatory
reform opportunities in the region and globally.
About the World Bank Group
The World Bank Group is one of the world’s
largest sources of funding and knowledge for developing countries. It comprises
five closely associated institutions: the International Bank for Reconstruction
and Development (IBRD) and the International Development Association (IDA),
which together form the World Bank; the International Finance Corporation
(IFC); the Multilateral Investment Guarantee Agency (MIGA);
and the International Centre for Settlement
of Investment Disputes (ICSID). Each institution plays a distinct role
in the mission to fight poverty and improve living standards for people
in the developing world. For more information, please visit www.worldbank.org,
www.miga.org,
and www.ifc.org.
About IFC
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, providing
advisory services to businesses and governments, and mobilizing capital
in the international financial markets. In fiscal 2011, amid economic uncertainty
across the globe, we helped our clients create jobs, strengthen environmental
performance, and contribute to their local communities—all while driving
our investments to an all-time high of nearly $19 billion. For more information,
visit www.ifc.org.
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