MercoPress. South Atlantic News Agency

World Economic Forum on Latin America demonstrates confidence in Colombia

Colombian Trade Minister Luis Guillermo Plata

Colombian Trade Minister Luis Guillermo Plata said that the World Economic Forum on Latin America (WEF), which was inaugurated by President Alvaro Uribe in the coastal city of Cartagena, demonstrates “confidence” in Colombia as an investment destination.

Plata said that “the arrival of some of the most important men in the business world demonstrates the confidence that the country generates, which will be confirmed by their experience of coming to Colombia to study investment possibilities.”

The two-day WEF is gathering under the theme “New Partnerships for a Sustainable Recovery” and is also set “to explore the challenges and opportunities for Latin America in the next 10 years”.

Klaus Schwab, Executive Chairman and Founder of the World Economic Forum also praised the organization and level of debate in Cartagena, “most economies in Latin America have achieved long awaited financial and economic stability, coupled with the strengthening of democracy and currently the challenge is to multiply local initiatives that are reducing inequality and providing a renewed hope for the young generations”.

“The demographic bonus, its large domestic markets, vast natural resources, vibrant traditions and culture, as well as emerging socially committed leaderships, offer the region a promising future”, added Schwab who promised that WEF will continue to engage in Latin America by addressing regional concerns and “help to build new solutions, rooted in local achievements to the benefit of present generations and those to come”.

The forum's 550 guests come from 40 different countries, 60% of which are outside Latin America, according to WEF organizers.

Colombian President Alvaro Uribe, as well as the presidents of Barbados, Costa Rica, Guatemala, Panama, Paraguay and from Dominican Republic are present at the forum. One of the purposes of the forum will be strengthen relations between public policy and business.

Senior US State Department official Arturo Valenzuela currently in a Latinamerican tour is also present at the forum.

Representatives from international companies such as Ernst & Young, McDonalds, British American Tobacco, Dell, General Electric, Nestle and Bank Of America are participating.

Topics such as economic outlook, social investment, combating crime and intra-regional trade include the WEF agenda and debates.

Forum Director, Mexican Emilio Lozoya said he expects investment to flow into the region.

The International Monetary Fund predicts that Latin America markets will grow 3.7% this year, while the US market is projected to only grow 2.7%. North American and Europe are increasingly investing in Latin America because they are seeking regions less affected by the global economic crisis.

Latin America rich in commodities and energy has benefited in the last ten years from the strong showing of the Chinese economy.