Inauguration of the First International Economic Forum of Latin America and the Caribbean

30-01-25

On January 29, 2025, Panama became the epicenter of a historic event: the first International Economic Forum of Latin America and the Caribbean. Organized by CAF -development bank of Latin America and the Caribbean- and World in Progress (WIP), with the support of Grupo PRISA, this meeting brought together global and regional leaders with the aim of creating a space for reflection and joint action to boost growth, inclusion and competitiveness in the region. 

The forum, dubbed by some as the “Latin American Davos”, was attended by prominent personalities, including the president of Panama, José Raúl Mulino; the president of Paraguay, Santiago Peña; the prime minister of Antigua and Barbuda, Gaston Browne; Sergio Díaz-Granados, executive president of CAF; Matteo Renzi, former prime minister of Italy; Helle Thorning-Schmidt, former prime minister of Denmark; Rebeca Grynspan, secretary general of the United Nations Conference on Trade and Development (UNCTAD); Joseph Oughourlian, president of Grupo PRISA; and sociologist and writer Jeremy Rifkin. 

In his inaugural speech, Panamanian President José Raúl Mulino emphasized the need for the forum to become a point of reference for the region: “This forum must become the Davos of Latin America, a space where our countries can engage in dialogue, commit to sustainable development and strengthen their economies through education, innovation and investment. We cannot allow bureaucracy to slow down progress or excessive public spending to scare away investment. 

Sergio Díaz-Granados, CAF's executive president, highlighted the importance of this space for the region: “This forum was born as a key space for the convergence of leaders, entrepreneurs and experts who seek solutions from and for Latin America and the Caribbean. We had a void that needed to be filled, and with this initiative we want to strengthen alliances, boost growth and transform the region”. 

The President of Paraguay, Santiago Peña, highlighted his country's progress and vision for the future: “Paraguay is ready to become a full member of the OECD. We have achieved investment grade for the first time in our history and we continue to implement structural reforms. We want to position Paraguay as the technological center of Latin America, taking advantage of our 100% renewable energy, our strategic location and our export capacity.” 

Joseph Oughourlian, president of Grupo PRISA, underscored the importance of trust and education in the development of societies: “Trust is an intangible and complex value to build, but it is fundamental for our societies. Quality education is the cement of any society, and at PRISA we continue to invest in media and education with the conviction that accurate information and solid training are the basis for development and stability”. 

From a global perspective, Kristalina Georgieva, managing director of the International Monetary Fund (IMF), called for deep structural reforms in the region: “Economic growth in Latin America is not just a cyclical problem, but a structural one. To change this reality, we need to reduce bureaucracy, strengthen institutions, boost trade integration and energize the labor market, including greater female participation”. 

Matteo Renzi, former Prime Minister of Italy, provided a strategic vision for the region: “If Latin America wants a relevant place in the new geopolitics, it must integrate with a clear strategy, without copying Europe's bureaucracy, but learning from its successes. Renzi also said that Latin America and the Caribbean “need to believe in their own potential and assume an active role in the world, without waiting for solutions to come from outside”. 

During the two-day forum, panel discussions, keynote speeches and other activities will address crucial issues for the region, such as climate change, the food crisis, the energy transition and the digital revolution. One of the panels highlighted was “From Cali to Belém: Latin America and the Caribbean, a key player in global climate action”, where experts analyzed advances in biodiversity and climate action, aligning the region's interests with a view to COP 30, to be held at the end of 2025 in Belém, Brazil. 

Alicia Montalvo, CAF's Climate Action and Positive Biodiversity Manager, highlighted the region's influential role in environmental issues: “At a time when international environmental leadership is marked by uncertainty, the region has demonstrated that it has an influential voice, especially in the areas of climate change, energy transition and biodiversity protection. 

Panama's Minister of Environment, Juan Carlos Navarro, emphasized the urgency of addressing the climate crisis: “I am concerned about the lack of sense of urgency that I perceive in governments, in the private sector and in society in general. Therefore, I begin by asking that we do not stop talking about the COPs, about the climate, biodiversity and desertification agendas”. Navarro also proposed that the voting scheme of the agreements reached in the COPs should stop being based on unanimity and adopt some kind of majority. 

Astrid Schomaker, executive secretary of the Convention on Biological Diversity (UNEP), recalled the importance of nature in the global economy: “Today, the risk associated with natural issues is among the top ten challenges faced by companies worldwide in the next ten years and that 44 trillion dollars of the world economy depend on keeping nature healthy.

During the two-day event, a series of sessions will include panel discussions, keynotes and collaborative workshops. These activities will allow participants to explore in depth the challenges and opportunities in the region, promoting constructive dialogue and the exchange of innovative ideas.

The sessions focus on strengthening institutions, promoting innovation and digitalization, advancing the energy transition, developing strategic infrastructure and generating inclusive opportunities for all.