World Economic Forum on Latin America Opens in Cancun

Español

• The World Economic Forum on Latin America opens, with more than 500 participants from 40 countries.
• Latin America is in a better position than ever to withstand a downturn in the global economy.
• China and other emerging Asian economies are natural partners for Latin America.
• The meeting offers the opportunity for Latin American business, government and civil society leaders to exchange ideas and develop regional approaches to global challenges.

Cancún, Mexico, 15 April 2008 – The World Economic Forum on Latin America opened today, with the Co-Chairs of the two-day meeting agreeing that Latin America is in a better position to withstand a slowdown of the global economy and a possible recession in the US. “The situation of Latin America to deal with what’s happening with the world economy has never been stronger,” said Alejandro Baillères, Chief Executive Officer of Grupo Nacional Provincial of Mexico. “This is a good opportunity to showcase Latin America,” concluded William R. Rhodes, Chairman, President and Chief Executive Officer, Citibank NA, Citi. “Obviously, Latin America is not as dependent on the US economy as it used to be, say, a decade ago.”

The World Economic Forum on Latin America is bringing together more than 500 participants from 40 countries. Among the nearly 40 public figures at the meeting will be seven heads of state or government including the Presidents of Mexico, Costa Rica, Honduras, El Salvador, Guatemala and Colombia.

A key factor contributing to Latin America’s more robust economic position is the sharp increase in recent years of trade and investment between the resource-rich countries such as Chile and emerging Asian economies such as China and India that are heavy consumers of energy and raw materials. “We are here because of Latin America’s economic development and social progress,” said Guo Shuqing, Chairman of China Construction Bank, the second largest state-owned Chinese bank. With the Chinese economy continuing to expand rapidly to the point of overheating and the Chinese looking to invest more abroad, Latin America should be a natural partner for China as it addresses the growing challenges of food and energy security and rising inflation, Guo reckoned.

The World Economic Forum on Latin America will provide opportunities for people from the region and from the rest of the world to see how they can help the continent to develop, said José Antonio Fernández Carbajal, Chairman and Chief Executive Officer of Mexico’s FEMSA. “Taking a regional perspective is very important because we have special questions and solutions in Latin America and this is one place where we can exchange ideas and develop good perspectives for the future,” added José Sergio Gabrielli de Azevedo, President and Chief Executive Officer, Petróleo Brasileiro, or Petrobras.