The nations of Latin America are united by strong fraternal, historical, cultural and economic bonds. They are also united by a desire to create a more prosperous and egalitarian region. As a result, Mexico commends the World Economic Forum on Latin America as an effective mechanism for dialogue and exchange of ideas – one that is capable of promoting greater economic dynamism among our countries.

Latin America currently enjoys a favourable economic situation. Its average growth outlook is 3%, which is higher than that of the majority of developed countries. In addition, the economies in our region have been striving to unleash their economic potential by means of new integration mechanisms and structural changes.

The Pacific Alliance, for example, which currently consists of Chile, Colombia, Peru and Mexico, is a powerful integration mechanism. As one of its objectives, it seeks to establish free flow of goods, services, capital and people. It is a union that will go beyond the increasing closeness between our countries and serve as a bridge with Asia-Pacific, the most dynamic area of the world. The countries that form this Alliance remain open to including new members among us – for example, Panama, the host country of the 2014 World Economic Forum on Latin America.

With regard to structural changes, several Latin American countries are launching national policies and initiatives in order to increase their competitiveness and growth potential. In Mexico, we have advanced an extensive agenda of transformative reforms in the fields of education, economic competition, telecommunications and finance, as well as with tax, energy and political-electoral issues. These changes will improve competition, increase productivity and, as a result, help create a more prosperous and inclusive Mexico.

Because we are aware that our nation faces even greater social challenges, in particular with inequality, Mexico looks to “democratize productivity”. This means maximizing the productive capacities of the entire population and increasing their employment and income opportunities. In this sense, this forum is an opportunity to identify windows of cooperation that will allow us to foster more equitable economic development and make headway in the construction of a more inclusive Latin America, one in which no one is left behind.

For all of the aforementioned reasons, it is an honour for me to participate in this forum and visit this brotherly country, with which we are tightening and strengthening our politial and economic ties. I commend Panama’s hard work in organizing this event, and I wish them the greatest success.

Author: Enrique Peña Nieto is President of Mexico.