• Forum Founder and Executive Chairman spoke alongside the US Vice-President, leaders from business and civil society.
  • US Administration urged long-term inclusive development to improve economic opportunities.
  • Forum to support the Administration’s Call to Action by convening civil society, business, government and development institution representatives to facilitate new partnerships.

World Economic Forum Founder and Executive Chairman Klaus Schwab on Thursday spoke alongside the Vice-President of the United States, executives from leading multinational companies and representatives from civil society. They discussed how to promote inclusive and sustainable economic development and improved opportunities for nationals from Guatemala, Honduras and El Salvador, referred to as the Northern Triangle countries of Central America.

The talks came as US Vice-President Kamala Harris launched the Administration’s Call to Action, asking the private sector to enhance investments in parts of the region. The initiative urges business and social enterprises to promote inclusive economic growth opportunities and improve livelihoods as a way to address the root causes of migration and promote the long-term development of the region.

“I believe that the businesses -- in particular, our private business sector -- have a very significant role to play, as we all know, in creating jobs, in promoting economic opportunity, and in long-term development," Harris said.

She emphasized robust public-private cooperation as key to achieving meaningful outcomes, recognizing the Forum as a global leader in this area.

Harris, Schwab, Latin America, Call to Action
Vice-President Kamala Harris speaks with Forum Executive Chairman Schwab and business leaders on 27 May 2021.
Image: The White House

“The Forum has been actively engaged in Latin America for decades, developing and supporting the implementation of a strategic agenda to address the region’s most pressing challenges and ensuring a robust participation of leaders,” said Schwab.

“In response to this Call to Action, the World Economic Forum will convene a network of committed actors over time. The principles of Stakeholder Capitalism provide a fundamental guide for these actors on the role that long-term, sustainable investment can play in ensuring the economy works for people, progress and the planet," he added.

Schwab also said that the Forum will bring together members of civil society, business, governments, and development institutions to facilitate collaboration.

He emphasized how inclusive and sustainable growth are core tenants of the Forum’s stakeholder capitalism concept – a way of doing business that makes the global economy work for people, progress and the planet. It states corporations should work with civil society and governments to tackle global challenges and take a long-term view. Many businesses have adopted its principles and are seeing added value.

In addition to the Forum, 11 other companies and organizations committed to support inclusive economic development in the Northern Triangle, including Accion, Bancolombia, Chobani, Davivienda, Duolingo, the Harvard T.H. Chan School of Public Health, Mastercard, Microsoft, Nespresso, Pro Mujer and the Tent Partnership for Refugees.