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Wednesday, November 14 2018 @ 04:49 AM UTC

Experts Will Meet in Panama To Promote A Good Investment Climate

Foreign Direct InvestmentThe National Government reported the World Bank Group in Panama will develop in Panama an international conference on June 6 and June 7, in cooperation with the Ministry of the Presidency of the Republic of Panama, the World Bank (WB), the International Finance Corporation (IFC ) and the Multilateral Investment Guarantee Agency (MIGA), in order to exchange experiences and identify practices that can be implemented across the region to promote improvements in the investment climate in Latin America and the Caribbean.

The event will be opened by the Panamanian government and also convenes government officials from countries in Latin American and the Caribbean and global experts who have successfully followed the investment climate reforms. Delegations are expected from Bolivia, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru and Uruguay.

The World Bank Group is helping countries in the region to promote the private sector growth and productivity by supporting reforms to reduce costs, strengthen competition and promote investment.

For his part, the Minister of the Presidency, Roberto Henriquez, said "in Panama we firmly believe that meetings like these increase our capacity to make positive and sustained changes in the quality of life we enjoy in our countries; they help us understand the dynamics of development in other nations and we learn how to translate them into a higher local productivity."

Meanwhile, the Secretary of Economic Affairs and Competitiveness of the Ministry of the Presidency, Kristelle Getzler said "the investment climate reforms help foster the creation of formal employment, entrepreneurship and productivity." "While each country has its own way for improving their business environment, there are many things we can learn from each other on the road," she said.

For 2013, the economies of Latin America and the Caribbean are expected to grow in a 3.5%. According to the World Bank, many countries in the region continue to face challenges that limit local businesses and hinder productivity, despite decades of employment creation and significant improvements in the business environment.

Panama's economy maintains a strong growth, supported by the strength of multiple productive sectors such as tourism, construction of necessary infrastructure aimed to increase productivity and mining, which greatly reduces the risks that have historically plagued the country due to its high reliance on the Panama Canal operations.

According to Hasan Tuluy, World Bank’s Regional Vice President for Latin America and the Caribbean, "the investment climate reforms are crucial for a sustainable growth and employment creation in Latin American and Caribbean countries.

Meanwhile, Nena Stoiljkovic, VP of Business Advisory Services (TBC) of the IFC, said "The World Bank Group is committed to continue to support reform efforts in the region." (Estrella)

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