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Latin America’s Response to Economic Rivalry and Manufacturing Innovations

SpeakerS:

T.H. Manuel Tovar – Minister of Foreign Trade, Republic of Costa Rica
Jeremy Browne – CEO, Canning House
T.H. Fred Hochberg – Former Chairman & President & Chairman of the Board, Export-Import Bank of the United States (2009-2017) & Meridian International
Juan Pablo Mata – Chief Executive Officer, Grupo Mariposa
Eduardo Sanz Lovaton – Director General of Customs, Dominican Republic
Isaac Stone Fish – CEO, Strategy Risks
Dr. Olivia White – Senior Partner and Director of McKinsey Global Institute, McKinsey & Company
Enrique Perret – Director, US-Mexico Foundation
T.H. Dorothy McAuliffe – Special Representative, Office of Global Partnerships – U.S. Department of State
T.H. Ramon Martinez de la Guardia – Ambassador Extraordinary and Plenipotentiary to the United States, Republic of Panama
T.H. Henrietta Fore – Chairman & CEO, Holsman International, Leadership Council Member, Concordia

Key takeaways & next steps:

  • The failure of the U.S. to distribute COVID-19 vaccines to Latin American and Caribbean countries is one prime example of the need for increased commitment toward the region.
  • An area of untapped potential lies in the opportunity for increased academic collaboration between the U.S. and Latin American countries. Currently, there are only 14,000 Mexicans studying in the U.S. compared to over 200,000 Chinese students. Providing more schools in Latin America with technological infrastructure and scholarship initiatives would close this gap and division.
  • Costa Rica’s decision to abolish the army has inspired an increased allocation of taxpayer funds towards education and medical services.
  • The Inter-American Development Bank currently has USD 3 billion in projects under assessment for nearshoring in Latin America and the Caribbean. This expenditure marks a positive shift in the American mentality regarding Latin American investment.
  • Increased funding towards educational development in rural Latin America will provide residents with vital resources for social mobility. Effective economic development in Latin America requires a multifaceted, long-term plan and accelerated infrastructure growth.
  • There are over 5 million more vacancies than unemployed people in America, demonstrating the need to invest in human talent from Latin America.
  • China’s increased involvement in Latin America exposes shortcomings in recent U.S. and Latin America trade relations, and this gap must be addressed for a profitable partnership.
  • Nearshoring opportunities and increased cross-sector communications serve as two new frontiers for creating economic stability in Latin America.

“One thing we all need to consider is how difficult it is for a rural employee to have social mobility in our region.”

Juan Pablo Mata, Chief Executive Officer, Grupo Mariposa

“The recipe is easy: invest in human talent.”

T.H. Manuel Tovar – Minister of Foreign Trade, Republic of Costa Rica

“I believe there has to be some kind of Marshall Plan directed for Latin America.”

Eduardo Sanz Lovaton, Director General of Customs, Dominican Republic

“We miss a huge opportunity to engage with the Latin American youth on economics.”

Enrique Perret, Director, US-Mexico Foundation

“I always hear ‘what is the American policy for Latin America’, but it should be with Latin America.”

T.H. Ramon Martinez de la Guardia, Ambassador Extraordinary and Plenipotentiary to the United States, Republic of Panama

“Yes, the government has to be the one to leverage and galvanize the private sector, but we can’t do it alone.”

T.H. Dorothy McAuliffe, Special Representative, Office of Global Partnerships, U.S. Department of State

“Human capital is exceedingly important, but without hard infrastructure none of this goes forward.”

Dr. Olivia White, Senior Partner and Director of McKinsey Global Institute, McKinsey & Company

“If we could connect every single school in Latin America to the Internet, you could have entrepreneurs connecting.”

T.H. Henrietta Fore, Chairman & CEO, Holsman International, Leadership Council Member, Concordia

“There’s been a radical shift in the relationship between the U.S. and China, and what used to be appropriate when partnering with Chinese entities is no longer appropriate.”

Isaac Stone Fish, CEO, Strategy Risks

“The wider West has not given Latin America as many investment opportunities as it could have and is currently doing.”

Jeremy Browne, CEO, Canning House

“There are things all of us can do to change the dynamic of inconsistency within U.S policy and to drive forth a greater investment in talent in the region.”

T.H. Fred Hochberg, Former Chairman & President & Chairman of the Board, Export-Import Bank of the United States (2009-2017) & Meridian International