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Remarks: Ilan Goldfajn, President of the Inter-American Development Bank (IDB)

Speaker:

Ilan Goldfajn, President, Inter-American Development Bank (IDB)

“For decades, Latin America and the Caribbean have been viewed through the lens of its needs, but today I believe the world—the U.S.—needs also Latin America and the Caribbean.” Ilan Goldfajn

Key takeaways:

  • Economic benefits of Investing in Latin America and the Caribbean: For each dollar of US direct investment in South America and Central America, 26 cents returns in exports to the US; for Central America, it’s 45 cents, and for Mexico, 48 cents, far outpacing the 15-cent return from China, highlighting strong economic ties and regional benefits. 
  • The Americas Act strengthens trade: The Act’s new rules on origin accumulation enhance regional trade, support local industries, and reduce reliance on non-regional suppliers. By expanding free trade access, it promotes exports, attracts investment, and creates growth opportunities for smaller economies within the Western Hemisphere. 
  • Latin America and the Caribbean investment opportunities: The region is mostly democratic and conflict-free, providing a stable environment for investment to address global challenges such as food insecurity, reliable supply chains, and access to critical minerals. 
  • IDB’s commitment to regional development: The Inter-American Development Bank (IDB) emphasizes impact and effectiveness beyond financing, promoting public-private collaboration to tackle the world’s biggest challenges. 
  • Launch of BID for the Americas program: The IDB has introduced BID for the Americas to attract investment and encourage more companies, especially from the US, to participate in procurement opportunities in Latin America and the Caribbean. The program focuses on three pillars: procurement, regulatory assistance, and financing through IDB Invest. 

Action items:

  • Encourage investment in Latin America and the Caribbean: Leverage the high return on US direct investment to strengthen economic ties and promote mutual growth between the US and the region. 
  • Support and advocate for the America’s Act: Promote the implementation of new rules of accumulation of origin and expand free trade access to integrate more countries into Western Hemisphere markets, boosting trade and economic development. 
  • Engage with the BID for the Americas initiative: Participate in procurement opportunities, utilize regulatory assistance for navigating trade and finance, and access financing options through IDB Invest to invest in the region. 
  • Collaborate to strengthen regional integration: Work with organizations like the IDB and WTO to enhance supply chains, promote trade, and address regional challenges, capitalizing on the region’s stability and investment potential. 
  • Focus on leveraging the region’s opportunities: Recognize and tap into Latin America and the Caribbean’s potential to contribute to global solutions in areas like food security, supply chain reliability, and critical minerals. 

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