OPTIMISM DESPITE GLOBAL CRISIS AS WORLD ECONOMIC FORUM ON LATIN AMERICA CLOSES

* Declaration sent to the Summit of the Americas envisions a new development cycle for the region with governments, business and communities working more closely together
* OAS Secretary-General Insulza expects the Obama administration to promote “policies with us, not policies for us”

Rio de Janeiro, Brazil – The World Economic Forum on Latin America closed on Thursday on a note of optimism for the region and called for “stronger collaboration” between private and public sector initiatives to address the global economic turbulence. Over 500 participants endorsed a strong message that was sent to the heads of state who will attend the Summit of the Americas tomorrow in Port of Spain, Trinidad and Tobago. “Latin America is now a source of solutions” amid the global crisis, said Robert Greenhill, Managing Director and Chief Business Officer, World Economic Forum.

The declaration envisions a new development cycle for the region, with governments, business and communities working more closely together. To address the current economic crisis, signatories call for efforts of such cooperation to be based on a solid international financial architecture, sound educational opportunities, clean technologies, sustainable use of natural resources, diversified sources of energy and an equitable socio-economic setting. “We need a new dawn in international cooperation,” the declaration says. It also calls for international financial institutions to support counter-cyclical policies, “with special attention to the most vulnerable countries”.

The declaration was sent to José Miguel Insulza, Secretary-General, Organization of American States (OAS), Washington DC, before he addressed the closing plenary of the World Economic Forum on Latin America via video link. Insulza reflected on the great expectations of Latin American countries towards the new administration of US President Barack Obama, “especially when he says that he wants very much to do policies with us, and not policies for us,” he said.

World Economic Forum on Latin America
Rio de Janeiro, Brazil, 14-16 April 2009
"Implications of the Global Economic Crisis for Latin America"