The Foreign Minister of the Government of Spain, José Manuel Albares (d), and the King of Spain, Felipe VI (c), attend an economic forum within the framework of the XXVIII. Ibero-American Summit in Santo Domingo 24 March 2023 Mauricio Duenas Castaneda (EFE)
At its summit with CELAC (Community of Latin American and Caribbean States) scheduled for July 17-18 in Brussels, Belgium, the European Union will “present a portfolio of strategic investment projects for the region supported by the EU and its Member States and international financial institutions such as the EBRD [Banco Europeo para la Reconstrucción y el Desarrollo]the IDB [Banco Interamericano de Desarrollo]the CAF [Corporación Andina de Fomento] or CABEI [Banco Centroamericano de Integración Económica]“.
This was confirmed by the King at the XIV Iberoamerican Business Meeting, which ended this Friday hours before the opening of the Summit of Heads of State and Government in Santo Domingo. “The Spanish government is actively working on this, together with its municipal partners and the financial institutions mentioned,” added Felipe VI, who did not quantify the total amount of the investments.
Iberoamerican countries are awaiting the Spanish EU Presidency later this year, which will serve as a framework for the first Europe-Latin America summit since 2015. The goal, according to diplomatic sources, is to make up ground lost in recent years, which China has used to become the leading trading partner of countries in the region (excluding Mexico) and one of the largest foreign investors. For this, the sources consulted emphasize, the July summit must bring tangible results and not be left alone with rhetorical statements.
For this reason, in addition to presenting a package of projects with financial backing, they also want to promote the signing of the EU free trade agreements with Mexico, Chile, Central America and Mercosur, which have been blocked for years and, as Felipe VI says, “are a key instrument for maintaining them mutually beneficial economic and trade relations”.
In his speech to around 1,500 business people, the King praised the public-private collaboration and cited the Dominican Republic as an example of “the relevance of a strong private sector that rises to the country’s challenges to achieve lasting growth and stability”. He has also warned that “a stable, predictable and competitive environment” is essential to attract new investment, alluding to the chronic instability of many Latin American countries.
Six heads of state attended the economic summit: King Felipe VI. and the Presidents of Uruguay, Luis Lacalle; Dominican Republic, Luis Abinader; Ecuador, Guillermo Lasso; Paraguay, Mario Abdo; and Portugal, Marcelo Rebelo de Sousa. The last four took part in a “discussion” on the economic situation in Latin America, in which the Portuguese President described the Santo Domingo summit as “historic”, which he described as a “post-pandemic summit”. The next, 2024 in Ecuador, should be the “post-war summit,” he added. In an informal meeting with Spanish journalists, Rebelo de Sousa uttered words of admiration and affection for the king, whom he said “is the exception to my republican principles”.
The XIV Business Meeting was organized as an event before the XXVIII. Iberoamerican Summit held. For two days, business people in Santo Domingo debated the future of business in the organization’s 22 member countries. The talks centered on the role that both governments and companies must play in light of the economic outlook of high inflation and rising interest rates, as well as the commercial difficulties created by the Covid-19 pandemic and the Russian Federation’s incursion into the Ukraine. Entrepreneurs have warned that they must consider the technological revolution and sustainable growth for their business ventures in the coming years.