Working Together in Pursuit of Inclusive Business: Sharing the Latin American and Caribbean Experience with Asia and the Pacific
Inter-American Development Bank (IDB); Asian Development Bank (ADB)
Asia and Latin America are among the world's fastest growing regions. They demonstrated strong resilience and rapid recovery following the global economic crisis, and have many useful lessons to share. For instance, Asia can gain from Latin America's experience of pension systems, cash transfer programs, urban infrastructure development, and agricultural modernization. Similarly, Latin America can benefit from Asia's experience in manufacturing production and supply chains, human capital formation, public-private sector partnerships, and regional financial cooperation initiatives, such as the Chiang Mai Initiative. Both regions have large domestic markets. And despite strong economic development, both still have large populations living in poverty. Both regions also have unique strengths-whether in natural resources, industry, or services. Building on these complementarities will continue to underpin our interregional relationship. We are committed to building more mature and diverse trade patterns, as well as more sustained investment and cooperation partnerships.