La Jornada – Mexico, the United States and Brazil seek to boost economic growth in Los Angeles: Yorio

Mexico City. Mexico, the United States, and Brazil agreed to promote economic growth in Latin America through international financial organizations.

“The ultimate goal is for Latin America to get the most out of corporate relocation,” said Gabriel Yorio, Undersecretary of the Treasury, in the context of the forum “The Role of Multilateral Banking in Regional Economic Growth.”

The official pointed out that among the achievements of multilateral banking are new financial schemes, especially those related to those that facilitate the sharing of private resources.

“On the issue of forming regional value chains, we have made very active progress thanks to the project promoted by the US Treasury and implemented by the Inter-American Development Bank (IDB),” he said.

He pointed out that the “Partnership of the Americas for Economic Prosperity” project focuses on three main sectors: strategic minerals, pharmaceuticals and semiconductors.

He pointed out that the first phase of this project has already been completed, and now work is underway on the second phase, which consists of a series of consultations and visits.

Yorio Gonzalez commented that Mexico will be the first to implement it, because it is necessary to build public policies that reactivate investment in these sectors.

At the forum, U.S. Treasury Under Secretary Alexia Latortue, and Under Secretary Renata Vargas Amaral, Ministry of Planning and Budget of Brazil, three of the five largest economies in Latin America, agreed to promote economic growth and development in the region through value chains and a just energy transition, a goal they are seeking to achieve with the help of international financial organizations.

At the same forum, the Central American Bank for Economic Integration (CABEI) presented two projects. According to the Treasury, the first is a project that seeks to enhance the well-being of the region’s population, by creating a sustainable financing hub in southeastern Mexico that will facilitate the attraction of investment to the Central American region.

The second is to create credit enhancement financial instruments focused on small and medium-sized enterprises to strengthen regional value chains.

After recalling that most international organizations were established to address the issue of poverty reduction, the Undersecretary of the Treasury commented at the forum that climate change is now being addressed.

In this sense, he commented that Mexico seeks to achieve both goals, but with sustainable financing.

Regarding the energy transition, Yorio stressed that Mexico is working to create financing instruments.