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Enhancing Market Size, Scalability, And Regional Integration In Latin America And The Caribbean

Enhancing market size, scalability, and regional integration in Latin America and the Caribbean

Enhancing market size, scalability, and regional integration in Latin America and the Caribbean

How does the private sector perceive Latin America and the Caribbean (LAC)? What opportunities do firms find most exciting? And what precisely can companies do to seize on these opportunities and support the region’s journey toward recovery and sustainable development? To answer these questions, the Atlantic Council collaborated with the Inter-American Development Bank (IDB) to glean insights from its robust network of private-sector partners. Through surveys and in-depth interviews, this report identified five vital opportunities for the private sector to drive socioeconomic progress in LAC, with sixteen corresponding recommendations private firms can consider as they take steps to support the region. Enhancing market size, scalability, and regional integration Latin America and the Caribbean’s market size and scalability make it an attractive environment for businesses, but the public and private sectors have an opportunity to strengthen its appeal further through deeper regional integration. Private-sector leadership and participation will be crucial for efficiently improving hard and soft infrastructure for trade, energy, and other forms of integration. Together with public sector efforts, these improvements will help pull more nearshoring and reshoring investment to the region. Recommendations for the private sector The private sector, in coordination with the public sector, has a key role to play in scaling regional potential and furthering regional integration in trade, climate, digitalization, and other areas. Three promising opportunities for private sector action in this space include: Financing and managing hard infrastructure: Competitive construction, services, and other firms can help boost the cost and operational efficiencies of physical infrastructure underpinning LAC integration (achieved through intraregional trade, energy, etc.) Improving “soft” infrastructure : Private-sector expertise and actions can inform and spur regulatory modernization and harmonization in LAC and internationally, which helps attract investment conducive to regional integration. Prioritizing nearshoring and reshoring efforts : Firms across a wide range of sector may contribute to, and benefit from, better integrated regional supply chains and subsequent export gains. About the author Related content The Adrienne Arsht Latin America Center broadens understanding of regional transformations and delivers constructive, results-oriented solutions to inform how the public and private sectors can advance hemispheric prosperity. Image: Loaded ships in busy port of Antwerp at container terminal with automated cranes and lots of vessels. Belgium

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Daisie Hobson

Daisie Hobson is a Director at the Reshoring Institute and an engineer with many years of experience in manufacturing and project management.

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