US calls for inclusive growth in Latin America

US calls for inclusive growth in Latin America

May 28, 2021 0 By The Sun Monitor
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Geneva, Switzerland – US Vice-President Kamala Harris launched Thursday the Call to Action asking the private sector to enhance investments in Latin America.

“Today, we are launching our call to action for businesses to invest in the Northern Triangle,” Harris said.

“I believe that the businesses — in particular, our private business sector — have a very significant role to play, as we all know, in creating jobs, in promoting economic opportunity, and in long-term development.”

Inclusive growth

The call urges business and social enterprises to promote inclusive growth in Guatemala, Honduras and El Salvador, referred to as the Northern Triangle countries of Central America. Under the program, promoting growth opportunities and improved livelihood could address the root causes of migration and promote the long-term development of the region.

The Call to Action, according to Harris, is to bring these leaders and others together so that we can do what I think we can do best, which is make a commitment to get something done and then see it through.”

World Economic Forum Founder and Executive Chairman Klaus Schwab spoke alongside Harris, executives from leading multinational companies and representatives from civil society. They discussed how to promote inclusive and sustainable economic development and improved opportunities.

Meaningful outcomes

They emphasized robust public-private cooperation as key to achieving meaningful outcomes, recognizing the Forum as a global leader in this area.

“The Forum has been actively engaged in Latin America for decades, developing and supporting the implementation of a strategic agenda to address the region’s most pressing challenges and ensuring a robust participation of leaders,” said Schwab.

“In response to this Call to Action, the World Economic Forum will convene a network of committed actors over time. The principles of Stakeholder Capitalism provide a fundamental guide for these actors on the role that long-term, sustainable investment can play in ensuring the economy works for people, progress and the planet.”

Schwab also said that the World Economic Forum will convene and connect members of civil society, business, governments, and development institutions.

Network

He said the Forum will also leverage its Fourth Industrial Revolution Network to promote positive change and facilitate partnerships in support of the Administration’s Call to Action.

He emphasized how inclusive and sustainable growth are core tenants of the Forum’s stakeholder capitalism concept. This concept is a way of doing business that makes the global economy work for people. It states corporations should work with civil society and governments to tackle global challenges and take a long-term view.

Many businesses have adopted its principles and are seeing added value, said Schwab. (amm/PR)

PHOTO: Wikimedia Commons

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