Latin American nations are bullish about the region’s potential to become a global leader in providing clean energy. Regional specificities, such as the abundance of hydropower and solar energy, convey unique advantages – particularly if the Americas achieve greater electrical grid connectivity.
Access to global markets is central to many nations’ visions of prosperity in Latin America. Rodrigo Chaves Robles, President of Costa Rica, said: “Costa Rica has done very well by including itself in supply chains.” Costa Rica has actively promoted industries such as medical supplies, aerospace and back-office services. The nation’s leadership sees both bilateral and multilateral trade agreements as necessary for the ongoing growth of such sectors.
Achieving growth requires managing diverse national needs. In Ecuador, the new government focused on reducing corruption as a key to economic growth.
An ongoing challenge in Colombia is tackling violence related to drug trade. Colombia has lived for decades in violence. One idea involves converting cocaine production to cocoa production, with the help of multinational corporations such as Nestlé. Moreover, nations around the world can help reduce violence by promoting decriminalization of some drugs and increasing prevention efforts focused on drug education.