Politicians and government officials from three Pacific Alliance countries have scheduled a series of meetings with business executives in New York City this week as part of their mission to create awareness of investment opportunities in the region. Pacific Alliance – comprised of Chile, Colombia, Peru and Mexico – accounted for more than 50% of foreign trade in Latin America in 2012.
The meetings, known as the CEO Summit, will coincide with the UN General Assembly. President Sebastian Pinera of Chile, President Juan Manuel Santos Calderon of Colombia and President Ollanta Humala of Peru will be present at the summit, and they will deal directly with investors’ questions, according to the press release from the Alliance. Mexico is not participating in the summit.
Formed in 2011, the Pacific Alliance is a political, economic and cooperative agreement established to foster growth, development and competitiveness for its member nations. Over the past two years, the Alliance has facilitated the flow of goods, services, capital and people among the countries, enabling the nations to penetrate new markets.
“Agreements such as this make it easier for international companies to benefit from the diverse array of exports available from Pacific Alliance countries. Chile, Colombia, Mexico and Peru offer everything from energy and agribusiness products to manufactured goods and outsourcing options,” the Alliance stated.
According to UNCTAD, FDI in the four countries increased by a total of 7.5 percent between 2011 and 2012. Last year, they imported goods worth $551 billion and earned $556 billion in exports, with mineral and energy sources contributing greatly to this sudden spurt in foreign trade. While the global economy grew by an average of just 3.2% last year, the Alliance members reported more than 5% growth. Furthermore, their gross domestic product (GDP) made up about 35% of the region’s total output.