IDB aims to close digital gap withWednesday, June 23, 2021
The Inter-American Development Bank (IDB) will host Miami-LAC 2021, a business forum to strengthen connections between Miami, the private sector, and the countries of Latin America and the Caribbean (LAC).
The forum, which aims to promote digital trade and investment opportunities between South Florida and the IDB's 26 borrowing member countries, commenced yesterday and will conclude tomorrow.
The forum will feature panel discussions and presentations that explore success stories in high value-added groups from entrepreneurs, investors, and corporate leaders from Miami and the LAC region.
Speaking at the media roundtable for Miami-LAC 2021 held yesterday, IDB's President Mauricio Claver-Carone said the forum seeks to determine how the partnership can be translated into economic growth and job creation within the region.
He further pointed out that if the region were able to close the digital gap and bring Latin America and the Caribbean up to the Organisation for Economic Co-operation and Development (OECD) levels, then it would create 15 million jobs and boost gross domestic product in the region by almost eight per cent.
The OECD is an intergovernmental economic organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade
“[Today], the IDB will be launching its Broadband Connectivity Report and in it you will see the huge digital gap that exists between the OECD countries and the LAC region, with regards to financing for digital enterprises…It is a US$68-billion digital gap,” Claver-Carone argued.
According to him, there are 1,500 multinational firms that are based in South Florida, mostly with exposure to LAC, and by establishing a stronger footprint in the state, IDB will be able to forge connections with those firms.
“In regards to the digital transformation market, specifically in Miami, it is expected to grow annually at 25 per cent through to 2028. We want to be part of this growth and see how the IDB can help that digital transformation market in Miami translate to job creation and growth opportunities in LAC as well,” he said.
Claver-Carone said too that ultimately IDB aims to create a digital ecosystem between South Florida, LAC region and Madrid.
“Another step in this goal that we will be doing in the recent months to come is to eventually create a digital triangle between Miami, Madrid and LAC. An ecosystem of digital transformation, digital investments, and digital entrepreneurship within that triangle to feed itself. Think about this nurturing potential of this digital ecosystem that could take place,” the president said.
Miami-LAC 2021 also serves as a special tenth-anniversary edition of the IDB's flagship event for the global digital services sector, Outsource2LAC, which has facilitated more than 12,000 B2B (business-to-business) meetings resulting in more than US$310 million in projected business deals.
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