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Wednesday, June 19, 2024

Costa Rica Participates in the Summit of the Americas

Minister of Foreign Trade, Manuel Tovar, represented Costa Rica at the Summit of the Americas, organized by the United States government in Los Angeles. He participated in the Forum of Ministers and Senior Executives on Trade and Investment and held meetings with government representatives and leaders of the business sector.

The forum, organized by the Inter-American Development Bank (IDB), was attended by ministers from more than 20 countries in the Americas and senior representatives of leading companies in the region. They discussed key aspects to boost trade and investment agendas in the Americas, revitalizing engines of economic recovery in the region.

In particular, they discussed the challenges and emerging opportunities arising from the digital economy, sustainable trade and climate change.

Participants agreed that, in the current context of the reconfiguration of global value chains, the Latin American and Caribbean region is in a privileged position to improve its participation in these chains, increasing the attraction of investments and taking advantage of the opportunities that are emerging from the new strategies and measures being taken by global companies to secure their closest or friendliest sources of supply (nearshoring and friend-shoring).

“One of the priorities of Costa Rica’s trade and investment agenda is to continue with the strategies to position ourselves as an ideal and reliable destination for companies that participate in global and regional value chains, and that want to expand their investments and grow sustainably, inclusively and resiliently,” noted Minister Tovar.

The Minister also attended meetings with Ambassador Katherine Tai, U.S. Trade Representative and Ian Saunders, Deputy Assistant Secretary for the Western Hemisphere at the U.S. Department of Commerce. During these meetings, he confirmed the importance the Chaves Administration gives to the relationship with the United States, a strategic partner with which it shares common values and interests.

He also remarked the Alliance for Development in Democracy (ADD) initiative – formed by Costa Rica, Panama and the Dominican Republic – has promoted a close dialogue to find ways to increase the resilience of supply chains and at the same time encourage greater investment flows.

As part of the agenda, Minister Tovar also met with his Latin American counterparts María Ximena Lombana, Minister of Trade, Industry and Tourism of Colombia, and María Luisa Hayem, Minister of Economy of El Salvador, with whom he conveyed the interest in strengthening and deepening existing relations.

Meetings were also held with senior business representatives to learn about their growth plans and convey a clear message of confidence and interest in Costa Rica continuing to be their investment partner.

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