IDB calls on LatAm, Caribbean to take advantage of nearshoring
The Inter-American Development Bank (IDB) is urging the governments and businesses in Latin America and the Caribbean to take advantage of the existing nearshoring possibilities before it’s too late.
According to IDB President Mauricio Claver-Carone, both regions could see an annual US$80 billion increase in their exports by seizing short-term opportunities in nearshoring.
Nearshoring is the outsourcing of business processes to companies or setting up of business in countries near target markets.
“We have before us a once in a generation opening for global trade insertion and nearshoring, and the moment to seize that is now. If we lose it we are not going to see it in any of our lifetimes. The stars have never been more aligned for Latin America and the Caribbean.” Claver-Carone stated during an address at the 9th Summit of the Americas.
He further called on government and business leaders to “depoliticize nearshoring, depoliticize commerce and depoliticize trade.”
Claver-Carone also pledged IDB’s continued support and disclosed that they develop and create an action plan — based on input from the summit’s attendees — that will contain more innovative solutions in the public and private sectors for greater investment, trade, and integration.
