CAF strengthens its alliance with Singapore

(Singapore, October 3, 2013). Enrique Garcia, Executive President of CAF, Development Bank of Latin America,  went to Singapore on an official visit invited by the government of that country as a main speaker in the tenth edition of the Latin-Asia Business Forum, one of the main platforms to promote trade and investments in both regions. 

In this framework, Garcia participated together with Tharman Shanmugaratnam, Deputy First Minister and Minister of Finance of Singapore, in the session called Asia-Latin American Association in the Global Context", which was the main panel in this business forum, where the moderator was  Susan Segal, President of the Americas Society/Council of the Americas (AS/COA).  

Enrique Garcia noted that the association between Asia and Latin America is more relevant in the current world context, where emerging markets have radically transformed the world economic scenario. "Latin America has the challenge of taking advantage of this opportunity to attract quality investments that promote productive transformation. In addition, it has to deepen its association with Asia even more, through the diversification of relationships with countries of the region, and joint work and cooperation in three main axis for development; institutional strengthening, education, and infrastructure". 

In his presentation, Garcia emphasized that "Singapore is a very important ally which can support us in that direction, both through its high technology companies and its institutional good practices, as well as its condition as an entry door to Asia for Latin American exports". 

Enrique Garcia illustrated CAF's role as an essentially Latin American institution, to build bridges with the rest of the world, as well as to generate new alliances for development and an intelligent insertion at a global level. 

The agenda of CAF's President in Singapore included meetings with high governmental authorities, to evaluate the advances and prospects in the promotion if Singapore's investments in Latin America. Garcia met with  S. Iswaran, Minister in the Prime Minister's Cabinet; Lim Hng Kiang, Minister of Trade and Industry; and Teo Eng Cheong, President of IE Singapore, state agency in charge of the promotion of investments, with which CAF subscribed a framework cooperation agreement in 2011. In addition, he met with high officials of important enterprises in Singapore which are interested in investing in Latin America. 

This year, the Latin-Asia Business Forum celebrated its tenth anniversary. At this time, the meeting organized by IE Singapore brought together more than 3,000 entrepreneurial and governmental leaders from 50 countries, in order to promote trade relationships and investments between Latin America and Asia.