Latin America and Asia Move to Deepen Mutual Cooperation

(Caracas, September, 2013).In recent years, CAF-development bank of Latin America-has worked to deepen Latin America's ties with Asia, especially on issues of vital importance such as those addressing the environment, development and social inclusion, finance, innovation and productive transformation.

In this regard, the Asian Development Bank (ADB) delegation headed by Lakshmi Venkatachalam, Vice President for Private Sector and Cofinancing Operations, recently visited CAF's headquarters in Caracas, Venezuela, to conduct meetings with various departments within the Latin American multilateral lending agency.

The meeting sought to strengthen cooperation between both institutions, which share the same mission to facilitate development and integration within their respective regions, as well as strengthen ties between Asia and Latin America.

"CAF and the ADB have forged a strategic alliance to face today's international economic realities, especially given the vigor that Latin American and Asian economies have demonstrated as well as their effective responses to the international financial crisis" said CAF Vice President of Development Strategies José Luis Curbelo, who added that "both institutions have joined forces to mutually complement and advance today's deepening bi-regional relationships on key issues."

"One area of cooperation between the two continents involves trade financing linking local Latin America banks with Asia," said Lakshmi Venkatachalam. "Another important area of cooperation involves improving industrial productivity and vocational training, and a third area involves creating agricultural value chains."

Strengthening synergies linking both institutions reflects CAF's role as a catalyst in bringing about deeper and more active integration with Asia, not only through the promotion of trade and investment but also through the promotion of South-South cooperation ties as well as the exchange of knowledge and experience in the fields of sustainable development and regional integration.

In working meetings both institutions exchanged experiences and ideas concerning productive transformation, infrastructure, financial and productive sectors of the economy, partnerships, Latin American and Asian trade, cities of the future and inclusive business transactions that support small- and medium-sized businesses, among other matters of mutual interest.