US and IDB advocate for an integrated supply chain throughout America

The United States and the Inter-American Development Bank (IDB) reaffirmed this Thursday their commitment to promoting the existence of an integrated supply chain between the North American country and the rest of the Latin American countries.

This was stated by the US Secretary of the Treasury, Janet Yellen, and the president of the IDB, the Brazilian Ilan Goldfajn, at the inauguration of the Responsible Investment Forum of the Americas-IDB Alliance, which is being held today in Washington.

Yellen He detailed in his speech that his government sees in the region a “unique opportunity” to diversify the supply chains of the North American country.

Specifically, the official mentioned the potential of the region to become an ally of the United States in the transition towards renewable energies or in the manufacturing of necessary semiconductors and chips “for the current and new generation of electric vehicles“, For example.

The person in charge of the Treasury portfolio mentioned that, for this, they can create “vertical supply chains“in Latin America, through the use of lithium”locally mined”.

The region has 60% of all the resources of this mineral identified in the world, located mainly in Bolivia, Argentina and Chile, according to data from the United Nations Development Program.

Together with the IDB, Yellen highlighted, the United States “is committed to providing world-class financing” for Latin American and Caribbean countries.

“We will support knowledge sharing and upskilling of workers and collaborate with stakeholders from all public and private sectors”Yellen stressed.

The forum was inaugurated by Goldfajn, who highlighted that Latin America and the Caribbean have “a unique opportunity” to be part of the solution to “global challenges” such as climate change due to its wealth in renewable energy sources or food insecurity.

“It is important to build a better and more prosperous hemisphere that can turn this turning point into an opportunity.”“, stated the president, who maintained that in the development bank they are “convinced” about what “The United States needs more from the region and the region needs more from the United States”.

To do this, he pointed out, we must bet on a “sustainable growth based on regional integration” and face problems like “reinforce security and the rule of law.” “That is the way we are going to build solid private sector investment in the region“, said.

He IDB This Thursday, the Americas-IDB Alliance Responsible Investment Forum is held to highlight trade and investment opportunities in the region, with a focus on the infrastructure sector, semiconductors, clean energy and medical supplies.

The event is attended by the president of Uruguay, Luis Lacalle Pou; that of the Dominican Republic, Luis Abinader; that of Costa Rica, Rodrigo Chaves Robles; that of Ecuador, Guillermo Lasso; the president of Chile, Gabriel Boric; and the president of Peru, Dina Boluarte, as well as the Secretary of Foreign Affairs of Mexico, Alicia Bárcena.

US officials as well as representatives of the private and financial sector of the North American country are also present.

The President of the United States, Joe Biden, receives these leaders and the Colombian President, Gustavo Petro, tomorrow to participate in the Alliance for Economic Prosperity, a United States initiative that seeks to deepen the integration and economic growth of the region.