South american ministers in Chile to discuss productivity challenges

“Without equity and inclusion, our development is destined to have feet of clay, (and) runs the risk of being ephemeral and illusory,” Bachelet added.

Government ministers from Chile, Argentina and Peru participated Monday in a seminar here on the importance of increasing productivity and inclusive growth in Latin America.

The meeting, organized by the Chilean government along with the Organization for Economic Cooperation and Development and the Inter-American Development Bank, was inaugurated by Chilean President Michelle Bachelet.

On Monday and Tuesday, the ministers involved with production issues in several Latin American countries, along with economic experts, will analyze the challenges to increasing productivity in the region.

“For us it’s a central issue. One basic task is to make progress in diversifying and making more sophisticated our productive matrix and creating democratization of business ventures and innovation,” said Chilean Economy Minister Luis Felipe Cespedes.

Cespedes participated in the first panel discussion along with the ministers of production from Argentina and Peru, Francisco Cabrera and Bruno Giuffra, respectively.

Also participating in the meeting will be Argentine Treasury Minister Alfonso Prat-Gay; Costa Rican Foreign Trade Minister Alexander Mora; and the Dominican Republic’s industry and trade minister, Juan Temistocles, among others.

Bachelet said in her inaugural address that the Latin American economies need to abandon dependence on raw materials exports, given that they often concentrate on a single product and almost never include any value added.

“Our fragility in innovation, in creation of value, (and) the rigidity of our economic structure leaves us greatly exposed to price cycles,” she said.

“Without equity and inclusion, our development is destined to have feet of clay, (and) runs the risk of being ephemeral and illusory,” Bachelet added.

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