The IDB encourages investment in innovation

The Business Forum of the 58th annual meeting organized by Inter-American Development Bank (IDB), took place last week in Asunción (Paraguay). There, public and private actors were urged to invest more in innovation and technology to accelerate the economic expansion of Latin America

Trinidad Jiménez, Director of Global Strategy for Public Policies at Telefónica, or Romaine Seguin, President of UPS Latin America, amongst others, participated in the round table called “An agenda of growth and development”.

More than 800 executives and high government officials from 33 countries participated in the Forum, which consisted of panels on different topics.

Trinidad underlined the need to increase investments by at least 2.5% of GDP in the coming years. She also concurred with the lecturers on the need to generate a climate of innovation that can result in an increase in productivity, with emphasis on training new talent for the digital economy.

She also indicated that Ibero-America’s opportunity to recover growth lies in taking advantage of the budding digital revolution by encouraging investment in ICTs. “There are several studies indicating that a 10% increase in broadband penetration causes GDP to grow by over 1.3%, and a 10-point increase in the digitalization index generates a 0.75% increase in GDP”, according to Trinidad Jiménez. “To achieve it, public-private collaboration is key. Beyond the role that Governments can play as a creator of facilities and promoter of ecosystems, the private sector also has fundamental responsibilities to fulfill” said the executive.

Telefónica and the IDB have signed a Strategic Alliance to promote collaboration programs and project of socioeconomic development and digital transformation along six different courses of action: Big Data, Digital Economy; Internet accessibility and development of appropriate regulatory policies; development initiatives including the areas of education, health and security; and Smart Cities.