Latin America is Ready for Financial Integration, Says the President of CEAL

Ricardo Platt, Gustavo Weiss, Eduardo Eurnekian, Camilo Atala, Gilberto Marin and Ingo Ploger (Photo: Business Wire)

CANCUN, Mexico--()--During the Private Sector Forum of the Americas organized by the Organization of American States (OAS), Camilo Atala Faraj, President of the Consejo Empresarial de América Latina (CEAL) (Corporate Council of Latin America), stated that “Latin America is in an excellent position to promote its financial integration, which would favor the investment climate, would prepare the region to better confront external shocks and would stimulate the accumulation of capital.”

The Honduran businessman added that, “advancing the consolidation of financial integration would promote better allocation of resources and adoption of technology and knowledge, which would optimize productivity and efficiency.”

Atala represented the organization in the panel “Integration of the Americas: Present and Future,” where he touched upon the current state of integration in the region, specifically in the financial sector, and the perspectives that this process has for the future of the continent.

“Together, government and private sector can surpass the barriers that block financial integration in the Americas. That is why harmonizing legal frameworks, strengthening consolidated supervision, managing the risks arising from the volatility of the price of the dollar, increasing transparency and fomenting platforms such as the Central American Stock Market and the Latin American Integrated Market (MILA, for its acronym in Spanish), are the priorities that we see as businessmen,” declared Atala.

The President of CEAL highlighted the role of regional banks as “Economic Ambassadors” of the private sector given that, when Latin American banks expand to other markets in the region, they drive intra-regional growth. In the current context, where global banks have been leaving the region, “Latin American banks must step up and assume a leading role in the integral development of the region, particularly through the financing of infrastructure projects that are so necessary,” concluded Atala.

Finally, Atala reiterated CEAL’s commitment to being the voice of the Latin-American private sector in regional and international instances as the OAS. “The private sector ignites development in our countries by generating opportunities and jobs in the region to promote integration as a pillar of progress,” he added.

About CEAL

The Consejo Empresarial de América Latina, CEAL, is a corporate network founded 28 years ago to stimulate the active participation of the private sector in the socio-economic development of its member countries, regional integration and educational cohesion.

CEAL is integrated by more than 500 corporate leaders and 20 countries that work together to promote commercial exchange. Currently, member countries are: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, United States, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Perú, Puerto Rico, Dominican Republic, Uruguay and Venezuela.

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Release Summary

Latin America is ready for financial integration, says the president of CEAL


Andres Avila, +1-305-786-5079