First Pacific Alliance Financial Integration Forum held in Chile
Santiago de Chile, March 11, 2015 - The financial integration of the member states of the Pacific Alliance was analyzed at the first public-private forum to be held on this topic by the participating countries. Organized by the Business Council of the Pacific Alliance with the support of the Inter-American Development Bank (IDB) and the Chilean Government , the "Pacific Alliance Forum on Financial Integration: Challenges and Opportunities" was held on Wednesday 11 March at the Hyatt Hotel and attended by important local and foreign dignitaries. The purpose of this forum was to discuss and analyze issues regarding the financial integration of the Pacific Alliance member states, namely Chile, Peru, Colombia and Mexico, in which authorities and representatives of both the public and private sectors proposed new forms of collaboration as part of an opportunity to expand the cooperation agreements being discussed as well as to promote and define the objectives of this trade bloc. The discussions held focused especially on topics such as integrating the different stock markets, as well as pension savings, banking and the fixed income securities markets with a view to defining a comprehensive work agenda. Participating in the opening ceremony was Chile´s Finance Minister, Alberto Arenas, the President of the Confederation for Production and Trade (CPC) and the Chilean Chapter of the Business Council of the Pacific Alliance, Andres Santa Cruz as well as the representative of the IDB in Chile Koldo Echebarría. "The Pacific Alliance has become a priority for being able to integrate its members and become one of the most dynamic economic regions in the world. Here the IDB has been providing its support to this initiative in areas that have been defined as a priority so as to be able to achieve the objectives set" , stated Koldo Echebarría, representative of the IDB in Chile, at the opening ceremony. Later on, Jorge Errazuriz, President of the Financial Integration Commission attached to the Business Council of the Pacific Alliance , explained that "the objective of this initial financial integration forum is to involve the public and private sectors in all four member states of the Pacific Alliance in defining the tasks to be carried out during this coming 12-month period and to move ahead with the free movement of goods, services, capital and persons between the different participating countries. This integration shall be a gradual one and this is the first official meeting to be staged, under the auspices of the IDB, and with the participation of the public sectors and financial agents in Chile, Mexico, Peru and Colombia." Mr. Errazuriz stressed the fact that the purpose of this forum was to put into place concrete measures for this alliance, for example: moving towards the possibility of any company listing its shares as well as staging public offerings both in its country of domicile as well as in the other three countries belonging to the Pacific Alliance. The forum also included presentations and panel discussions addressing different aspects of the topic at hand. The first panel discussion was "The integration of the financial markets of the member states of the Pacific Alliance" presented by the Vice-President of the Banco Estado, Guillermo Larraín, and in which the Under Secretary of the Chilean Ministry of Finance, Alejandro Micco participated together with the Director General of International Economic Relations, Andrés Rebolledo; and the Chairman of the Financial Integration Commission attached to the Business Council of the Pacific Alliance (CEAP), Jorge Errazuriz. Today´s Highlights Furthermore the following talks are scheduled to be given today: "Joining the Integrated Latin American Market (MILA in Spanish)," given by Olver Luis Bernal, the IDB´s external financial market consultant; with the participation of the General Manager of the Santiago Stock Exchange, José Antonio Martínez; and the Vice-President of the Mexico´s Stock Exchange Oversight Board , Eduardo Flores; amongst other authorities. Other talks scheduled included "The Integration of the Region´s Capital Markets". "The Role of Pension Funds" " Banking Integration as part of the Pacific Alliance "and" Integrating the Fixed-Income Markets within the Pacific Alliance. " The evening’s conclusions shall be presided over by Jorge Errazuriz as well as the President of the Society for Industrial Development (SOFOFA), Hermann von Mühlenbrock. About CEAP Formed on August 29, 2012, the Business Council of the Pacific Alliance (CEAP in Spanish) is composed of high level businessmen from all four member countries. Its main objectives include: • Promoting the Pacific Alliance both in member countries and in the global business community. • Providing recommendations and suggestions for the best implementation of the integration process, and for commercial and economic cooperation between the member states. • Driving and suggesting approaches and joint initiatives towards other markets, particularly within the Asia-Pacific Region. • Submitting recommendations to business associations from all four countries, relating to areas of cooperation. About the IDB The Inter-American Development Bank (IDB) works directly with countries in Latin America and the Caribbean in order to combat poverty and encourage social equality by means of programs especially adapted to the local environments. With the participation of governments and private sectors alike, the IDB encourages sustainable economic growth, by increasing competitiveness, modernizing public institutions while promoting free trade and regional integration. The IDB provides financial resources and donations, shares its research and provides its advisory services and technical assistance.