Two regions with a shared future. In order to reinforce this message with concrete announcements, while dozens of heads of state participate this Sunday in discussions aimed at issuing the official declaration for the fourth summit between the 27 member states of the European Union and 33 countries of the Community of Latin American and Caribbean States, the Colombian city of Santa Marta, the Caribbean port that serves as the headquarters of the meeting, is hosting in parallel the business forum held by the European Union, the Government of Colombia, the CAF and the Islamic Development Bank Group.
“We need each other,” said Sergio Díaz Granados, CEO of the CAF Development Bank for Latin America and the Caribbean, opening the event in his hometown. He pointed out that this event is of particular importance because it is the first time that the European Union-Community of Latin American and Caribbean States summit is held in the Caribbean. When bringing up another illustrious Caribbean citizen, writer Gabriel García Márquez stated that this region should be understood for its rich diversity. Samaria’s lawyer stressed the need to bring the two blocs closer together and expand that relationship.
Diaz Granados admitted, “We live in a much more loose world,” highlighting this situation as a “unique opportunity” to build a relationship with mutual interests, around axes such as the green transition in one of the regions most vulnerable to climate change, the energy transition, interconnection with clean and renewable energies, and the consolidation of a broad and ambitious trade bloc or alliances between different development banks. He stressed that “bringing our regions closer together and expanding them constitutes a commitment for several generations.”
Colombian Trade Minister Diana Morales stressed that this alliance must “go beyond trade and investment,” calling on them to work jointly on building a vision for fair trade that must include regions and the popular economy in a new model that responds to “more horizontal” forms of cooperation. Gustavo Petro’s government official welcomed the “Heart of the World,” echoing the way the president usually refers to the Sierra Nevada de Santa Marta — and by extension all of Colombia — because of its spiritual importance to the indigenous Coje people. He stressed that “this forum is not only a space for dialogue, but also a platform for action and commitment.”
“We want to be by your side. Not in any way. We are committed to creating quality wealth, in a way that respects people and territories, with local communities, beyond short-term strategies,” stressed the Executive Vice-President of the European Commission for a clean, fair and competitive transition, Teresa Ribera. “We have worked together, identifying on both sides of the Atlantic Ocean innovative and pioneering programmes, projects, investments, solutions, goods and services that benefit our economies and societies,” the Spaniard said, pointing to two specific examples: a digital physical therapy tool in Brazil that is transforming the treatment of Portuguese patients or European companies connecting remote communities in the Amazon region.
Europe is the third largest trading partner and largest investor in Latin America and the Caribbean, Ribera noted when he announced that the EU is in a position to invest in various major interconnection projects. “Together, we have identified more than 20 priority projects, with a total investment of approximately seven billion euros,” he explained. In Colombia, European investors have identified 170 renewable energy projects with a capacity of more than 30 gigawatts, he said, referring to the host country.
Nadia Calviño, President of the European Investment Bank (EIB), emphasized: “We are natural partners. We have come a long way together. And here in Colombia we have a unique opportunity.” He pointed out that the two regions represent more than one billion people, 14% of the world’s population, and 21% of the planet’s gross domestic product. In cooperation with the Commission and the European Council, they will announce a package worth one billion euros to strengthen energy integration in Central America. He also expected to sign a solar photovoltaic power plant project worth $200 million in Colombia, and invest another $100 million in Ecuador in the field of water, sanitation, and waste management. “Europe is a beacon to the world at this moment,” Calviño said. “It is a beacon of trust, stability, respect and democratic values. At this summit, we have the opportunity to strengthen our strategic alliance with countries in Latin America and the Caribbean that share these values, and which are also a beacon for the world in this time in which we live.”
In the past six decades, the region’s average annual growth has been 1.8%, said economist Ana María Ibáñez, vice president of sectors and knowledge at the Inter-American Development Bank. “We have to grow more, and we have everything to grow more,” the Colombian said. He stressed that growth is essential to reducing poverty. He added in his diagnosis that “the main challenge is creating more formal job opportunities.” He added: “Our vision is for two regions to cooperate to increase the dynamism and innovation of the private sector.” He stressed that the Islamic Development Bank considers that the agreement between the European Union and Mercosur “could be a powerful tool for further productive integration, with greater innovation, with greater sustainability and added value for all countries in both regions.”
Within the framework of the summit, two investment announcements were issued. The previous day, CAF formally made its decision to allocate $40 billion to promoting green growth in Latin America and the Caribbean in the next five years, a commitment to climate action, the energy transition and protecting the region’s biodiversity. The news also comes as the massive UN climate change conference, COP30, takes place in Belém de Pará, in the Brazilian Amazon.
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