| Overview | Agenda | Workshop Summaries | Conference Sponsors |
| Overview | Agenda | Workshop Summaries | Conference Sponsors |
Central American Equity Markets Integration Forum Integración
Financiera– Un Solo Mercado de Capitales
On May 4-5, 2003, Caribbean Latin American Action (CLAA) hosted in collaboration with the U.S. Department of State, the Central American Bank for Economic Integration and the Association of Stock Exchanges of Central America, Panamá and the Dominican Republic "Integración Financiera: Un Solo Mercado de Capitales", a regional trade & investment conference in San Salvador, El Salvador. This important meeting brought together key financial sector leaders from the U.S. and local public & private sector to address with a greater sense of urgency, the development challenges affecting the capital markets of Central America, Panamá, and the Dominican Republic. Over one hundred thirty participants, including regional decision makers, enthusiastically gathered to examine the region’s ability to integrate and harmonize its capital markets into one regional market. Discussions centered on how to apply the transformation agenda—integration, harmonization, impartial application of the law—required to prepare the region’s financial sector and to attract the foreign investment necessary to provide depth and liquidity to the region’s capital markets. CLAA’s mission of Strengthening the Third Border™ through promoting democracy and private sector led sustainable economic development in the smaller economies that make up the Caribbean Basin was bolstered by the participation of key regional and U.S. leaders. It was recognized that the geographic proximity of the Caribbean Basin to the U.S. has become even more important in terms of the United States’ national security and strategic interests. The resulting Roundtable Summaries highlight one of the overriding themes which emerged from the Conference: foreign investment, a necessary pre-requisite for economic development, will not come to the region unless the region addresses issues related to economies of scale, inefficient business practices and lack of predictability. The general consensus throughout the roundtables was that monetary union was a key to capital market integration, as well as integration with the US market brought on by CAFTA. Other specific steps called for by the public and private sector leaders include building a common platform for transaction payment and settlement, strengthening the judiciary to enforce financial legislation, introducing arbitration as a less expensive alternative to litigation, education to make the markets more accessible to the people, and a greater involvement of legislators in the process of harmonization and integration. Another one of the key sentiments arising from the conference was the urgency for action and commitment to change. Many participants cited the upcoming CAFTA in 2004. The call for the gathered leaders, both in the private and public sectors, to "walk the talk" and take action towards adopting more rapidly the agenda of transformation in the region was well received. Integración Financiera: Un Solo Mercado de Capitales —is one of an ongoing series of initiatives by CLAA. The organization is committed to serving as a forceful advocate for overcoming the barriers to the increased foreign investment and trade essential to making the region more competitive. |
