Two Latin American presidents called for deeper regional integration and increased investment in education, two priorities that mirrored a consensus among the 400 business, government and civil society leaders from 28 countries participating in the World Economic Forum on Latin America. “It is important that you believe in the integration of Latin America,” Brazilian President Luiz Inacio Lula da Silva said. “There is no development unless there is integration of energy, highways or communications. There has to be a degree of political trust among us.” Later, Chile’s President, Michelle Bachelet, told participants that for her country and other Latin American nations to reach a higher level of growth and productivity, “the priority is to take a great leap to ensure quality education for all.” Added Bachelet: “We want to grow to be inclusive and be inclusive to grow.”

During the meeting, participants considered a number of priorities for the region and decided on five on which to focus – education, the environment, R&D investment, efficient taxes and infrastructure. In a number of sessions, panellists and participants stressed the need for Latin America to deepen integration. This Santiago Consensus on policy priorities represents “a more deliberate and multifaceted effort to achieve higher growth and equity,” said Richard Samans, Managing Director, Centre for Public-Private Partnerships, World Economic Forum. In an earlier session, José C. Grubisich, Chief Executive Officer, Braskem, Brazil, and a meeting Co-Chair, explained: “It is not sufficient to bring growth back to our economies. We should focus on how to bring about a stable macroeconomic position and combine growth and investment to reduce poverty.”

An over-arching priority is to boost investment in infrastructure, education, R&D and environmental protection. \"The question is how we may be able to invest more,” said Andrés Velasco, Minister of Finance of Chile. “We have to have good sound projects. A major priority is to reduce the costs of investment.\" This means reforming capital markets, ensuring that the banking system is sound, bringing interest rates down, and promoting innovation and venture capital. All of this will drive new growth and productivity and address inequities, Velasco reckoned.

In closing the meeting, Samans announced that next year’s World Economic Forum on Latin America will be held in Mexico.