At the Inter-American Development Bank (IDB) Annual Meeting, James Scriven, CEO of BID Invest, announced an ambitious plan to double the number of investors in the Latin American region. He emphasized, "We are an institution focused on innovation," adding that lowering investment risks and reorienting investment towards innovative projects are essential to promoting the region's growth and development.

During the private sector forum held as part of the IDB Annual Meeting in Santiago, Chile, attracting investment and the importance of innovation-led growth were key agenda items. Nicolás Grau, Chile's Minister of Economy, underscored his country's reliability as a destination for investment, while also pointing out that delays in approving investment projects weaken competitiveness. He stated that they are exploring ways to shorten the approval period for investment projects while maintaining regulatory standards, and are pursuing a reform involving the revision of 40 laws to achieve this. This reform is expected to receive support from the IDB.

Minister Grau explained, "We are standardizing processes to improve national information, and we are working to accelerate investment." He added that 224 investment projects worth $77 billion were approved last year.

These discussions hold significant implications for countries like Paraguay, which, despite macroeconomic stability and a Moody's investment grade, faces challenges in attracting foreign investment. It has become clear that low tax rates alone are not sufficient.

Minister Grau also cited access to funding for innovation as another challenge for Chile. He said, "The challenge is to reorient investment towards green projects and innovation," and added that they are "exploring the expansion of financial instruments to promote investment projects."

James Scriven, CEO of BID Invest, the private sector arm of the IDB, announced plans to double the number of regional investors. While acknowledging the difficulties in credit rating assessments, he stated that they will focus on lowering investment risks.

Scriven explained, "Over the past few years, we have attracted more than 260 investors or co-investors to the projects we have operated," and added, "Currently, $5 billion in annual investment flows through us, some of which comes from local investors." He emphasized, "We have identified 500 investors who are willing or able to invest in Latin America and the Caribbean, and we will not stop until this number increases from 263 to 500."

He also stated, "We are an institution focused on innovation, paying attention not only to traditional industries but also to new areas such as reforestation and green projects."

Mario Marcel, Chile's Minister of Finance, stressed the importance of equal opportunities in innovation, emphasizing that risk management is a key element for the democratization of capital.

Carlos Fernández Valdovinos, Chile's Minister of Economy, echoed this point during a panel discussion, noting that good ideas are useless without access to funding. He said, "Governments and multilateral organizations must work together to enhance access to resources for the development of ideas," highlighting a recent study that ranked Paraguay as the best in the region for ease of starting a business, with company incorporation taking only 15 days.

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