This is the view coming out of a recent World Economic Forum which sees the digital advances as a fourth industrial revolution and one which has numerous advantages for the region.
The forum was held in the Colombian City of Medellin and Luis Alberto Moreno, president of the Inter-American Development Bank told the media: “Latin America lost the train of the Industrial Revolution, and now we have the enormous challenge of not losing the train of this technological change. Today we have a huge opportunity.”
Moreno added that this was an opportunity to “…build a new reality in Latin America and especially to better utilize our talents.”
He added that it was now time for the region to go beyond the reduction of tariff rates and fully accept the concept of the free market. What’s more, that the region has to improve its basic infrastructure and allow modernization via more use of the latest technologies.
Other guests at the Forum confirmed the view that Latin America was set for huge development, but that the region has to come together to force and exploit the potential of integrated trade and the transfer of technology.
Colombia was held up as an example of how a country could embrace all the available dynamics of the digital age.
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Photo: Paul Simpson