In a Lecture Organized by the ECSSR, Academic Director at the Instituto de Ciencia Política (ICP): “UAE Is a Strategic Partner for Latin American Countries.”

Mr. Carlos Monsalve, Academic Director at the Instituto de Ciencia Política Hernán Echavarría Olózaga (ICP) in Colombia, emphasized the potential dividends for Latin American countries from economic partnerships and cooperation with the United Arab Emirates (UAE).

During a lecture, titled ‘Latin America: Balancing Political Dynamics and Economic Opportunities’, held at the Emirates Center for Strategic Studies and Research (ECSSR) on Tuesday, November 23, 2021, Mr. Monsalve explained that Latin American countries, especially Colombia, would benefit from developing strategic partnerships with the UAE. Cooperation in trade and energy in particular would attract investment and promote entrepreneurship, which also requires Latin American countries to develop their legislative and institutional systems, and the appropriate infrastructure.

The lecturer explored some of the economic challenges faced by Latin American countries, such as unemployment, inflation, corruption, bureaucracy and economic policies unable to attract investment. In this context, he stressed that only five countries in the continent enjoy political stability, while the others grapple with economic and political problems, as well as legislative and institutional obstacles that hinder their growth and negatively affect investment and business sustainability.

Mr. Monsalve also discussed the impact of the COVID-19 crisis, which has exacerbated the economic challenges already faced by Latin American countries. He explained that a number of countries need to make a decision regarding the adoption of protectionist and interventionist measures to ensure wealth redistribution, in order to achieve progress in areas of economic liberalization, international trade and cooperation. This would also help to create job opportunities and investment, promoting and facilitating entrepreneurship in strategic sectors. Adopting these measures could contribute to enhancing productivity and increasing economic growth.