EU's investment plan for Latin American and Caribbean countries

European Union (EU) Commission President Ursula von der Leyen announced that investments totaling over 45 billion euros are planned for the Community of Latin American and Caribbean States (CELAC). Speaking at the EU-Latin American and Caribbean Countries Summit, von der Leyen announced that the EU has allocated an investment package totaling over 45 billion euros to Latin American and Caribbean countries within the scope of its project called the "Global Gateway". In her speech, von der Leyen said, "I am delighted to launch our investment agenda for Latin America and the Caribbean today. Under the banner of the Global Gateway, we propose to bring over 45 billion euros of high-quality European investment to Latin America and the Caribbean." he said. EU Commission President von der Layen said, “More than 135 projects are currently underway, from clean hydrogen to critical raw materials, from a high-performance data cable network to the production of the most advanced mRNA vaccines.” Underlining that the relations between the Latin American and European continents are extremely deep, von der Leyen stated that the total trade volume between the EU and CELAC countries has increased by approximately 40 percent in the last 4 years. Expressing that the EU aims to develop commercial ties with CELAC countries, von der Leyen said, “We are close not only to concluding some historic trade agreements, but also to modernizing the agreements we already have. We have resolved this (trade agreement) with Chile. We will sign it tomorrow. We have reached an agreement with Argentina. We have signed it. We are also looking forward to Mexico.” Argentinian President Alberto Fernandez also noted that it is extremely important for the trade and investment relations between the EU and Latin American countries to develop in a way that serves the interests of both parties. Fernandez, stating that his country is facing a debt crisis, said, "Our country has not been subject to any debt restructuring that would really allow us to secure a future and hope. This is something that also affects many of our neighboring countries; Latin America and the Caribbean is the most indebted region in the world." Argentine President Fernandez commented, "We need to have a union where both sides benefit from the agreement. If only one side benefits, then it clearly does not serve the purpose." CELAC Chairman-in-Office St. Vincent and the Grenadines Prime Minister Ralph Gonsalves reminded that Ukraine is not the only war and conflict region where people are losing their lives, saying, "There are more urgent problems for the Haitian people, the Palestinians, the populations in various parts of Africa, the Middle East and Asia." EU Council President Charles Michel also emphasized the importance of joint action against the war in Ukraine in his speech, saying, "Why should we not allow Russia to succeed? Because that would be a recipe for disaster against the multilateral rules-based system." Noting that they aim to improve the current financial system and make it more equitable, Michel called on CELAC countries to work together to build a new global financial system that will close the gap between the rich and the poor. The EU and CELAC represent a population of over 1 billion. A summit is being held in Brussels to increase trade and investment between the EU and Latin American and Caribbean countries. The two-day summit, which will continue tomorrow, will be chaired by EU Council President Charles Michel, CELAC Term President St. Vincent and the Grenadines Prime Minister Ralph Gonsalves, and will be attended by 60 leaders and government representatives from EU member states and Latin American and Caribbean countries. As part of the summit, views will be exchanged on a number of target topics such as developing mutual relations between 27 EU member states and 33 Latin American and Caribbean countries, ensuring global peace and stability, increasing trade and investment, supporting economic development, and combating climate change. In addition, the summit will address the development of the current financial infrastructure, support for research and innovation, and increasing cooperation to meet the justice and security needs of the people among CELAC countries. The total trade volume between EU and CELAC countries is 369 billion euros, with a total population of over 1 billion, including 600 million CELAC countries and 450 million EU countries, and the summit participants have a total share of 21 percent in the world economy. CELAC countries, which have a renewable energy share of over 60 percent in their total energy production, are home to more than 50 percent of the world's biodiversity. CELAC countries also produce 14 percent of the world's food and have a 45 percent share in international agricultural trade. Total trade in goods and services between the EU and CELAC countries increased by 39 percent from 2013 to 2021, reaching a total of 369 billion euros. The EU's investments in CELAC countries increased by 45 percent in the same period, reaching a total of 693 billion euros.