Latin America Hosts Major Global Commerce Summit in Bogotá

Bogotá is set to host the first World Chambers Federation Summit of the Americas in 2024, drawing over 800 companies and key global leaders in commerce to discuss opportunities and digital transformation.

In 2024, Bogotá will be at the center of the global business stage as it hosts the inaugural Summit of the Americas of the World Chambers Federation (WCF). This landmark event, scheduled for next Wednesday and Thursday at the Chamber of Commerce of Bogotá (CCB), will bring together more than 800 national and international companies, at least 40 leaders of commerce chambers, and representatives from prominent institutions such as the Inter-American Development Bank (IDB), the Development Bank of Latin America and the Caribbean (CAF), and the United Nations.

The summit is a reflection of Latin America’s growing influence on the global economic scene and an acknowledgment of the region’s strategic importance in fostering international trade and investment. The presence of key figures such as Sergio Díaz-Granados, the executive president of CAF, underscores the high stakes and expectations surrounding this event.

Among the distinguished guests are John Denton, Secretary General of the International Chamber of Commerce (ICC); Rifat Hisarciklioglu, President of the World Chambers Federation; and Ron Busby, President of the U.S. Black Chambers, Inc. Their participation highlights the diverse and inclusive nature of the summit, aiming to address the critical issues facing global and regional commerce today.

A significant feature of the summit is the business matchmaking session scheduled for May 9th, which is expected to generate over four million dollars in business dealings. This session is designed to connect local entrepreneurs with over 70 foreign companies specifically coming to Bogotá to explore business opportunities. The sectors represented include food and beverages, construction and energy, healthcare and chemicals, pharmaceuticals, cosmetics, textiles, fashion, information technology, and printing and packaging.

The event will also mark the launch of the Women’s Chambers of Commerce Council, an initiative highlighting the summit’s commitment to inclusivity and empowerment in the business world. This aligns with the WCF’s broader goals of improving global market access for SMEs, enhancing business sustainability and climate action, and promoting the inclusion and empowerment of women.

Ovidio Claros, president of the CCB, emphasized the summit’s dual focus on academic discourse and practical business outcomes. “We aim to not only bring together 1,500 members representing 12,000 chambers worldwide but also to facilitate substantial business transactions through our first-ever business matchmaking session,” Claros explained.

The inclusion of a diverse array of countries, from Argentina to Ukraine, with significant participation from the Latin American region, illustrates the broad scope and appeal of the summit. This gathering serves as a vital platform for dialogue and opportunity creation for the business sectors and the countries they represent.

The academic agenda of the summit features talks on pivotal issues such as ‘Regional Value Chains: Challenges and Opportunities’, led by the president of CAF. These discussions are set to provide valuable insights into the complexities and potential of regional and global trade networks.

In April of last year, Claros was appointed to the board of directors of the World Chambers Federation, a role that he will hold until June 30, 2025. His appointment is a testament to the work being done to support the business community on an international scale and is indicative of the growing recognition of Latin America’s role in global commerce. “Being part of the WCF board is a recognition of our efforts to support the business sector internationally,” Claros stated.

This position also provides an opportunity to enhance the visibility of the productive sector, expand international business contacts, and open up new overseas opportunities while promoting investment in Colombia. This strategic engagement is aimed at strengthening business support, aiding the popular economy, and assisting SMEs.

The World Chambers Federation, a non-governmental and apolitical forum of the ICC, allows more than 12,000 chambers worldwide to exchange information. The ICC itself is the world’s largest business organization, representing over 45 million companies in more than 100 countries. Its primary goal is to promote international trade and investment.

As Bogotá prepares to host this significant event, the spotlight is on Latin America’s potential to influence global economic dynamics and its commitment to driving sustainable and inclusive economic growth. This summit not only serves as a pivotal meeting point for global business leaders but also as a showcase of the innovative and dynamic nature of Latin American commerce.