Why Are Global Leaders Converging in Peru?

Do you know why the chairman of JP Morgan Chase, the managing director of the IMF and the founder of the World Economic Forum will be converging in Peru this November? The significance of the discussions at hand provides the answer.

In November 2024, leaders from across the globe will converge on Lima, Peru, to address the challenges and opportunities that will shape the future of the Asia-Pacific region. This gathering comes at a critical juncture, as the world sees rising fragmentation, protectionism and strong signs of a climate crisis. Peru, with its unique blend of biodiversity and economic dynamism, provides an ideal backdrop for such a vital dialogue.

Peru's economic performance over the past few decades is a testament to the power of macroeconomic discipline and open trade. After an structural reform in early 90s, successive governments have implemented policies that have fostered stability and growth. Central to this transformation has been a commitment to sound fiscal management, which has kept inflation and our public debt ratio one of the lowest across the region. A diversified and ambitious FTA network has also been pivotal to our integration into the global economy. These policies have helped Peru maintain an average GDP growth rate of around 4% since the start of the century, lifting millions out of poverty and consolidating as one of Latin America’s most dynamic economies.

However, the country’s growth has not been without its challenges—political instability and external shocks have tested its resilience—but Peru has proven to be a seasoned sailor in turbulent waters. In recent years, despite the global economic slowdown, Peru has continued to attract significant foreign investment, particularly in sectors such as mining, infrastructure, and renewable energy.

With this track-record as a spirited economy, Peru is proud to host the APEC CEO Summit 2024 for addressing some of the most pressing challenges facing the global economy today. Trade and investment remain at the forefront of these discussions, particularly as the world grapples with the effects of protectionism and shifting economic partnerships. Peru, as a gateway to Latin America, offers a unique perspective on these challenges. The country’s strategic location along the Pacific coast and its strong ties with both Asian and North American markets make it a crucial link in the global supply chain.

Other key topics will be the role of critical minerals in the global energy transition. Peru, as one of the world’s leading producers of copper, silver, and other essential minerals, is central to this conversation. The demand for these resources is expected to surge as countries shift towards renewable energy sources and electric vehicles. The APEC CEO Summit will provide an opportunity to discuss how these resources can be developed responsibly, ensuring that economic benefits are shared while minimizing environmental impact.

We are also pleased to promote forward-looking conversations on the future of work and financial inclusion, both of which are critical to ensuring that the benefits of economic growth are widely shared. As technology continues to reshape industries and economies, there is an urgent need for policies that support workforce adaptation and ensure that all segments of society have access to the financial tools they need to succeed. Peru’s own experience with expanding financial services to underserved populations through digital platforms will be a valuable case study in these discussions.

In addition to the formal discussions, the APEC CEO Summit 2024 presents unparalleled opportunities for networking and collaboration. With over 1,000 senior executives, policymakers, and thought leaders in attendance, including the world-class leaders mentioned earlier, the summit serves as a unique forum for forging relationships that can drive future business and investment opportunities.

Attending this summit is not just about being part of the conversation—it’s about actively shaping the future. The discussions and announcements made in Lima this November will have far-reaching implications for the Asia-Pacific region and beyond. By participating in the APEC CEO Summit 2024, CEOs will place themselves at the center of global economic dialogue, contributing to the solutions that will drive growth and prosperity in the years ahead.

Don’t miss out the opportunity to witness firsthand the dynamism and resilience of Peru and to engage in the critical discussions that will shape the future of world.