More than 600 entrepreneurs, business leaders and government representatives from 33 countries around the world participated in the ninth edition of Outsource2LAC of the Inter-American Development Bank (IDB), dubbed the most significant event in the knowledge-based export services sector in Latin America and the Caribbean.

According to the IDB, 900 business-to-business (B2B) and business-to-government (B2G) meetings were held in areas such as software development, e-commerce, video games, AgTech (agricultural technology), Fintech (financial technology), and solutions with emerging technologies like artificial intelligence, augmented reality, and cloud computing, among others.

The event, held in Montego Bay on June 14 and 15, involved the participation of 20 trade and investment promotion agencies from the region and potential clients from Asia, Europe, the United States, and Canada.

This was the first time this event was held in the Caribbean.

“At the Inter-American Development Bank, we believe that regional integration and digital transformation are critical enablers for sustainable growth in Latin America and the Caribbean. We support small and medium enterprises to facilitate their expansion in the export of knowledge-based services, a growing and important component of the region’s foreign trade,” said IDB president Ilan Goldfajn.

Fabrizio Opertti, manager of the IDB’s integration and trade sector, said that the export of services contributes to the productivity and diversification of exports in our region’s countries. It also has the potential to create high-value jobs, accelerate technology transfer, increase foreign direct investment, promote sustainability and foster inclusion.

Various panels, special presentations, and future outlooks examined relevant topics in the export of knowledge-based services sector, including digital transformation, business process outsourcing (BPO), artificial intelligence, the video game industry, and the growth of Fintech.

International experts also explored the development and benefits of global digital solutions for the region. Discussions centered around key areas such as e-commerce, digital skills development, agricultural technology, and supply chains. Participants also discussed the state and potential of venture capital investment, shedding light on the main financing challenges that entrepreneurs in the region face.

Likewise, participants delved into the crucial role of public goods supported by the multilateral development organisation, reinforcing the institution’s commitment to the sector’s international promotion.

This includes enabling regulatory frameworks and fostering human capital development in close collaboration with industry stakeholders. The IDB has been instrumental in financing these initiatives in countries such as Jamaica, Chile, Colombia, and Uruguay, among others.

Outsource2LAC was organised by the IDB and powered by its business social network ConnectAmericas, in conjunction with the Jamaican Ministry of Investment and Commerce, through Jamaica Promotions Corporation (JAMPRO), along with government representatives from trade promotion agencies in 20 countries in the region.