Staff Reports
President Joe Biden gathered leaders from the Western Hemisphere at the White House for a summit to address regional matters, including migration, supply chains, and infrastructure investment. With growing concerns over China’s influence and military presence in the region, the summit aimed to counter China’s “debt trap diplomacy.” Nine out of the eleven leaders attended, including the prime minister of Canada and presidents from various countries such as Barbados, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Peru, and Uruguay.
President Biden emphasized the goal of making the Western Hemisphere the most economically competitive region globally and announced the launch of a new investment platform. This platform, created through a partnership between the U.S. International Development Finance Corporation and the Inter-American Development Bank, will invest billions of dollars in sustainable infrastructure projects. The investment will focus on critical areas such as supply chains, modern ports, clean energy grids, and digital infrastructure.
To expand financing solutions for environmental projects, President Biden stated that the United States is working with the Inter-American Development Bank to implement initiatives such as “debt-for-nature swaps and blue and green bonds.” Additionally, the summit introduced the “Americas Partnership Accelerator,” a program designed to support new entrepreneurs in developing and funding their business ideas. The program aims to mobilize venture capital from around the world to support startups in the region.
The leaders also recognized the need for collaboration to address the challenges posed by unprecedented migration flows. White House National Security Council spokesperson, John Kirby, expressed that the summit presents a unique opportunity to relocate critical global supply chains in the Americas.
Biden Hosts Summit With Latin Leaders to Counter China’s 'Debt Trap Diplomacy'https://t.co/HijW8kxflm
— The Epoch Times (@EpochTimes) November 3, 2023
China’s increasing military and commercial footprint in Latin America has raised concerns in Washington. Through its Belt and Road Initiative, China has become a major investor in infrastructure projects in South America. China’s technological advancements in the region also have security implications that undermine U.S. interests. Multiple military commanders and security analysts have voiced their concerns over China’s activities and growing influence in Latin America.
The Americas Partnership for Economic Prosperity Leaders’ Summit reflects the United States’ commitment to counter China’s growing influence in the region and strengthen economic ties with its neighbors.
